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Annual Report 2020 Annual Report 2020 Servcorp's Aim TheProduct 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. CONTENTS 2020 in Review 02 Community Service 20 Global Locations 04 Our Directors and Executives 23 Chairman’s Message 06 Corporate Governance 25 CEO’s Message 08 Directors’ Report 30 Our Work Place 10 Remuneration Report 40 Servcorp’s Community 12 Financial Report 53 Information & Communication Technology 14 Auditor’s Report 100 Global Communications Network 16 Shareholder Information 105 Our Environmental Commitment 18 Corporate Information 107 Servcorp Limited ACN 089 222 506 SERVCORP \ ANNUAL REPORT 2020 COVID AWARE \ SERVCORP.COM.AU 01 Year inReview FREE CASH RESULTS SUMMARY NET PROFIT BEFORE TAX $MILLIONS 12 MONTHS ENDED 30 JUNE REVENUE $MILLIONS $MILLIONS 2016 2017 2018 2019 2020 $’000 $’000 $’000 $’000 $’000 80 $72.9 Revenue & other income 328,601 329,565 312,539 337,422 352,872 60 $66.1 $66.0 $64.0 400 70 $62.2 Net profit before tax - statutory 48,840 48,193 32,051 12,511 15,611 $352.9 $48.8 $48.2 $337.4 50 Net profit before tax - underlying nc nc 37,851 32,037 37,580 $329.6 60 350 $328.6 $312.5 $41.2 $37.9 $37.5 Net profit after tax - statutory 39,722 40,711 10,062 5,380 6,934 50 300 40 $32.0 $34.3 Net profit after tax - underlying nc nc 28,862 29,231 30,680 $32.1 40 250 Net operating cash flows 60,575 54,354 50,077 51,037 182,266 30 200 30 Free cash - underlying 72,864 65,990 62,183 64,006 66,132 $15.6 20 150 20 Cash & investments 114,586 118,754 104,836 72,961 109,100 $12.5 Net assets 261,020 267,175 250,165 238,593 220,961 10 100 10 Earnings per share $0.404 $0.414 $0.102 $0.056 $0.072 FY20 50 0 FY18 FY19 FY16 FY17 FY19 FY20 FY20 FY18 FY18 FY19 0 FY16 FY17 Dividends per share $0.220 $0.260 $0.260 $0.230 $0.200 FY14 FY15 FY20 UNDERLYING 0 FY18 FY19 STATUTORY FY16 FY17 FLOORS & LOCATIONS OFFICES SERVCORP GEOGRAPHIC SPREAD 30 JUNE 30 JUNE (FLOORS) 160 6000 26 140 5000 120 22 4000 100 80 3000 60 2000 40 11 11 1000 20 9 0 0 7 FY FY FY FY FY FY FY FY FY FY 5 5 Locations Floors 4 4 4 3 3 2 2 2 2 1 1 1 1 02 SERVCORP \ ANNUAL REPORT 2020 COVID AWARE \ SERVCORP.COM.AU 03 Healthy Connections AUSTRALIA GREATER CHINA JAPAN KINGDOM OF BAHRAIN UNITED ARAB EMIRATES UNITED KINGDOM Adelaide Beijing Fukuoka Manama Dubai London › Levels 24 & 30, Westpac House › Level 24, Tower 3, China Central Place › Level 15, Fukuoka Tenjin Fukoku › Levels 22 & 41, West Tower Bahrain › Level 23, Boulevard Plaza 2 › Level 17, Dashwood House Brisbane › Level 26, Fortune Financial Center Seimei Building Financial Harbour › Levels 41 & 42, Emirates Towers › Level 18, 40 Bank Street, Canary Wharf › Level 19, 10 Eagle Street Chengdu › Level 2, NMF Hakata Ekimae Building › Level 13, Diplomatic Commercial › Level 21, Al Habtoor Business Tower › Level 30, The Leadenhall Building Office Tower (DCO) › Level 27, Santos Place › Level 18, Shangri-La Office Tower Nagoya › Level 54, Almas Tower › Level 1, Devonshire House, One Mayfair Place Canberra Guangzhou › Level 40, Nagoya Lucent Tower KUWAIT Abu Dhabi › Level 4, Nagoya Nikko Shoken Building › Level 1, The Realm › Level 54, Guangzhou IFC Kuwait City › Level 36, Etihad Towers UNITED STATES OF AMERICA › Level 17, World Trade Center › Level 9, Nishi Building Shanghai Osaka › Level 18, Sahab Tower Chicago Hobart › Level 23, Citigroup Tower › Level 9, Edobori Center Building BELGIUM › Level 42, 155 North Wacker Drive › Levels 18 & 19, Hilton Plaza LEBANON › Level 6, Reserve Bank Building › Level 40, One Museum Place Brussels › Level 17, River Point, West Loop West Office Tower Beirut › Levels 20 & 21, Bastion Tower Houston Melbourne Hong Kong › Level 7, Honmachi Minami Garden City › Levels 2 & 3, Louis Vuitton Building › Level 27, 101 Collins Street › Level 19, Two International Finance Centre › Ground Floor, Levels 5 & 6, Schuman 3, › Level 39, TC Energy Center Tokyo › Level 40, 140 William Street › Level 9, The Hong Kong Club Building QATAR European Quarter › Level 41, Williams Tower › Level 11, Aoyama Palacio Tower › Level 2, Riverside Quay, Southbank Doha New York City Kowloon › Level 14, Hibiya Central Building FRANCE › Levels 14 & 15, Commercialbank Plaza › Level 23, 1330 Avenue of the Americas Perth › Level 12, One Peking › Level 20, Marunouchi Trust Tower Paris › Level 22, Tornado Tower › Level 40, 17 State Street › Level 28, AMP Tower › Levels 2 & 3, Marunouchi › Level 2, 21 Boulevard Haussmann INDIA › Level 21, Doha Tower › Level 85, One World Trade Center › Level 11, Brookfield Place Nijubashi Building Hyderabad GERMANY › Levels 4 & 5, 667 Madison Avenue Sydney › Level 1, Yusen Building KINGDOM OF SAUDI ARABIA › Level 7, Maximus Towers Berlin › Level 35, Tower One, Barangaroo › Level 7, Wakamatsu Building Al Khobar Washington D.C. Mumbai › Level 8, Linkstrasse 2 Potsdamer Platz › Level 29, Chifley Tower › Level 8, Nittochi Nishi-Shinjuku Building › Level 22, Al Hugayet Tower › Level 10, 1717 Pennsylvania Avenue › Level 8, Vibgyor Towers › Level 36, Gateway › Level 9, Ariake Frontier Building Tower B › Level 21, Al Khobar Gate Tower TURKEY › Level 57, MLC Centre › Level 28, Shinagawa Intercity Tower A MALAYSIA Jeddah Istanbul › Level 26, 44 Market Street › Level 32, Shinjuku Nomura Building Kuala Lumpur › Level 26, King’s Road Tower › Levels 5 & 6, Louis Vuitton Orjin Building › Level 32, 101 Miller Street, North Sydney › Level 21, Shiodome Shibarikyu Building › Level 23, NU Tower 2 › Level 7, Al Murjanah Tower › Level 8, Tekfen Tower › Level 22, Westfield Tower Two, › Level 27, Shiroyama Trust Tower › Level 33, Ilham Tower Riyadh Bondi Junction › Level 45, Sunshine 60 › Level 6, Gate D, Al Akaria Plaza › Level 15, Deloitte Building, Parramatta PHILIPPINES › Level 27, Tokyo Sankei Building › Level 18, Al Faisaliah Center › Level 9, Avaya House, Macquarie Park Manila › Level 18, Yebisu Garden Place Tower › Level 1, BuiIding No. 7, The Business Gate › Level 5, Nexus Norwest › Level 17, 6750 Ayala Avenue › Level 8, Tri-Seven Roppongi › Level 29, Olaya Towers Tower B › Level 24, One Bonifacio High Street NEW ZEALAND Yokohama › Ground Floor, Levels 1 & 2, Auckland SINGAPORE › Level 10, Hulic Minato Mirai Riyadh Business Front › Level 26, 188 Quay Street Singapore Wellington › Level 42, Suntec Tower Three › Level 16, NTT Tower › Level 30, Six Battery Road › Level 39, Marina Bay Financial Centre Tower 2 › Level 8, The Metropolis Tower 2 › Level 24, CapitaGreen THAILAND Bangkok › Level 11, Mercury Tower › Level 18, Park Ventures Ecoplex › Level 29, The Offices at Centralworld › Level 8, 1 Silom Road 04 SERVCORP \ ANNUAL REPORT 2020 COVID AWARE \ SERVCORP.COM.AU 05 Chairman'sMessage The 2020 financial year has Revenue for the year was $352.9 million, committed to and executed a global On behalf of the Board I want to an increase of 5% on 2019, and a footprint consolidation. The pandemic acknowledge the outstanding efforts seen unprecedented challenges Servcorp record. forced further footprint reduction and, of our CEO, Alf Moufarrige; our for the world, and the flexible in June, we announced the closure leadership group; and all the Servcorp Net profit before tax for the year was of 12 locations in the USA by way of team members, for their dedication and workspace industry is not $15.6 million, an increase of 25%. Net 2020 revenue reorganisation. Our remaining footprint commitment during the past year of profit after tax was $6.9 million, with exempt from the associated in the USA constitutes Chicago, Houston, challenging and unpredictable times. earnings per share of 7.2 cents. New York City and Washington DC. economic disruption. This financial year we also witnessed a Net profit before tax was impacted For the 2021 financial year we anticipate major change to the Board membership, With the onset of the COVID-19 pandemic, we $ by $2.0 million in one-off restructure focused on maintaining strong cost control 352.9 that, even at a low case, Servcorp with long serving non-executive Directors MILLION costs and write-offs, $19.4 million of will remain profitable; consequently, Bruce Corlett and Rick Holliday-Smith discipline, and unfortunately took the decision deconsolidation losses, and $0.5 million an increase of 5% on 2019; we expect the underlying business standing down. Servcorp was privileged to stand down or make redundant more than of restricted losses. Excluding these a Servcorp record to continue to generate substantial to have two businessmen of such high 100 team members globally. The majority significant items, which do not reflect underlying free cash. We expect COVID-19 calibre on its Board for over 20 years, of remaining team members also agreed to the real operating performance of our to continue to significantly impact the since its IPO. Following these departures, reduce their salary, including the CEO and business, underlying net profit before tax way we live and work for the foreseeable Tony McGrath has assumed the role as non-executive Directors. Servcorp has rapidly was $37.5 million. adapted to the present environment across our future. When we emerge from the Chair of the Audit & Risk Committee global footprint, with our priority being the During the 2020 financial year, the COVID-19 pandemic, we anticipate that and Wallis Graham as Chair of the health and safety of our people, and that of our business generated underlying free cash flexible workspace solutions will be more Remuneration Committee.
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