International Workplace Group Plc · LSE:IWG
International Workplace — Regus — Investor Day (October 2015)
127 slides from International Workplace's investor day presentation, Oct 6, 2015
Slide 1: Capital Markets Day
Capital Markets Day . 6 October 2015
Slide 2: Caution statement
Caution statement . No representations or warranties, express or implied are given in, or in respect of, this presentation or any further information supplied. In no circumstances, to the fullest extent permitted by law, will the Company, or any of its respective subsidiaries, shareholders, affiliat
Slide 3: Leadership Team: Mark Dixon
Leadership Team . Mark Dixon . Global Chief Executive Officer .
Slide 4: Today
Today. Market Market Perspective Ben Munn, MD Corporate Services Planning Business Planning Andrew Lemonofides, Chief Strategy Officer Business Performance Gareth Haver, Chief Commercial Officer Performance Marketing and Products Ian Hallett, Chief Marketing Officer Innovation Andre Sharpe, Chief In
Slide 5: Setting the scene
Setting the scene. Mark Dixon
Slide 6: Opportunity
Opportunity . • Exciting growth market, with significant customer demand • Potential for 20,000+ Regus locations • Pace of investment will be driven by ability to generate strong returns Benchmarks Growth potential 20,000 15,000 10,000 • >36,000 restaurants • >21,000 locations • 119 countries • 65 c
Slide 7: Demand drivers
Demand drivers . Factors enabling change Smartphones Broadband Work Work Network at home anywhere convenience Business forces driving demand Company Employee Marketing Environment adoption popularity visibility 7
Slide 8: Investment case
Investment case . • Market leader – No 1 player in highly fragmented market • Structurally growing demand • Attractive ROI, cash flow and returns • Proven ability to manage growth “Right Place, Right Time” • Significant runway for growth with expected incremental post tax cash returns of at least 20
Slide 9: Leadership Team: Ben Munn
Leadership Team . Previously Head of Global Workplace Strategy, CBRE. Director, Jones Lang LaSalle . Ben Munn . Head of Consulting Practice, Gensler. MD Corporate Services . BA English Literature, UCL
Slide 10: The global workplace revolution
The global workplace revolution . Ben Munn
Slide 11: Ideas informed by
Ideas informed by: Regus MetinaeConsaay Google QO ri th cShire MAERSK NetApp” paloalto @cnead GPee, [NP meer is SUSAN [O] STANFORD? @®) NIE TUN 2 Business” Cab Tay Microsoft’ @ stfeetfer ‘aX Nestle omee ssou 8s Somes «=—C(UNIVERSAL wUSiC GRour Coie = %, Bankof America AON HF LLOYDS bp wire i TimeWar
Slide 12: Speed of change is accelerating
Speed of change is accelerating . The life expectancy of 1958 2012 companies is falling 66% of S&P 500 could be replaced by 61 18 YEARS YEARS 2027 at current churn rates 12
Slide 13: Business Concerns
Business Concerns . • Growing profitably • Mitigating financial risk • Increasing organizational efficiency • Attracting and retaining top talent “Everyone is starting to worry • Staying ahead of the competition about being • Brand reputation Ubered.” • Preparing for the future: ‒ Proactive innovati
Slide 14: Tech driving opportunity for change
. Tech driving opportunity for change
Slide 15: Tech driving opportunity for change
. Tech driving opportunity for change 15
Slide 16: The basics are still the same
. The basics are still the same 16
Slide 17: This is a bank
. This is a bank
Slide 18: This is a bank
. This is a bank
Slide 19: This is NOT a bank... yet
This is NOT abank... yet “= ’ ae
Slide 20: Companies' changing space needs
Companies’ changing space needs . New market entry Project space Small office portfolio Branch office Conference rooms Virtual office New market entry Team rooms Branch office Individual offices Demonstration rooms Individual offices Project space Different requirements, at different times, in diffe
Slide 21: Real estate isn't working
Real estate Real isn’t estateworking isn’t working . . Traditional Real Estate Customer Needs Slow ‘We need to be more agile’ Rigid ‘We need flexible space’ ‘We don’t want to pay for Inefficient empty desks’ ‘We don’t want to spend on Capital intensive bricks and mortar’ A product not designed ‘We w
Slide 22: The historic approach
The historic approach The historic approach . . Fixed offices and fixed costs. Inefficient and inflexible. “Headcount is the hidden risk of Corporate Real Estate” Alan Nager, NGKF Unused Fixed Cost Occupied Over 55% of office desks are empty at any one point in time Unwired Research Report 22
Slide 23: Workplace as a service
Real Workplace estate as isn’t a service Workplace as working a Service . .. Reduce the fixed. Become more flexible. Saving Old Fixed Cost Flexible New Fixed Core Cost Work in the cloud . Reduce costs . Increase agility . Minimise risk 23
Slide 24: Workplace as a service
Workplace as a service. Regus
Slide 25: 1 billion square feet
The market is vastly underserved . 1 billion Total office space 223 m sf square feet 100% 450 m sf 100% Flexible office space 8 m sf 10 million square >2 m sf feet flexible 0.5% space 4% 25
Slide 26: Mind the gap
Mind A growing . the gap . market DEMAND CONFIDENCE SUPPLY
Slide 27: Leadership Team: Andrew Lemonofides
Leadership Team . Previously Global Strategy Director, Dell Computers. Finance Director UK, Dell Computers. Andrew Lemonofides . Commercial Director, Toshiba UK. Chief Strategy Officer . MBA, Cass Business School, London MSc(Econ) Economics & Statistics, University of London BSc Business Studies & M
Slide 28: Foundations of planning
Foundations of planning . Andrew Lemonofides
Slide 29: Shifting expectations
. Shifting expectations Change in attitude Change in approach Change in behaviour .
Slide 30: Approach
. Approach 1. Comprehensive Build out each country network 2. End state Defined end-state for each country Growth planned by geography, by format, 3. Granularity by deal type and by price-point 4. Investment Clear people investment plan 5. Performance Accountability to achieve the plan Well defined,
Slide 31: Components
Components . Country Growth Performance Resource Overview Plan Plan Plan Comprehensively planned, focused execution .
Slide 32: Granularity
Granularity. By By geography format By By deal type price point Multi-level planning underpins ability to scale .
Slide 33: Building capability
Building capability. Increased Build reach Strong core resilience Simple roles structure Clear investment in people .
Slide 34: Functional planning
Functional planning . Defined Aligned to Programmed Planning group business through the calendar initiatives goals business . Clearly integrated group initiatives
Slide 35: Foundations of planning
Foundations of planning . Change in Initiative attitude alignment Risk Think big Detailed Management plan Execution Change in through approach reviews
Slide 36: Realising performance
Realising performance . Comprehensive Planning Multi-layer Execution Business Review Integrated business reviews to deliver results .
Slide 37: Questions
Questions . Ben Munn . MD Corporate Services . Mark Dixon . Andrew Lemonofides . Group CEO. Chief Strategy Officer .
Slide 38: Leadership Team: Gareth Haver
Leadership Team . History Chief Commercial and Marketing Officer, Homeserve. MD Credit Products, Virgin Money Gareth Haver . Consultant, Boston Consulting Group Chief Commercial Officer . Masters in Finance, London Business School BA Modern History and Economics (Double First), Oxford University
Slide 39: Commercial performance
. Commercial performance Gareth Haver
Slide 40: Focus areas
. Focus areas Lowering Increasing Managing operating revenue overhead cost Simplifying the business
Slide 41: Outcomes
. Outcomes Improved Improved Improved customer gross margin net margin satisfaction & retention Scalable business model Scalability enables shift in pace of openings .
Slide 42: Margin drivers
Margin drivers. Faster Mature margin Product estate Price from income margin NCOs Initiatives in place to drive each of these levers .
Slide 43: Retention
. Retention 2010 2011 2012 2013 2014 2015 Sustained improvement in retention
Slide 44: Centre costs in country
. Centre costs Efficient Local service Manila “in country” centres model Economies of scale Reduced complexity Focus on efficiency and customer satisfaction
Slide 45: Overhead
Overhead. Marketing Field costs Location Country overhead growth Service Central overheads centres Focussed driving efficiency out of our model
Slide 46: Optimising performance
Optimising performance . Increasing Lowering Managing revenue operating overhead cost All about the customer
Slide 47: Customer video
Customer video .
Slide 48: Leadership Team: Ian Hallett
Leadership Team . History COO – Finance, Lloyds Banking Group. Commercial Director, Lloyds Banking Group. Ian Hallett . Financial Director, Cable & Wireless. Chief Marketing Officer . BSc Management Science, University of Kent
Slide 49: Products and marketing
. Products and marketing Ian Hallett
Slide 50: Our opportunity
Our opportunity . Office Home Mobile Office and Workplace and Drop-in workplaces co-working space sold business support to and technology by the hour to multi- home-based services to help year contracts. workers and start- people stay ups. productive on the move.
Slide 51: Office
. Office Office and co-working space sold by the hour to multi-year contracts. Targeting 20,000 New range of products that offer locations globally customers more workplace options so they can work how they want to work Introduction of cloud-based telephone solution, maintaining our strategy of offe
Slide 52: Home
. Home Workplace and business support to home-based workers and start- ups. 20% of self employed Build-out of broad digital business people work from home focused on supporting people that run their own business and / or work from home 10m+ new businesses are registered every Remotely supported thro
Slide 53: Mobile
. Mobile Drop-in workplaces and technology services to help people stay productive on the move. 60% of the workforce Build-out of broad digital business regularly work away focused on helping people work from their main productively on the move workplace Supported through service centres, online and
Slide 54: Workplace Recovery
Workplace Recovery . Workplace recovery £1.3bn annual market Incubation Business Achieving 53% growth Today year-on-year c. £2m Opportunity £30-£50m Existing customers
Slide 55: Evangelising about what we do
Evangelising about what we do . Today Tomorrow Evangelise Advertising to the benefit of people that are what we do looking to a broad audience Actively engaging with all current and potential customers .
Slide 56: App video
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Slide 57: Leadership Team: Andre Sharpe
Leadership Team . Previously Founder & CEO, Habitaz Global Workspaces. CEO, The Business Group. Andre Sharpe . Founder & CEO, Fedsure Health Technologies. Chief Innovation & Information Officer .
Slide 58: Research and development
. Research and development Andre Sharpe
Slide 59: Overview
Overview . Regus Research and Information Development Technology Introduction to Innovation ExPo
Slide 60: Organisation
Organisation . Infrastructure Systems Services IT and telecommunications Internal, customer and 24/7/365 IT service desk infrastructure. self-service applications New location support Global Technology Alliances Research & Development
Slide 61: Approach
. Approach Continuous Investment Support > 2m devices 2,000,000 Mbps Extend offering to Office, Home and Mobile Future trends
Slide 62: Opportunity 1: Wearables
Opportunity 1: Wearables Wearables
Slide 63: Opportunity 2: Internet of Workplace Things
. Opportunity 2: Internet of Workplace Things 15bn 40bn 10,000 connected devices today by 2020 in the average office
Slide 64: Opportunity 3: Big Data
. Opportunity 3: Big Data Information Behaviour Needs
Slide 65: Opportunity 4: AI & Machine Learning
Opportunity 4: AI & Machine Learning .
Slide 66: R&D & Business Development
R&D & Business Development. Existing Propositions New Propositions Existing Markets Improve Products Develop Products New Markets Develop Channels Start-up New Business impiem. Planning
Slide 67: Platform Components
Platform Components . Community Largest connected business community globally Apps Mobility and productivity applications Benefits High value customer benefits Services Simple to buy and use products and services Network Most extensive network of workspaces
Slide 68: Slide 68
Slide 69: Regus
Regi gus
Slide 70: The Regus Platform
The Regus Platform. A roadmap for the future. An integrated platform that supports the way people work today and will work tomorrow. Regus
Slide 71: Innovation Expo
Innovation Expo. Regus FIBRE aay SALTO © Polycom TECHNOLOGIES LTD Travelport > BE Microsoft SQ 8x8, Inc Google
Slide 72: Questions
Questions . Ian Hallett . Chief Marketing Officer . Gareth Haver . Andre Sharpe . Chief Commercial Officer . Chief Innovation Officer .
Slide 73: Coffee break
. Coffee break
Slide 74: Leadership Team: Phil Kemp
Leadership Team . History VP Mobile Phones – China, Nokia. VP Devices, Nokia. Phil Kemp . MD Nokia New Zealand, Nokia. MD Formats . Senior Executive Programme, London Business School MEng Electrical and Electronic Engineering, Bradford BEng Electrical and Electronic Engineering, Bradford
Slide 75: Developing formats
. Developing formats Phil Kemp
Slide 76: Formats video
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Slide 77: Leadership Team: Rick Bertasi
Leadership Team . History Global VP Real Estate Services, Deutsche Bank. VP & GM, JCI Global Workplace Solutions. Rick Bertasi . President & CEO, Sequentra Solutions. MD Group Network Development . MBA, Amos Tuck School of Business Administration BA International Political Economy, Dartmouth College
Slide 78: Finding and building 20k
. Finding and building 20k Rick Bertasi
Slide 79: Focus areas
. Focus areas Change the Industrialize mix the approach Essential to change the pace of growth .
Slide 80: Changing the mix
Changing the mix . Changed Mix (future) Mix of Models (2014)
Slide 81: Partnering methods for capital lite growth
Partnering methods for capital lite growth . • We employ different partnering methods to serve different demographic, segment and investment profiles • Franchising / Licensing • Joint Ventures • Management contracts • Variable rent deals • Conventional lease deals • Occasionally and tactically, prop
Slide 82: Industrialising the entire approach - WIP
Industrialising the entire approach - WIP . Supply chain Process Product Workload Skillset consolidation Industrialisation Standardisation Automation Enhancement Broker Service Simplification Formats Integrated Small, select Partners Plan based Office, Air, etc. Planning Group roles Project Standard
Slide 83: Workflow approach
Workflow approach . 1. Detailed Planning • Multiple formats 2. Broker Search + • Multiple segment 3. Property Team Close + • Multiple partner models 4. Simplified approvals + • Multiple geographies 5. Fast Build Simplified, scalable model . Consistently deployed .
Slide 84: Country set-up
Country set-up . Each Country has: • Business Plan • Outsourced Suppliers • Deal Palette • Sales Collateral • Workflow Technology • Standard Tools / Templates
Slide 85: Workflow management
Workflow management . • Global Process • Workflow Technology Definition • Tools &Templates • Global Standards Duration Input Stage Target Result Attrition Rate • Speed to Market (mth) Required 1 Find and Qualify 1 16.8 50% 34 • Global Scale 2 Negotiate HoTs 2 12.6 33% 16.8 Benefits • Pipeline Manage
Slide 86: Opportunity
Opportunity . • Exciting growth market, with significant customer demand • Potential for 20,000+ Regus locations • Pace of investment will be driven by ability to generate strong returns Accelerating growth from a successful foundation by optimizing the mix, and industrializing the approach Growth p
Slide 87: Leadership Team: Dominique Yates
Leadership Team . Previously Chief Financial Officer, Symrise AG. Global Bus Development Director, Imperial Tobacco. Dominique Yates . Chartered Accountant, Arthur Andersen & Co. Chief Financial Officer . FCA Chartered Accountant BSc Economics and Accounting, Bristol University
Slide 88: Managing risk / Preparing for the next downturn
. Managing risk / Preparing for the next downturn Dominique Yates
Slide 89: Managing risk
Managing risk . • ‘Standard’ model is single centre entities with no / limited guarantees • Every single investment case is reviewed and approved at 3 layers – country management, regional management, Group Investment Committee • Increasing focus on ‘risk-sharing’ deal types – revenue share / share
Slide 90: Other factors
Other factors . • Global diversity – 106 countries, 900 cities, 2,481 locations compared with 74 countries, 450 cities, 978 locations in 2008 • Country management infrastructure • Detailed country plans at city level • Rigorous monthly reviewing process highlighting warning signals very early 90
Slide 91: What happened in the last financial crisis
What happened in the last financial crisis . Mature Gross Profit margin (ex. UK) (%) Lehman 40 collapses September 2008 34.9% 30 32.2% 31.8% 29.0% 30.3% 26.8% 20 10 0 2008 2009 2010 2011 2012 2013 Prepared on a like-for-like basis
Slide 92: Defensive cash generation profile
Defensive cash generation profile . Net cash development vs Net growth capex (£m) Reduced growth investment Resumed growth 237.0 investment 200 211.2 191.5 188.3 146.8 100 120.0 101.4 Net growth capex 79.7 44.1 53.4 49.6 20.5 0 2007 2008 2009 2010 2011 2012
Slide 93: This is being put into practice everyday
This is being put into practice everyday (where necessary) . • This is not theory - in the last 24 months, we have successfully concluded lease renegotiations outside of the contractual renewal cycle in: • Brazil • Russia • Portugal • Italy • Greece • Spain • And many other centres across the world
Slide 94: Spain – Case Study
Spain – Case Study . Spain’s GDP development since 2007 5 consecutive years of –ve 5.0% growth from 4.0% 3.8% 2009 3.0% 2.0% 1.7% 1.4% 1.1% 1.0% 0.0% -0.1% -1.0% -0.6% -1.2% -2.0% -2.1% -3.0% -3.6% -4.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 • 2009 Global economic crash after years of strong
Slide 95: Spain – Regus experience
Spain – Regus experience . • 2008 – 10 Margin reduction • 2010 – 12 Renegotiation of most rental agreements • 2013 – 15 Further renegotiation of leases following second crisis in 2012 • Result • Savings on rents achieved • 2015 margins will have recovered to pre-crisis levels • Crisis has allowed us
Slide 96: Refinancing risk
Refinancing risk . • Regus has a strong cohort of supportive relationship banks and has also successfully tapped the Schuldschein market. • Maturity profile of debt has significantly improved. • Approach to balance sheet is very prudent – current net debt : EBITDA ratio of 0.5x 600 500 available cap
Slide 97: Conclusion
Conclusion . • Our basic operating model is ideally designed to prepare the business for a downturn • Downside risk is a key component of any business investment evaluation ‘Preparing for the next downturn is business as usual at Regus’ 97
Slide 98: Leadership Team: Francesca Peters
Leadership Team . Previously Global HRD, Dunnhunby. HR Director EMEA, Saachi & Saachi. Francesca Peters . HR Director EMEA, Young & Rubican. Chief Talent Officer . MSc European HR Management, Leicester University
Slide 99: Talent
Talent . Francesca Peters
Slide 100: Talent strategy
Talent strategy . To build a world class leadership team to achieve Regus’ 1. World-class long term strategic objectives 2. Readiness To be prepared for growth To give our leadership bandwidth to focus on achieving 3. Bandwidth objectives ‘better, faster, cheaper’ To offer development & career oppor
Slide 101: Approach
. Approach • Bar for top talent continues to rise. Talent to have 5 - 7 year runway Hiring • Build in breadth and succession • Direct recruitment model • Induction critical • Leadership development high on talent agenda Retain • Competitive & performance related incentives
Slide 102: Great place to work
“Great place to work” . Senior Leadership My The Manager Company My Personal Team Growth Giving Fair back Deal Wellbeing
Slide 103: Questions
Questions . Rick Bertasi . Dominique Yates . MD Group Network Development . Chief Financial Officer . Phil Kemp . Francesca Peters . MD Formats . Chief Talent Officer .
Slide 104: Around the world: John Wright
Around the world . History CEO, Reach. Senior VP Finance & Operations, Vsource Asia. John Wright . Chief Financial Officer, Philips Lighting. CEO Asia . MBA, Peter F. Drucker School of Management, Claremont University BS, University of California
Slide 105: Market Overview - Asia
. Market Overview - Asia • Regus operates in 18 of the 25 major countries in the region • Expanding in 2016 into Maldives, Myanmar and Papua New Guinea • Looking to franchise Tahiti and South Sea islands
Slide 106: Market Overview - Asia
. Market Overview - Asia • Good growth opportunity with lots of headroom • All planned • Demand increasing as national networks are built out • Relationships with key property owners, developers and landlords underpin ability to accelerate growth • Increasing number of profit share deals reduces bus
Slide 107: Understanding China
Understanding China . • Population of 1.4bn • 10 cities >10m population and 168 cities of >1m. • Significant opportunity to build 3k+ end state business from today where present in 28 cities • No impact from recent economic slow down • Need to offer range of price points in existing and new markets
Slide 108: Understanding India
Understanding India . • Population of 1.2bn • 2 cities (Delhi and Mumbai) >10m and 47 cities > 1m • End state opportunity 1.5k+ centres, although challenging environment • Key obstacle remains cycle time to open new centres caused by legal and regulatory hurdles • Highly price sensitive market requi
Slide 109: Around the world: Filippo Sarti
Around the world . History CEO Asia, Regus PLC. CEO Symonds pty, Australia. Filippo Sarti . Commercial Director, Symonds FM UK. CEO Middle East and Africa . MBA, Cranfield BSc Quantity Surveying
Slide 110: Market Overview – Middle East & Africa
Market Overview – Middle East & Africa . • Population of c. 1.5bn • Regus operates in 29 of the 70 countries in the region • Expanding in 2016 into at least 15 further countries including Ethiopia, Angola, DRC and Armenia
Slide 111: Market Overview – Middle East and Africa
Market Overview – Middle East and Africa . • Incredibly diverse region, requiring detailed individual country planning • Young population (average age <20 yrs old) in Africa • Multiple high population cities (over 100 > 1m population, 10 >10m) • Significant network opportunities enhanced by lack of
Slide 112: Understanding Kenya
Understanding Kenya . • Population 44m, working population 18m • 5 major cities, 10 secondary cities about 100k people • End potential at least 80 centres creating full network • At least 40 in Primary and Secondary Markets (i.e. Nairobi, Mombasa, Nakura, Kisumi) • Balance in tertiary markets 7 cent
Slide 113: Understanding UAE
Understanding UAE . • Made up of 7 Emirates with c. 6m total population • 3 cities > 1m population • End state network c. 50 locations • Growth mix • Share of profit and management contracts • Partner and landlord funded capital leases • Limited direct Regus investment 19 centres today • Key opportu
Slide 114: Around the world: Dominic Harrison
Around the world . History CEO, Gala Coral Group. Commercial Director, Ladbrokes plc. Dominic Harrison . Director & General Manager, Bass plc. CEO Northern Europe . Chartered Accountant BA Modern History, Oxford University
Slide 115: Market Overview – Northern Europe
Market Overview – Northern Europe . • 17 countries today with over 230 business centres covering Benelux, Scandinavia, Germany and Central and Eastern Europe • 4 further countries identified for 2016 expansion
Slide 116: Market Overview – Northern Europe
Market Overview – Northern Europe . • Improving economic situation in most countries (Russia and Ukraine are exceptions) • Strong demand in Scandinavia • Good coverage across major metros – opportunity to now realise truly national networks • Strong progress with Regus Express, key focus and success
Slide 117: Understanding Russia
Understanding Russia . • 140m population • Significant opportunity with 10 cities of >1m people, 201 cities > 100k inhabitants and 1,292 towns and cities with 10k+ inhabitants • Economic stability returning, strongest demand for 2 years • Rouble weakness has increased costs, rent renegotiations and
Slide 118: Understanding Germany
Understanding Germany . • Population 83m • 3 cities > 1m population, 78 cities > 100k • End network 1.5k+ centres, similar to UK • Current focus on major metros – more still to do to finish off the range • Opportunity beyond major metros in 400+ identified cities and towns 87 centres today • Continu
Slide 119: Around the world: Richard Morris
Around the world . History CEO UK & Ireland, G4S. Group MD, G4S. . Richard Morris Divisional Finance Manager, Royal Mail. CEO UK . Chartered Accountant Global Leadership Programme, Manchester Business School BA Economics, Liverpool University
Slide 120: Market Overview – UK
Market Overview – UK . • Rising population; rising employment. • Relatively well established market – but with significant unrealised potential to further grow demand • Economy dominated by the services sector which has strong inherent demand for office space • Market leader with a network of 400 lo
Slide 121: Understanding UK
Understanding UK . • Expanding our network to achieve truly universal coverage across the whole of the UK – a unique national network. • Detailed area plans have been developed – strong focus on Land Lord partnering • Filling the gaps in secondary and tertiary markets, e.g. Hull, Coventry, Ipswich,
Slide 122: Understanding UK
Understanding UK . • UK has most connected network of Regus Express sites
Slide 123: Around the world: Stephen Farley
Around the world . History President, Yankee Candle. EVP Merchandising, Bombay Co. Stephen Farley . CMO, JCP/Payless ShoeSource. CEO North America . MS, Rutgers University
Slide 124: Market Overview – USA
Market Overview – USA . • Currently 862 centres and end state potential 5k+ • 319m population; 10 cities > 1m population and 297 cities> 100k • Positive demand across all segments • High ease of doing business, single language, homogeneous business processes and vast market opportunity
Slide 125: Understanding USA
Understanding USA . • Realise opportunity by being thoroughly planned at the state level • Accelerate the creation of the network by filling gaps in high demand, strong performing markets • Expand into the secondary and tertiary markets with variable lease deals to complete coverage • Increase the r
Slide 126: Questions
Questions . John Wright . Filippo Sarti . CEO Asia . CEO Middle East & Africa . Dominic Harrison . CEO Northern Europe . Richard Morris . Stephen Farley . CEO UK . CEO North America .
Slide 127: Capital Markets Day
Capital Markets Day . 6 October 2015