Savills plc - Investor relations

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NOTES TO THE ACCOUNTSyear ended 31 December 200314. Investments (continued) Investment in Otherown shares unlistedCompany investments Total& Group Group Group(b) Other investments £'000 £'000 £'000Cost At 1 January 2003 6,273 2,965 9,238Additions 831 - 831Subsidiary acquired - 6 6Repayment of loans - (2) (2)Disposals on exercise of options (1,640) - (1,640)Write off investment loan - (353) (353)At 31 December 2003 5,464 2,616 8,080Provisions At 1 January 2003 4,747 1,189 5,936Charge for the year 951 - 951Disposals on exercise of options (1,640) - (1,640)At 31 December 2003 4,058 1,189 5,247Net book value At 31 December 2003 1,406 1,427 2,833At 1 January 2003 1,526 1,776 3,302Other Group investments comprise loans of £50,000 (2002 - £403,000) and other unlisted investments of £1,377,000 (2002 - £1,373,000).During the year, the EBT purchased 375,000 shares of the Company with a nominal value of £18,750. As at 31 December 2003, the EBT held 5,192,852 shares in the Company with a nominal value of £259,643and a market value of £17,266,232 (2002 - 5,807,785 shares with nominal value of £290,389 and market value of £8,159,938). The maximum number of shares held by the EBT during the year was 5,807,785(2002 - 6,007,785). As detailed in Note 10, the Trustee has waived all but 0.01p of any dividend on each share held by the Trust.At 31 December 2003, Savills QUEST Trustees Limited, the trustee of the Qualifying Employee Share Trust (QUEST), held 184,569 shares in the Company with a nominal value of £9,228 and a market value of£613,692 (2002 - 571,981 shares with a nominal value of £28,599 and a market value of £803,633). The maximum number of shares held by the trustee of the QUEST during the year was 571,981 (2002 -683,511). As detailed in Note 10, Savills QUEST Trustees Limited has waived all dividends on the shares it holds.The provision against the investment in own shares included above represents the costs of shares in the EBT which have been allocated to employees pursuant to awards granted in line with the Group’s accountingpolicies.The Group holds 30% of the ordinary share capital of Ray Gasson & Associates Limited, whose principal activity relates to farm management and 25% of the ordinary share capital of Healthcare Development ServicesLimited, whose principal activity relates to the development of nursing homes. The Group also holds a 14.76% interest in Fastcrop plc, which provides the residential property website Primelocation.com. The Groupdoes not exert a significant influence over these businesses, and therefore does not equity account for these investments. These companies are registered in England and Wales and operate in the UK. Theseshareholdings are treated as trade investments.During the year the Group sold shares held in The London Stock Exchange for a consideration of £521,000; these shares were carried at nil cost.31 December 31 December2003 2002(c) Company - summary £'000 £'000Own shares (see Note 14(b)) 1,406 1,526Investments in subsidiaries, joint ventures & associated undertakings (see Note 14(d)) 71,838 69,68073,244 71,206Shares Loans to Interests in Loans toin Group Group associated associated(d) Company - Investments in subsidiaries & associated undertakings undertakings undertakings undertakings undertakings Total£'000 £'000 £'000 £'000 £'000Cost At 1 January 2003 17,393 45,569 6,668 50 69,680Additions - 23,701 - - 23,701Repayment - (14,825) - (50) (14,875)Impairment - - (6,668) - (6,668)At 31 December 2003 17,393 54,445 - - 71,83860
NOTES TO THE ACCOUNTSyear ended 31 December 2003(d) Investments in subsidiaries, joint ventures & associated undertakings (continued)The principal subsidiaries, joint ventures and associated undertakings of the Company which in the Directors opinion principally affect the figures shown in the financial statements and a summary of their principalactivities are shown below. Except where otherwise noted, they are wholly owned, have share capitals wholly comprised of ordinary shares, are registered in England and Wales, operate in the UK and areconsolidated into the Group Accounts. A full list of the Group’s subsidiaries, joint ventures and associated undertakings is available from the registered office of Savills plc.Subsidiary undertakings Holding Principal ActivitiesAdventis Group PLC* 71.9% Provision of marketing & media services.Aubourn Limited* 85% Provision of farm management, consultancy & agronomy services.FPDSavills (Australia) Pty Limited* (registered in Australia) 91% Holding company for the Australian agency, property & facility management businesses.FPDSavills Commercial LimitedFirst Pacific Davies China Limited* (registered in Hong Kong)FPDSavills Guardian Holdings Limited* (registered in Hong Kong)FPD Savills Espana SA* (registered in Spain)FPD Savills GmbH* (registered in Germany)FPDSavills Hong Kong Limited* (registered in Hong Kong)FPD Savills Immobilien Beteiligungs-GmbH* (registered in Germany)FPDSavills LimitedFPDSavills Property Management Limited* (registered in Hong Kong)FPD Savills SA* (registered in France)Commercial surveyors.Holding company for the agency & property management businesses in China.Holding company for the Asian property & facilities management group.Property consultant.Property consultant.Mixed practice agency, valuation & research.Property consultant.General practice surveyors.Property management.Property consultant.FPD Savills Italy SRL* (registered in Italy) 64% Property consultant.Grosvenor Hill Ventures Limited*Prime Purchase Limited*Savills Investment Management Limited*Savills Private Finance Limited*Savills Investments Limited*Provision of property funding and holding company for principal trading subsidiaries &joint arrangements.Property buying company.Asset manager (regulated by FSA).Provision of general insurance, commercial broking, mortgage broking & personalfinancial planning services (regulated by FSA).Provision of fund management.FPDSavills Nederland BV* (registered in the Netherlands) 61% Property consultant.GHV (Redditch) Limited*GHV (Northwich) Limited*GHV (LLantrisant) Limited*S.I.S No 1 LP*Procuring, letting and sale of properties.Procuring, letting and sale of properties.Procuring, letting and sale of properties.Real estate fund management.Joint ventures & joint arrangementsManaged Office Solutions (GHV) Limited* 50% Procuring & facilitating, letting of managed office space.Grosvenor Hill (Sprucefields) Limited* 50% Procuring, letting and sale of properties.GHV SMD Holdings Limited* 50% Procuring, letting and sale of properties.Infinergy Limited* 50% Provision of renewable energy.*Shares/interests held indirectly by the Company61
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ANNUALREPORT &ACCOUNTS2003Savills p
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FINANCIALSUMMARY• Pre-tax profit
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Page 33 and 34: REPORT OF THE DIRECTORS CONTINUEDRE
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Page 44 and 45: BALANCE SHEETSat 31 December 2003Gr
Page 46 and 47: STATEMENT OF TOTAL RECOGNISEDGAINS
Page 48 and 49: NOTES TO THE ACCOUNTSyear ended 31
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Page 71 and 72: FIVE YEAR REVIEWyear ended 31 Decem
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Savills plc - Investor relations

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