Savills plc 2012 Annual Report - (PDF) - Investor relations

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Notes to the financial statementsYear ended 31 December 2012continuedDeferred tax liabilities – GroupOther includingprovisions and foreignexchange reserves£mRevaluations£mIntangibleassets£mAt 1 January 2011 (0.6) (0.1) (2.1) (2.8)Amount credited to income statement – – 0.7 0.7Effect of UK tax rate change within income statement – – (0.1) (0.1)Tax credited to other comprehensive income 0.1 0.2 – 0.3Transfer from/(to) deferred tax assets 0.3 (0.3) – –Initial recognition of intangible assets – – (0.2) (0.2)At 31 December 2011 (0.2) (0.2) (1.7) (2.1)Amount credited to income statement (Note 11) (0.1) – 0.5 0.4Effect of UK tax rate change within income statement (Note 11) – – 0.1 0.1Effect of UK tax rate change within other comprehensive income (Note 11) – 0.1 – 0.1Initial recognition of intangible assets (Note 14) – – (0.2) (0.2)At 31 December 2012 (0.3) (0.1) (1.3) (1.7)Net deferred tax assetAt 31 December 2012 28.2At 31 December 2011 27.3The proposed reduction in the main UK rate of corporation tax by 2% to 21% on 1 April 2014 is expected to be enacted separately nextyear. The overall effect of this 2% reduction if this applied to the deferred tax balance at 31 December 2012, would be to reduce the netdeferred tax asset by approximately £0.9m. Please refer to note 11 for details of proposed tax rate reductions.Deferred tax assets – CompanyAcceleratedcapitalallowances£mOtherincludingprovisions£mRetirementbenefits£mEmployeebenefits£mAt 1 January 2011 0.3 0.6 0.3 0.4 1.6Amount (charged)/credited to income statement – – – 0.2 0.2Tax charged to other comprehensive income (Note 11) – – 0.2 (0.1) 0.1As at 31 December 2011 0.3 0.6 0.5 0.5 1.9Amount credited to income statement – – – 0.6 0.6Effect of UK tax rate change within income statement – (0.1) – – (0.1)Tax (charged)/credited to other comprehensive income (Note 11) – – (0.1) 0.2 0.1At 31 December 2012 0.3 0.5 0.4 1.3 2.5Net deferred tax assetAt 31 December 2012 2.5At 31 December 2011 1.9Total£mTotal£m98 Savills plc Report and Accounts 2012
18. Trade and other receivablesGroup2012£m2011£mCompany2012£mTrade receivables 182.5 151.1 – –Less: provision for impairment of receivables (8.4) (7.9) – –Trade receivables – net 174.1 143.2 – –Amounts owed by subsidiary undertakings – – 13.8 15.0Other receivables 17.4 19.4 0.6 1.0Prepayments and accrued income 29.3 28.6 0.8 0.7220.8 191.2 15.2 16.72011£mOur business Our governance Our resultsThe carrying value of trade and other receivables is approximate to their fair value.There is no other concentration of credit risk with respect to trade and other receivables as the Group has a large number of clientsinternationally dispersed with no individual client owing a significant amount.Inter-company trade receivables are generally cleared within the month.As at 31 December 2012, trade receivables of £8.4m (2011: £7.9m) were impaired and provided for. The individually impaired receivablesmainly relate to receivables from clients that have been affected by the uncertain economic conditions where funding and completionhave been delayed and cash flow has become uncertain.The ageing of these receivables is as follows:Group2012£mUp to 3 months 0.9 1.13 to 6 months 1.5 1.5Over 6 months 6.0 5.38.4 7.9As at 31 December 2012, trade receivables of £48.6m (2011: £43.2m) were past due but not impaired. These relate to trade receivableswhich are past due at the reporting date but are not considered impaired as there has not been a significant change in credit quality andthe amounts are still considered recoverable.The ageing of these receivables is as follows:Group2012£mUp to 3 months 35.8 31.93 to 6 months 8.4 6.6Over 6 months 4.4 4.748.6 43.2The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies:Group2012£mSterling 107.1 93.1Euro 25.3 21.2Hong Kong dollar 39.1 32.2Australian dollar 14.9 15.7Other* 34.4 29.0220.8 191.2* Other currencies include US dollar, Chinese renminbi, Singapore dollar, Polish zloty and Swedish krona.2011£m2011£m2011£mSavills plc Report and Accounts 2012 99
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LondonCommercial property in Centra
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10 Savills plc Report and Accounts
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Chairman’sstatementRevenue growth
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Our strategy1. Commitment to client
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Segmental reviewsThe Savills Group
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Abercrombie& Fitch,Hong KongWe advi
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Segmental reviewscontinuedProperty
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Group ChiefFinancialOfficer’s rep
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Group Chief Financial Officer’s r
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Corporate responsibilitiescontinued
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Corporate responsibilitiescontinued
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Risks and uncertaintiesfacing the b
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Board of Directors1 2 34 5 671. Pet
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Corporate Governance reportThe Boar
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Corporate Governance reportcontinue
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Other statutory informationcontinue
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Remuneration reportcontinuedOvervie
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Page 58 and 59: Remuneration ReportcontinuedOrdinar
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Page 64 and 65: Consolidated and Company statements
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Savills plc 2012 Annual Report - (PDF) - Investor relations

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