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

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Notes to the financial statementsYear ended 31 December 2012continuedOperating lease commitments payable by the Company at 31 December 2012 (2011: £89.5m) are shown below.CompanyProperty leases Other leases TotalFuture aggregate minimum lease payments undernon-cancellable operating leases are as follows:Within 1 year – – – – – –Between 1 to 5 years 16.8 10.1 – – 16.8 10.1After 5 years 121.1 79.4 – – 121.1 79.4137.9 89.5 – – 137.9 89.5During the year, the Group entered into a 20 year lease for an office building in London from December 2012. The Group will relocatefrom its two existing premises in London’s West End.Significant operating leases relate to the various property leases for Savills offices in the United Kingdom, Europe and Asia Pacific. Thereare no significant non-cancellable subleases.30. Capital commitments2012£m2011£m2012£mGroup2012£m2011£m2011£m2012£mCompany2012£mContracts placed for future expenditure not provided for in the financial statements 7.1 – 7.1 –Capital commitments of £7.1m (2011: £nil) reflect contracts placed for the fit out of the Group’s new head office at 33 Margaret Street, London.31. Cash generated from/(used in) operationsGroup2012£mCompany2012£mProfit/(loss) for the year 38.8 26.8 (0.7) 46.5Adjustments for:Income tax (Note 11) 15.4 13.2 (2.8) (1.2)Depreciation (Note 15) 7.2 7.1 0.8 0.7Amortisation of intangible assets (Note 14) 3.7 3.7 0.5 0.5Loss on sale of property, plant and equipment 0.1 0.3 – –Impairment of goodwill (Note 14) – 5.4 – –Profit on disposal of subsidiaries, joint venture and available-for-saleinvestment (Note 6(a) & (b)) (1.7) (2.3) – –Net finance income (Note 10) (0.3) (0.1) (1.6) (1.9)Share of post-tax profit from associates and joint ventures (Note 16(a)) (7.1) (4.0) – –Decrease in employee and retirement obligations (7.2) (3.5) – (0.4)Exchange movement on operating activities (0.1) (0.2) 0.2 (0.2)Increase/(decrease) in provisions 5.1 4.2 – (0.1)Credit for defined benefit pension scheme (Note 9) (0.8) (1.0) (0.3) (0.1)Impairment of associated undertaking and available-for-sale investmentincluded within operating income 1.2 2.0 – –Charge for share-based compensation (Note 26(f)) 10.4 11.3 2.1 0.9Exercise of share options – – (8.0) (10.1)Operating cash flows before movements in working capital 64.7 62.9 (9.8) 34.6Decrease/(increase) in work in progress 1.2 (0.6) – –(Increase)/decrease in trade and other receivables (31.3) (9.5) 1.5 (4.5)Increase/(decrease) in trade and other payables 36.9 (5.7) 4.5 (0.6)Cash generated from/(used in) operations 71.5 47.1 (3.8) 29.52011£m2011£m2011£m2011£m110 Savills plc Report and Accounts 2012
32. Analysis of cash net of debt2012At 1 January£mCash flows£mExchangemovement£mAt31 December£mCash and cash equivalents 80.0 14.4 (1.6) 92.8Bank overdrafts (1.2) 1.0 0.1 (0.1)78.8 15.4 (1.5) 92.7Bank loans (5.0) 3.8 0.2 (1.0)Finance Leases (0.2) 0.1 – (0.1)Cash and cash equivalents net of debt 73.6 19.3 (1.3) 91.6Our business Our governance Our results2011At 1 January£mCash flows£mExchangemovement£mAt31 December£mCash and cash equivalents 97.2 (17.5) 0.3 80.0Bank overdrafts (0.7) (0.5) – (1.2)96.5 (18.0) 0.3 78.8Bank loans (9.0) 3.9 0.1 (5.0)Loan notes (0.4) 0.4 – –Finance Leases (0.2) – – (0.2)Cash and cash equivalents net of debt 86.9 (13.7) 0.4 73.633. Related party transactionsThere were no significant related party transactions during the year. All related party transactions take place on an arm’s length basis.Loans to related partiesLoans to associates and joint ventures are disclosed in Note 16(a).Company transactionsThe Company provided corporate function services to its subsidiaries at an arm’s-length value of £12.5m (2011: £11.6m).No dividends were received from subsidiaries during the year (2011: £40.0m). Amounts outstanding to and from subsidiaries as at31 December 2012 are disclosed in Notes 18, 20 and 21.Savills plc Report and Accounts 2012 111
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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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Group ChiefFinancialOfficer’s rep
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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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Remuneration reportcontinuedOvervie
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Directors’ responsibilitiesThe Di
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