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

Independent auditors’ reportto the members of Savills plcWe have audited the financial statements of Savills plc for the yearended 31 December 2012 which comprise the Consolidatedincome statement, the Consolidated statement of comprehensiveincome, the Consolidated and Company statements of financialposition, the Consolidated statement of changes in equity andCompany statement of changes in equity, the Consolidatedand Company statements of cash flows and the related notes.The financial reporting framework that has been applied in theirpreparation is applicable law and International Financial ReportingStandards (‘IFRSs’) as adopted by the European Union and, asregards the parent company financial statements, as applied inaccordance with the provisions of the Companies Act 2006.Respective responsibilities of directors and auditorsAs explained more fully in the Directors’ Responsibilities Statementset out on page 58, the Directors are responsible for thepreparation of the financial statements and for being satisfied thatthey give a true and fair view. Our responsibility is to audit andexpress an opinion on the financial statements in accordance withapplicable law and International Standards on Auditing (UK andIreland). Those standards require us to comply with the AuditingPractices Board’s Ethical Standards for Auditors.This report, including the opinions, has been prepared for andonly for the company’s members as a body in accordance withChapter 3 of Part 16 of the Companies Act 2006 and for no otherpurpose. We do not, in giving these opinions, accept or assumeresponsibility for any other purpose or to any other person towhom this report is shown or into whose hands it may comesave where expressly agreed by our prior consent in writing.Scope of the audit of the financial statementsAn audit involves obtaining evidence about the amounts anddisclosures in the financial statements sufficient to give reasonableassurance that the financial statements are free from materialmisstatement, whether caused by fraud or error. This includes anassessment of: whether the accounting policies are appropriateto the Group’s and the parent company’s circumstances andhave been consistently applied and adequately disclosed; thereasonableness of significant accounting estimates made bythe Directors; and the overall presentation of the financialstatements. In addition, we read all the financial and non-financialinformation in the Annual Report and Accounts to identify materialinconsistencies with the audited financial statements. If webecome aware of any apparent material misstatements orinconsistencies we consider the implications for our report.Opinion on financial statementsIn our opinion:– the financial statements give a true and fair view of the stateof the Group’s and of the parent company’s affairs as at31 December 2012 and of the Group’s profit and Group’sand parent company’s cash flows for the year then ended;– the group financial statements have been properly preparedin accordance with IFRSs as adopted by the European Union;– the parent company financial statements have been properlyprepared in accordance with IFRSs as adopted by theEuropean Union and as applied in accordance with theprovisions of the Companies Act 2006; and– the financial statements have been prepared in accordancewith the requirements of the Companies Act 2006 and, asregards the Group financial statements, Article 4 of thelAS Regulation.Opinion on other matters prescribed by the Companies Act 2006In our opinion:– the part of the Directors’ Remuneration report to be auditedhas been properly prepared in accordance with theCompanies Act 2006; and– the information given in the Other Statutory Information forthe financial year for which the financial statements areprepared is consistent with the financial statementsMatters on which we are required to report by exceptionWe have nothing to report in respect of the following:Under the Companies Act 2006 we are required to report to you if,in our opinion:– adequate accounting records have not been kept by theparent company, or returns adequate for our audit havenot been received from branches not visited by us; or– the parent company financial statements and the part ofthe Directors’ Remuneration report to be audited are not inagreement with the accounting records and returns; or– certain disclosures of Directors’ remuneration specified bylaw are not made; or– we have not received all the information and explanationswe require for our audit.Under the Listing Rules we are required to review:– the Directors’ statement, set out on page 42, in relation togoing concern;– the parts of the Corporate Governance Statement relating tothe Company’s compliance with the nine provisions of theUK Corporate Governance Code specified for our review; and– certain elements of the report to shareholders by the Boardon Directors’ remuneration.David A. Snell(Senior Statutory Auditor)for and on behalf of PricewaterhouseCoopers LLPChartered Accountants and Statutory AuditorsLondon13 March 2013Our business Our governance Our resultsSavills plc Report and Accounts 2012 59