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

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Notes to the financial statementsYear ended 31 December 2012continued16(d). Investments in subsidiaries, joint ventures and associated undertakingsThe principal subsidiaries, joint ventures and associated undertakings of the Group which, in the Directors’ opinion principally affect thefigures shown in the financial statements, are shown below together with details of their main activities. Except where otherwise noted,they are wholly-owned, have share capital wholly comprised of ordinary shares, are registered in England and Wales, operate in the UKand are consolidated into the Group financial statements. Holding interests are the same as voting interests.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 Main activitiesCordea Savills LLP* + 100% Investment managementSavills Commercial Limited* 100% Commercial surveyorsSavills (L&P) Limited* 100% General practice surveyorsPrime Purchase Limited* 100% Property buying companyCordea Savills Investment Management Limited* 100% Asset managerSavills LLC* ++ (registered in the US) 100% Property consultantsSavills Commercial (Ireland) Limited* (registered in Ireland) 100% Property consultantsSavills Consultores Inmobiliarios SA* (registered in Spain) 100% Property consultantsSavills Immobilien Beratungs GmbH* (registered in Germany) 100% Property consultantsSavills SA* (registered in France) 99.97% Property consultantsSavills Italy SRL* (registered in Italy) 100% Property consultantsSavills Nederland Holding BV* (registered in the Netherlands) 87% Property consultantsSavills Sweden AB* (registered in Sweden) 98.40% Property consultantsFörvaltningsaktiebolaget Stadsmuren* (registered in Sweden) 100% Project managementLoudden Bygg-och Fastighetsservice AB* (registered in Sweden) 70% Facilities managementSavills Spolka z Organiczona* (registered in Poland) 100% Property consultantsSavills Belux Group SA 70% Property consultantsSavills (Hong Kong) Limited* (registered in Hong Kong) 100% Mixed practice agency, valuation and researchSavills Valuation and Professional Services Limited*(registered in Hong Kong) 100% Valuation and researchSavills Property Management Limited* (registered in Hong Kong) 100% Property managementGuardian Property Management Limited* (registered in Hong Kong) 100% Property managementSavills (Singapore) Pte Limited* (registered in Singapore) 100% Property management and agencySavills Japan KK* (registered in Japan) 100% Property management and agencySavills Property Services (Shanghai) Co Limited* (registered in China) 100% Property managementSavills Property Services (Beijing) Co Limited* (registered in China) 100% Property managementSavills Korea Asset Management Limited* (registered in Korea) 100% Property managementSavills Korea Co. Limited* (registered in Korea) 100% Property agency and consultantsSavills (Vietnam) Limited* (registered in BVI) 92.10% Property management and agencySavills (Thailand) Limited* (registered in Thailand) 100% Property agency, consultants and managementSavills (Taiwan) Limited* (registered in Taiwan) 100% Property agency and consultantsSavills (Aust) Pty Limited* (registered in Australia) 96.19% Property agency, consultants and managementJoint venturesGES Holdings Limited* (Macau) 50% Property managementAssociated undertakingsHutton Asia Pte Ltd* (Singapore) 48% Property agency* Shares/interests held indirectly by the Company.+ Limited Liability Partnership.++ Limited Liability Company.94 Savills plc Report and Accounts 2012
16(e). Acquisitions of subsidiariesGresham Down Capital Partners LLPOn 5 January 2012 the Group acquired the specialist Central London investment and asset management business Gresham DownCapital Partners LLP. The business provides investment advisory and brokerage advice focusing primarily on the Central LondonCommercial property market, as well as asset management services, and will strengthen the Group’s existing Central London presence.Consideration of £1.6m was paid on completion, with a further total of £1.4m payable across the subsequent four anniversaries subjectto service conditions. Goodwill and other intangible assets of £0.9m and £0.7m have been determined. Goodwill represents synergiesthat the Group expects to gain as a result of the acquisition.Our business Our governance Our resultsIFRS 3 (revised) has been applied to this acquisition which was accounted for using the acquisition method. Acquisition related costs forthis transaction were negligible.International Property Asset Management GmbHOn 20 January 2012 Cordea Savills acquired International Property Asset Management GmbH (IPAM), a German real estate assetmanagement company. The acquisition complements and expands the Group’s existing German business and investment platform.Total consideration was £3.1m, of which £2.3m was paid on completion. Contingent consideration is payable in 2013 and 2014 basedon the actual performance of the business. Goodwill on acquisition of £1.6m has been determined, and is attributable to key staff andtheir industry reputation. Other intangible assets of £0.4m have been identified and relate to asset management contracts.IFRS 3 (revised) has been applied to this acquisition which was accounted for using the acquisition method. Acquisition related costs of£0.3m are included in the income statement.Fair value to the GroupSubsidiaries acquired £mCurrent assets:Trade and other receivables 0.2Cash and cash equivalents 1.4Total assets 1.6Current liabilities:Trade and other payables 0.5Current income tax liabilities 0.1Net assets 1.0Other intangible assets (Note 14) 1.1Fair value of net assets acquired 2.1Goodwill (Note 14) 2.5Purchase consideration 4.6Consideration satisfied by:Net cash paid as per cash flow statement 2.5Cash acquired 1.4Deferred consideration owing at reporting date 0.74.6For these acquisitions, there was no difference between the fair value and carrying value of net assets acquired, except for intangibleassets. The Group acquires businesses intended for use on a continuing basis. There were no significant changes to the provisionalgoodwill that arose in the previous year on acquisitions.Included in Group operating profit relating to acquisitions is:£mTurnover 5.4Staff costs (2.8)Depreciation (0.1)Other operating charges (0.8)Operating profit (before finance charges) 1.7Savills plc Report and Accounts 2012 95
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LondonCommercial property in Centra
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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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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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Savills plc 2012 Annual Report - (PDF) - Investor relations

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