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

More documents

Recommendations

Info

Notes to the financial statementsYear ended 31 December 2012continuedIf the date for all acquisitions made during the year had been 1 January 2012, the amounts included in Group operating profit wouldhave been:£mTurnover 5.4Staff costs (2.8)Depreciation (0.1)Other operating charges (0.8)Operating profit (before finance charges) 1.716(f). Transactions with non-controlling interestsDuring the year, the Group undertook the following transactions with non-controlling interests:NameDateHoldingacquiredTotal holding at31 December 2012Savills (Vietnam) Limited October 2012 20.0% 92.1%Savills LLC December 2012 25.0% 100.0%Under IAS 27 (revised), transactions with non-controlling interests must be accounted for as equity transactions, therefore no goodwillhas been recognised. Acquisition costs related to these transactions were not significant.In October 2012, the Group acquired an additional 20.0% of the shares in Savills (Vietnam) Limited for cash consideration of £3.5m.This takes the Group’s shareholding to 92.1%. The carrying amount of Savills (Vietnam) Limited’s net assets on the date of acquisitionwas £0.3m. The Group recognised a decrease in non-controlling interest of £0.1m. The amount charged to retained earnings in respectof this transaction was £3.4m.In December 2012, the Group acquired the remaining 25.0% of the shares in Savills LLC, which operates in the United States ofAmerica. Cash consideration of £8.3m was paid. The carrying amount of Savills LLC’s net liabilities on the dates of acquisition was£8.7m. The Group recognised an increase in non-controlling interests of £2.3m. A corresponding decrease in retained earnings wasrecognised in respect of this transaction.An amount of £1.5m was credited to retained earnings reflecting a reduction in deferred consideration payable to non-controllinginterests.In 2011 the Group acquired additional stakes in Savills Italy SRL and Savills (Vietnam) Limited for a total consideration of £1.2m.17. Deferred income taxDeferred income tax assets and liabilities are only offset where there are legally enforceable rights to offset current tax assets againstcurrent tax liabilities and when the deferred income tax relates to the same fiscal authority. The deferred tax assets and liabilities areoffset when realised through current tax. The deferred income tax assets and liabilities at 31 December, without taking intoconsideration the offsetting balances within the same jurisdiction, are as follows:The movement on the deferred tax account is shown below:Group2012£m2011£mCompany2012£mDeferred tax assets– Deferred tax asset to be recovered after more than 12 months 21.4 25.8 1.8 1.3– Deferred tax asset to be recovered within 12 months 8.5 3.6 0.7 0.629.9 29.4 2.5 1.9Deferred tax liabilities– Deferred tax liability to be recovered after more than 12 months (1.2) (1.7) – –– Deferred tax liability to be recovered within 12 months (0.5) (0.4) – –(1.7) (2.1) – –2011£mDeferred tax asset – net 28.2 27.3 2.5 1.996 Savills plc Report and Accounts 2012
Group2012£m2011£mCompany2012£mAt 1 January – asset 27.3 22.7 1.9 1.6Amount credited to income statement (Note 11) 4.8 5.5 0.6 0.2Effect of UK tax rate change within income statement (Note 11) (0.6) (0.8) (0.1) –Tax charged to other comprehensive income– Pension asset on actuarial loss/(gain) – 5.4 (0.1) 0.2– Pension asset on additional contributions (1.7) (1.6) – –– Pension asset – effect of UK tax rate change within other comprehensive income (0.6) (0.6) – –– Employee benefits (0.5) (3.3) 0.2 (0.1)– Revaluations of available-for-sale investments (0.2) 0.2 – –– Movement on foreign exchange reserves – 0.1 – –Exchange movement (0.1) (0.1) – –Initial recognition of intangible assets (0.2) (0.2) – –At 31 December – asset 28.2 27.3 2.5 1.92011£mOur business Our governance Our resultsDeferred income tax assets have been recognised in respect of all tax losses and other temporary differences to the extent that therealisation of the related tax benefit through the future taxable profits is probable.As at the reporting date the Group did not recognise deferred tax income tax assets of £8.5m (2011: £8.1m) in respect of lossesamounting to £24.9m (2011: £24.8m) that can be carried forward against future taxable income. Losses amounting to £0.7m(2011: £1.2m) expire within 2 years, losses amounting to £1.1m (2011: £1.5m) expire between 3 and 8 years and the remaining lossof £23.1m (2011: £22.1m) remains available for offset indefinitely.Deferred tax assets – GroupAcceleratedcapitalallowances£mOtherincludingprovisions£mTax losses£mRetirementbenefits£mRevaluation£mEmployeebenefits£mAt 1 January 2011 1.0 6.4 4.0 6.1 – 8.0 25.5Amount credited/(charged) to income statement – 1.4 1.8 (0.3) – 1.9 4.8Effect of UK tax rate change within income statement (0.1) (0.4) – – – (0.2) (0.7)Tax charged to other comprehensive income – – – 3.8 – (3.3) 0.5Effect of UK tax rate change within other comprehensiveincome – – – (0.6) – – (0.6)Transfer (to)/from deferred tax liabilities – (0.3) – – 0.3 – –Exchange movement – – (0.1) – – – (0.1)At 31 December 2011 0.9 7.1 5.7 9.0 0.3 6.4 29.4Amount credited/(charged) to income statement(Note 11) 0.1 1.1 1.4 (0.3) – 2.1 4.4Effect of UK tax rate change within incomestatement (Note 11) – (0.3) – – – (0.4) (0.7)Tax charged to other comprehensiveincome (Note 11) – – – (1.7) (0.3) (0.5) (2.5)Effect of UK tax rate change within other comprehensiveincome (Note 11) – – – (0.6) – – (0.6)Exchange movement – 0.1 (0.2) – – – (0.1)At 31 December 2012 1.0 8.0 6.9 6.4 – 7.6 29.9Total£mSavills plc Report and Accounts 2012 97
Page 7:
LondonCommercial property in Centra
Page 12 and 13:
10 Savills plc Report and Accounts
Page 14:
Chairman’sstatementRevenue growth
Page 17 and 18:
Our strategy1. Commitment to client
Page 20 and 21:
Segmental reviewsThe Savills Group
Page 22 and 23:
Abercrombie& Fitch,Hong KongWe advi
Page 24 and 25:
Segmental reviewscontinuedProperty
Page 26 and 27:
Group ChiefFinancialOfficer’s rep
Page 28 and 29:
Group Chief Financial Officer’s r
Page 30 and 31:
Corporate responsibilitiescontinued
Page 32 and 33:
Corporate responsibilitiescontinued
Page 34 and 35:
Risks and uncertaintiesfacing the b
Page 36 and 37:
Board of Directors1 2 34 5 671. Pet
Page 38 and 39:
Corporate Governance reportThe Boar
Page 40 and 41:
Corporate Governance reportcontinue
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Other statutory informationcontinue
Page 48 and 49: Remuneration reportcontinuedOvervie
Page 50 and 51: Remuneration reportcontinuedFuture
Page 52 and 53: Remuneration reportcontinuedApplica
Page 54 and 55: Remuneration reportcontinuedDeferre
Page 56 and 57: Remuneration reportcontinued2013 an
Page 58 and 59: Remuneration ReportcontinuedOrdinar
Page 60 and 61: Directors’ responsibilitiesThe Di
Page 62 and 63: Consolidated income statementfor th
Page 64 and 65: Consolidated and Company statements
Page 66 and 67: Company statement of changes in equ
Page 68 and 69: Notes to the financial statementsYe
Page 114 and 115: Shareholder informationKey dates fo
Page 116: Savills plc Savills plc20 Grosvenor
show all

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

Create successful ePaper yourself

Delete template?

Save as template?