REG - Savills PLC - Final Results <Origin Href="QuoteRef">SVS.L</Origin> - Part 2
10/03/2016 07:14
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Savills plc
Consolidated statement of cash flows
for the year ended 31 December 2015
2015 2014
Notes £m £m
Cash flows from operating activities
Cash generated from operations 7 140.5 113.6
Interest received 2.0 1.6
Interest paid (0.6) (2.0)
Income tax paid (19.9) (17.1)
Net cash generated from operating activities 122.0 96.1
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 0.2 0.1
Proceeds from sale of available-for-sale investments - 4.0
Proceeds from sale of interests in joint ventures and associates 5.3 -
Proceeds from sale of assets held for sale - 8.5
Deferred consideration received in relation to prior year disposals - 1.4
Dividends received from joint ventures and associates 4.8 5.4
Repayment of loans by joint ventures and associates - 0.8
Acquisition of subsidiaries, net of cash acquired 9 (24.4) (18.1)
Deferred consideration paid in relation to current and prior year acquisitions (40.3) -
Purchase of property, plant and equipment (20.0) (12.7)
Purchase of intangible assets (1.7) (1.5)
Purchase of investment in joint ventures, associates and available-for-sale investments (6.0) (2.5)
Net cash used in investing activities (82.1) (14.6)
Cash flows from financing activities
Proceeds from issue of share capital 1.0 -
Proceeds from borrowings 10 139.3 99.9
Repayments of borrowings 10 (112.0) (105.8)
Share-based payment settlement - (3.6)
Purchase of own shares for Employee Benefit Trust (14.9) (12.1)
Purchase of non-controlling interests 8 (1.0) (1.9)
Dividends paid 5 (30.7) (25.2)
Net cash used in financing activities (18.3) (48.7)
Net increase in cash, cash equivalents and bank overdrafts 21.6 32.8
Cash, cash equivalents and bank overdrafts at beginning of year 158.1 122.2
Effect of exchange rate fluctuations on cash held 2.5 3.1
Cash, cash equivalents and bank overdrafts at end of year 182.2 158.1
NOTES
1. Basis of preparation
The results for the year ended 31 December 2015 have been extracted from the
audited financial statements. The financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRSs) and IFRIC
interpretations as adopted by the European Union and with those parts of the
Companies Act 2006 applicable to companies reporting under IFRS.
The financial information in this statement does not constitute statutory
accounts within the meaning of s434 of the Companies Act 2006. The statutory
accounts for the year ended 31 December 2015, on which the auditors have given
an unqualified audit report, have not yet been filed with the Registrar of
Companies.
The preparation of financial statements in conformity with IFRS requires the
use of estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Although these
estimates are based on management's best knowledge of the amount, event or
actions, actual results ultimately may differ from those estimates.
2. Segment analysis
Transaction Advisory Consultancy Property and Facilities Management Investment Management Other Total
Year ended to 31 December 2015 £m £m £m £m £m £m
Revenue
United Kingdom
- commercial 98.8 138.3 107.1 16.7 - 360.9
- residential 127.9 44.5 26.8 - - 199.2
Total United Kingdom 226.7 182.8 133.9 16.7 - 560.1
Continental Europe 56.4 16.5 29.1 27.8 - 129.8
Asia Pacific
- commercial 111.9 31.0 227.7 - - 370.6
- residential 30.5 - - - - 30.5
Total Asia Pacific 142.4 31.0 227.7 - - 401.1
United States 192.5 - - - - 192.5
Total revenue 618.0 230.3 390.7 44.5 - 1,283.5
Underlying profit/(loss) before tax
United Kingdom
- commercial 16.9 15.4 9.2 4.3 (12.2) 33.6
- residential 17.8 6.4 1.7 - 25.9
Total United Kingdom 34.7 21.8 10.9 4.3 (12.2) 59.5
Continental Europe 4.0 0.7 (2.4) 6.6 - 8.9
Asia Pacific
- commercial 16.3 2.2 12.6 - - 31.1
- residential 3.1 - - - - 3.1
Total Asia Pacific 19.4 2.2 12.6 - - 34.2
United States 18.8 - - - - 18.8
Underlying profit/(loss) before tax 76.9 24.7 21.1 10.9 (12.2) 121.4
Transaction Advisory Consultancy Property and Facilities Management Investment* Management Other Total
Year ended to 31 December 2014 £m £m £m £m £m £m
Revenue
United Kingdom
- commercial 84.1 126.9 79.8 16.0 - 306.8
- residential 129.2 41.3 25.1 - - 195.6
Total United Kingdom 213.3 168.2 104.9 16.0 - 502.4
Continental Europe 51.1 18.8 26.6 12.0 - 108.5
Asia Pacific
- commercial 96.3 30.0 207.1 - - 333.4
- residential 21.6 - - - - 21.6
Total Asia Pacific 117.9 30.0 207.1 - - 355.0
United States 112.3 - - - - 112.3
Total revenue 494.6 217.0 338.6 28.0 - 1,078.2
Underlying profit/(loss) before tax
United Kingdom
- commercial 14.0 13.1 7.3 2.5 (13.7) 23.2
- residential 19.7 6.3 2.2 - - 28.2
Total United Kingdom 33.7 19.4 9.5 2.5 (13.7) 51.4
Continental Europe 1.3 1.4 (2.6) 1.9 - 2.0
Asia Pacific
- commercial 16.7 2.6 11.7 - - 31.0
- residential 3.7 - - - - 3.7
Total Asia Pacific 20.4 2.6 11.7 - - 34.7
United States 12.4 - - - - 12.4
Underlying profit/(loss) before tax 67.8 23.4 18.6 4.4 (13.7) 100.5
*Following the acquisition of SEB Asset Management AG in August 2015 the
investment management segment is split between the United Kingdom and
Continental Europe.
Operating segments reflect internal management reporting to the Group's chief
operating decision maker, defined as the Group Executive Board (GEB). The GEB
assesses the performance of operating segments based on a measure of
underlying profit before tax which adjusts reported pre-tax profit by
profit/(loss) on disposals, share-based payment adjustment, restructuring
costs, acquisition related costs, amortisation and impairment of goodwill and
intangible assets (excluding software) and impairment of available-for-sale
investments, joint ventures or associates.
The Other segment includes costs and other expenses at holding company and
subsidiary levels, which are not directly attributable to the operating
activities of the Group's business segments.
A reconciliation of underlying profit before tax to reported profit before tax
is provided in Note 3.
3. Underlying profit before tax
The Directors seek to present a measure of underlying performance which is not
impacted by exceptional items or items considered non-operational in nature.
This measure of profit is described as 'underlying' and is used by management
to measure and monitor performance.
2015 2014
£m £m
Reported profit before tax 98.6 84.7
Adjustments:
- Amortisation of intangible assets (excluding software) 3.6 2.6
- Impairment of available-for-sale investments - 0.6
- Share-based payment adjustment (2.8) (2.9)
- Profit on disposal of available-for-sale investments, joint ventures and associates (2.9) (2.0)
- Restructuring costs 1.6 0.9
- Acquisition related costs 23.3 16.6
Underlying profit before tax 121.4 100.5
The adjustment for share-based payment relates to the impact of the accounting
standard for share-based compensation. The annual bonus is paid in a mixture
of cash and deferred shares and the proportions can vary from one year to
another. Under IFRS the deferred share element is amortised to the income
statement over the vesting period whilst the cash element is expensed in the
year. The adjustment above addresses this by deducting from profit the
difference between the IFRS 2 charge and the effective value of the annual
share award in order better to match the underlying staff costs in the year
with the revenue recognised in the same period.
Profit on disposal of associates includes a £2.3m profit from the disposal of
the assets held in BTR Capital Fund III and BTR Miller Capital Fund in July
2015. These were funds held in the US.
Profit on disposal of joint ventures includes £0.3m recognised in Asia, £0.1m
in recognised in relation to Savills Jersey Ltd which became a subsidiary
undertaking and £0.2m recognised in respect of two joint ventures in Spain
which also became subsidiary undertakings.
Acquisition related costs include £18.0m of provisions for the future payments
in relation to the acquisition of Studley, Inc. which are expensed through the
income statement to reflect the requirement for the recipients to remain
actively engaged in the business at the payment date. Acquisition related
costs also includes £2.5m of provisions for future payments and £2.8m of
transaction and integration costs in relation to the acquisitions in the
United Kingdom, United States and Continental Europe during 2015. Refer to
Note 9 for further details.
4. Income tax expense
The income tax expense has been calculated on the basis of the underlying rate
in each jurisdiction adjusted for any disallowable charges.
2015 2014
£m £m
United Kingdom
- Current tax 13.2 14.8
- Deferred tax (1.4) (1.9)
Foreign tax
- Current tax 14.7 12.2
- Deferred tax 7.2 (3.1)
Income tax expense 33.7 22.0
5. Dividends
2015 2014
£m £m
Amounts recognised as distribution to equity holders in the year:
Ordinary final dividend for 2014 of 7.25p per share (2013: 7.0p) 9.4 9.0
Supplemental interim dividend for 2014 of 12.0p per share (2013: 8.5p) 15.6 11.0
Interim dividend of 4.0p per share (2014: 3.75p) 5.3 4.9
30.3 24.9
The Board recommends a final dividend of 8.0p (net) per ordinary share
(amounting to £10.7m) is paid, alongside the supplemental interim dividend of
14.0p per ordinary share (amounting to £18.7m), to be paid on 16 May 2016 to
shareholders on the register at 15 April 2016. These financial statements do
not reflect this dividend payable.
The total paid and recommended ordinary and supplemental dividends for the
2015 financial year comprises an aggregate distribution of 26.0p per ordinary
share (2014: 23.0p per ordinary share).
6(a). Basic and diluted earnings per share
2015 2015 2015 2014 2014 2014
Earnings Shares EPS Earnings Shares EPS
Year to 31 December £m million pence £m million pence
Basic earnings per share 64.3 136.8 47.0 62.1 132.7 46.8
Effect of additional shares issuable under option - 1.9 (0.6) - 4.4 (1.5)
Diluted earnings per share 64.3 138.7 46.4 62.1 137.1 45.3
6(b). Underlying basic and diluted earnings per share
2015 2015 2015 2014 2014 2014
Earnings Shares EPS Earnings Shares EPS
Year to 31 December £m million pence £m million pence
Basic earnings per share 64.3 136.8 47.0 62.1 132.7 46.8
- Amortisation of intangible assets (excluding software) after tax 2.0 - 1.5 1.5 - 1.1
- Impairment of available-for-sale investment after tax - - - 0.6 - 0.5
- Share-based payment adjustment after tax (2.2) - (1.6) (2.2) - (1.7)
- Restructuring costs after tax 1.5 - 1.1 0.9 - 0.7
- Profit on disposal of available-for-sale investments joint venturesand associates after tax (1.9) - (1.4) (2.0) - (1.5)
- Acquisition related costs after tax 22.7 - 16.6 16.7 - 12.6
- Net tax effect following acquisition - - - (4.4) - (3.3)
Underlying basic earnings per share 86.4 136.8 63.2 73.2 132.7 55.2
Effect of additional shares issuable under option - 1.9 (0.9) - 4.4 (1.8)
Underlying diluted earnings per share 86.4 138.7 62.3 73.2 137.1 53.4
7. Cash generated from operations
2015 2014
£m £m
Profit for the year 64.9 62.7
Adjustments for:
Income tax (Note 4) 33.7 22.0
Depreciation 11.2 8.4
Amortisation of intangible assets 5.7 4.6
Loss on sale of property, plant and equipment - 0.2
Profit on disposal of available-for-sale investments, joint ventures and associates (2.9) (2.0)
Net finance (income)/cost (0.5) 0.8
Share of post-tax profit from joint ventures and associates (6.9) (7.0)
Decrease in employee and retirement obligations (5.5) (7.4)
Exchange movements on operating activities (0.8) 0.5
Decrease in provisions (2.8) -
Impairment of available-for-sale investment included within other operating expenses - 0.6
Charge for share-based compensation 11.1 10.5
Operating cash flows before movements in working capital 107.2 93.9
(Increase)/decrease in work in progress (0.9) 0.1
Increase in trade and other receivables (47.3) (44.1)
Increase in trade and other payables 81.5 63.7
Cash generated from operations 140.5 113.6
8. Transactions with non-controlling interests
Under IFRS 10, transactions with non-controlling interests must be accounted
for as equity transactions, therefore no goodwill has been recognised.
Acquisition costs related to these transactions were not significant.
In April 2015, the Group acquired an additional 30% of the shares in its
Swedish facilities management business, Loudden Bygg-och Fastighetsservice AB
('Loudden'), for consideration of £0.7m. This takes the Group's shareholding
to 100%. The carrying amount of Loudden's net assets on the date of
acquisition was £0.4m. The Group recognised a decrease in non-controlling
interest of £0.2m. The amount charged to retained earnings in respect of the
transaction was £0.6m.
In May 2015, the Group acquired an additional 0.72% of the shares in Savills
(Aust) Holdings Pty Limited, for consideration of £0.1m. This takes the
Group's shareholding to 100%. The carrying amount of Savills (Aust) Holdings
Pty Limited net assets on the date of acquisition was £16.8m. The Group
recognised a decrease in non-controlling interest of £0.01m. The amount
charged to retained earnings in respect of the transaction was £0.1m.
In July 2015, the Group acquired an additional 4% of the shares in Savills
Property Management Pte. Ltd. Singapore, for consideration of £0.1m. This
takes the Group's shareholding to 55%. The carrying amount of Savills Property
Management Pte. Ltd. net assets on the date of acquisition was £1.7m. The
Group recognised a decrease in non-controlling interest of £0.1m. The amount
charged to retained earnings in respect of the transaction was £nil.
9. Acquisition of subsidiaries
The fair values of the assets acquired and liabilities assumed are provisional
and will be finalised within 12 months of the acquisition date. These are
summarised below:
Provisional fair value to the Group
Smiths Gore £m SEB £m US £m Other £m Total £m
Property, plant and equipment 0.6 0.7 0.1 0.2 1.6
Intangible assets 7.1 1.5 2.5 0.7 11.8
Deferred tax assets - 1.8 - - 1.8
Retirement benefits - 0.9 - - 0.9
Current assets: Work in progress 1.4 - - 0.2 1.6
Trade and other receivables 8.5 7.3 0.7 1.4 17.9
Cash and cash equivalents 0.1 13.6 0.8 1.2 15.7
Total assets 17.7 25.8 4.1 3.7 51.3
Current liabilities: Trade and other payables 2.7 16.0 0.3 1.1 20.1
Provisions for other liabilities and charges 0.4 0.3 - - 0.7
Non-current trade and other payables - - - 1.1 1.1
Net assets acquired 14.6 9.5 3.8 1.5 29.4
Goodwill 18.5 1.8 10.3 6.9 37.5
Purchase consideration 33.1 11.3 14.1 8.4 66.9
Consideration satisfied by:
Net cash paid 17.5 7.4 9.5 5.7 40.1
Transfer from joint ventures - - - 0.3 0.3
Deferred consideration owing at reporting date 15.6 3.9 4.6 2.4 26.5
33.1 11.3 14.1 8.4 66.9
(a) Smiths Gore
On 31 May 2015 the Group acquired the trade and assets of partners of Smiths
Gore, a market leader in the provision of rural property management services
for private clients, institutions and the public sector throughout the United
Kingdom. The acquisition complements the Group's existing rural business in
the United Kingdom, providing a more balanced business with an enhanced focus
on management services and expanding the geographical reach of the rural
business in the United Kingdom.
Total acquisition consideration is provisionally determined at £33.1m, of
which £17.5m was settled in cash on completion. The remainder of the
acquisition consideration relates to discounted deferred consideration of
£15.6m, of which £12.1m is payable on the 3rd anniversary of completion and
£2.7m payable on the 5th anniversary of completion. The deferred payments
payable on the 3rd and 5th anniversary of completion are contingent and
subject to achievement of certain performance targets. As at the reporting
date it is expected that these targets will be achieved. £0.8m has been paid
prior to the year end.
Further to this, up to £4.2m is also payable to certain key staff, salaried
partners and fixed share partners by the 3rd anniversary of completion subject
to them being actively engaged in the business at the time of payment. As
required by IFRS 3 (revised) these payments are expensed to the income
statement over the relevant period of active engagement (2015: £1.6m).
Transaction costs of £0.7m were also expensed as incurred to the income
statement.
Goodwill of £18.5m and intangible assets of £7.0m relating to client
relationships have been provisionally determined. Goodwill is attributed to
the experience, reputation and expertise of the fee earners and is not
expected to be deductible for tax purposes.
The acquired business contributed revenue of £19.4m and underlying operating
profit of £2.3m to the Group for the period from 1 June 2015 to 31 December
2015. Had the acquisition been made at the beginning of the financial year,
revenue would have been £32.5m and underlying operating profit would have been
£2.9m.
The fair value of current trade and other receivables is £8.5m and includes
trade receivables with a fair value of £6.0m. The gross contractual amount for
trade receivables is £6.1m, of which £0.1m is expected to be uncollectible.
(b) SEB Asset Management AG ('SEB')
On 31 August 2015 the Group acquired 100% of the equity of SEB, an
international real estate investment manager.
Total acquisition consideration is provisionally determined at £11.3m, of
which £7.4m was settled in cash on completion. The remainder of the
acquisition consideration relates to discounted deferred consideration of
£3.9m which is payable on the 2nd anniversary of completion.
Transaction and integration costs of £1.9m were also expensed as incurred to
the income statement.
Goodwill of £1.8m and intangible assets of £0.9m relating to client
relationships have been provisionally determined. Goodwill is attributed to
the experience, reputation and expertise of the fee earners and is not
expected to be deductible for tax purposes.
The acquired business contributed revenue of £16.8m and underlying operating
profit of £6.5m to the Group for the period from 1 September 2015 to 31
December 2015. Had the acquisition been made at the beginning of the financial
year, revenue would have been £35.2m and underlying operating profit would
have been £8.7m.
The fair value of current trade and other receivables is £7.3m and includes
trade receivables with a fair value of £5.4m. The gross contractual amount for
trade receivables is £5.4m, all of which is expected to be collectible.
(c) US acquisitions
In April 2015, the Group acquired 100% of the assets of the Cooper Brady
Partnership, a leading commercial real estate services firm specialising in
tenant representation in the Silicon Valley, California. The Group also
acquired 100% of the equity of Vertical Integration, Inc. and KLG Advisors
(Kelly Legan & Gerard, Inc.). Vertical Integration, Inc. provides full-service
real estate solutions for corporate and government entities and KLG Advisors
provides corporate real estate advisory services. These acquisitions
significantly strengthen the Group's Occupier Services offerings in the US.
Total acquisition consideration for these transactions is provisionally
determined at £14.1m. Cash consideration payable on completion of these
transactions amounted to £9.5m. Deferred consideration of up to £4.6m is
payable in instalments by the 3rd anniversary of completion, of which £0.8m is
subject to achievement of certain revenue targets. As at the reporting date it
is expected that these targets will be achieved.
Further to this, £2.7m is payable in instalments by the 4th anniversary of
completion and is subject to certain employment conditions. As required by
IFRS 3 (revised) these payments are expensed to the income statement over the
relevant period of employment (2015: £0.7m).
Transaction costs of £0.4m were also expensed to the income statement.
Goodwill of £10.3m and intangible assets of £2.5m relating to the order
backlog (£0.9m) and client contracts (£1.6m) has been provisionally
determined. Goodwill is attributable to the experience, reputation and
expertise of key staff and is not expected to be deductible for tax purposes.
The acquired businesses contributed revenue of £11.2m and underlying operating
profit of £0.5m to the Group for the period from April 2015 to 31 December
2015. Had the acquisitions been made at the beginning of the financial year,
revenue would have been £13.7m and underlying operating profit would have been
£0.9m.
The fair value of current trade and other receivables is £0.7m and includes
trade receivables with a fair value of £0.7m. The gross contractual amount for
trade receivables is £0.7m, all of which is expected to be collectible.
(d) Other acquisitions
During the year, the Group also acquired 100% of Colliers & Madge plc, a
London based commercial property management business, Savills (Jersey) Ltd a
residential agency in Jersey, Ace Body Corporate Management Pte Ltd a property
management business in Singapore, Real Facilities Inc. and related companies a
full service commercial real estate firm committed exclusively to representing
tenants in Toronto, Tagis B.V. and Tagis Property Management B.V. a project
and property management business in the Netherlands, Savills Activos
Adjudicados S.L. a property consultancy business in Spain and Savills High
Street Retail S.L an occupier services business in Spain.
The Group also acquired the trade and assets of Cordeau Marshall Pty Ltd a
residential agency in Australia and ProDirections Ltd., a project management
consultancy in New Zealand.
Cash consideration for these transactions amounted to £5.7m. The remainder of
the acquisition consideration relates deferred consideration of £2.4m, £1.5m
of which is payable within one year of the reporting date.
A further £1.2m is subject to service conditions and will be expensed to the
income statement over the period of service.
Transaction costs of £0.2m were also expensed as incurred to the income
statement.
Goodwill of £6.9m and intangible assets of £0.7m relating to customer
contracts have been provisionally determined. Goodwill is attributable to the
experience and expertise of key staff and strong industry reputation and is
not expected to be deductible for tax purposes.
The acquired businesses contributed revenue of £5.9m and underlying operating
profit of £0.8m to the Group for the period from acquisition to 31 December
2015. Had the acquisitions been made at the beginning of the financial year,
revenue would have been £11.1m and underlying operating profit would have been
£1.5m.
10. Borrowings
Movements in borrowings are analysed as follows:
£m
Opening amount as at 1 January 2015 3.9
Additional borrowings (including overdraft) 139.5
Repayments of borrowings (112.0)
Closing amount as at 31 December 2015 31.4
2015 2014
Current £m £m
Bank overdrafts 0.2 -
Unsecured bank loans due within one year or on demand 31.2 3.9
31.4 3.9
The Group has the following undrawn borrowing facilities:
2015 2014
£m £m
Floating rate
- expiring within one year or on demand 19.8 19.8
- expiring between 1 and 5 years 220.0 150.0
239.8 169.8
On 26 May 2015 the Group exercised the remaining £30m Accordion facility,
increasing the multicurrency revolving credit facility ('RCF') to £180m from
£150m. On 15 December 2015 the £180m RCF was cancelled and replaced with a new
£250m RCF, which expires on 15 December 2020 and can be increased by an
additional £50m Accordion facility. As at 31 December 2015 £30m of the £250m
RCF was drawn.
11. Related party transactions
There were no significant related party transactions during the year. All
related party transactions take place on an arm's-length basis under the same
terms as those available to other customers in the ordinary course of
business.
As at 31 December 2015, loans outstanding to joint ventures amounted to £1.2m
(2014: £1.9m).
12. Contingent liabilities
In common with comparable professional services businesses, the Group is
involved in a number of disputes in the ordinary course of business. Provision
is made in the financial statements for all claims where costs are likely to
be incurred and represents the cost of defending and concluding claims. The
Group carries professional indemnity insurance and no separate disclosure is
made of the cost of claims covered by insurance as to do so could seriously
prejudice the position of the Group.
Directors' responsibility statement
The Savills Report and Accounts for year end 31 December 2015 contains a
responsibility statement in the following form:
Each of the Directors confirm that, to the best of their knowledge:
· the Group financial statements, which have been prepared in accordance
with IFRSs as adopted by the EU, give a true and fair view of the assets,
liabilities, financial position and profit of the Group; and
· a fair review of the development and performance of the business and the
position of the Group, together with a description of the principal risks and
uncertainties that it faces.
In accordance with Section 418, Directors' Reports shall include a statement,
in the case of each Director in office at the date the Directors' Report is
approved, that:
· so far as the Director is aware, there is no relevant audit information
of which the Company's Auditor is unaware; and
· he/she has taken all the steps that he/she ought to have taken as a
Director in order to make himself/herself aware of any relevant audit
information and to establish that the Company's Auditor is aware of that
information.
After making enquiries, the Directors have a reasonable expectation that the
Company and the Group have adequate resources to continue in operational
existence for the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the Annual Report and Accounts.
On behalf of the Board
Jeremy Helsby
Group Chief Executive
Chris Lee
Group Legal Director and Company Secretary
9 March 2016
Forward-looking statements
The financial information contained in this announcement has not been audited.
Certain statements made in this announcement are forward-looking statements
and are therefore subject to risks, assumptions and uncertainties that could
cause actual results to differ materially from those expressed or implied
because they relate to future events. These forward-looking statements
include, but are not limited to, statements relating to the Company's
expectations.
Copies of the Annual Report and Accounts for the year ended 31 December 2015
will be circulated to shareholders on 4 April 2016 and will also be available
from the investor relations section of the Company website at www.savills.com
or from:
Savills plc, 33 Margaret Street, London, W1G 0JD
Telephone: 020 7499 8644
In addition, with prior notice, copies in alternative formats i.e. large
print, audio tape, braille are available if required from:
Equiniti, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA
END
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