REG - Savills PLC - Half-year Report <Origin Href="QuoteRef">SVS.L</Origin> - Part 3

SavillsAnnouncement

09/08/2016 07:06

- Part 3: For the preceding part double click  ID:nRSI5964Gb 

obligations                                                                                    272.1           222.3          225.7               
 Fair value of plan assets                                                                                              (233.9)         (213.7)        (209.9)             
 Liability recognised in the statement of financial position (included in retirement and employee benefit obligations)  38.2            8.6            15.8                
 
 
 SFM Plan                                                                                                      30 June 2016£m  30 June2015£m  31 December 2015£m  
 Present value of funded obligations                                                                           14.4            -              10.9                
 Fair value of plan assets                                                                                     (13.9)          -              (12.2)              
 Liability/(asset)  recognised in the statement of financial position (included employee benefit obligations)  0.5             -              (1.3)               
 
 
The amount recognised within the income statement in relation to the UK Plan
for the period ended 30 June 2016 is a net interest cost of £0.2m (30 June
2015: £0.3m, 31 December 2015: £0.6m). 
 
The amount recognised within the income statement in relation to the SFM Plan
for the period ended 30 June 2016 is a net interest cost of £0.1m ( 31
December 2015: £nil). 
 
Included in retirement and employee benefit obligations is £24.1m relating to
holiday pay and long service leave (30 June 2015: £18.1m, 31 December 2015:
£18.8m). 
 
15. Borrowings 
 
Movements in borrowings are analysed as follows: 
 
                                                  £m      
 Opening amount as at 1 January 2016              31.4    
 Additional borrowings (including overdraft)      113.2   
 Repayments of borrowings                         (12.5)  
 Exchange rate fluctuations                       0.1     
 Closing amount as at 30 June 2016                132.2   
 
 
                                                        30 June 2016  30 June 2015  31 December 2015  
 Current                                                £m            £m            £m                
 Bank overdrafts                                        0.4           -             0.2               
 Unsecured bank loans due within one year or on demand  131.8         120.3         31.2              
                                                        132.2         120.3         31.4              
 
 
The Group has the following undrawn borrowing facilities: 
 
                                          30 June 2016  30 June 2015  31 December 2015  
                                          £m            £m            £m                
 Floating rate                                                                          
 - expiring within one year or on demand  20.6          19.2          19.8              
 - expiring between 1 and 5 years         119.2         60.0          220.0             
                                          139.8         79.2          239.8             
 
 
In December 2015 the Group's £180m multicurrency revolving credit facility
('RCF') was cancelled and replaced with a new £250m RCF, which expires in
December 2020 and can be increased by an additional £50m Accordion facility.
As at 30 June 2016 £131.5m of the £250m RCF was drawn. 
 
16. Related party transactions 
 
As at 30 June 2016, there were no loans outstanding to associates and joint
ventures (30 June 2015: £1.9m, 31 December 2015: £1.2m). 
 
There were no other material related party transactions during the period. 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. 
 
17. 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. 
 
18. Seasonality 
 
A significant percentage of revenue is seasonal which has historically caused
revenue, profits and cash flow from operating activities to be lower in the
first half and higher in the second half of each year. The concentration of
revenue and cash flow in the fourth quarter is due to an industry-wide focus
on completing transactions toward the calendar year end. 
 
SHAREHOLDER INFORMATION 
 
Like many other listed public companies, Savills no longer issues a hard copy
of the Interim Statement to shareholders. 
 
This announcement together with the attached financial statements and notes
may be downloaded from the investor relations section of the Company website
at www.savills.com. 
 
This information is provided by RNS
The company news service from the London Stock Exchange