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

SavillsAnnouncement

29/10/2014 10:55

- Part 3: For the preceding part double click  ID:nRSG4726Ob 

             30 June 2014  30 June 2013  31 December 2013  
 Current                                                £m            £m            £m                
 Bank overdrafts                                        -             1.3           -                 
 Unsecured bank loans due within one year or on demand  84.1          57.7          6.8               
 Loan notes                                             -             0.5           -                 
                                                        84.1          59.5          6.8               
 Non-current                                                                                          
 Unsecured bank loans                                   -             6.0           3.0               
                                                        -             6.0           3.0               
 
 
The Group has the following undrawn borrowing facilities: 
 
                                          30 June 2014  30 June 2013  31 December 2013  
                                          £m            £m            £m                
 Floating rate                                                                          
 - expiring within one year or on demand  19.6          32.8          20.5              
 - expiring between 1 and 5 years         72.0          -             90.0              
                                          91.6          32.8          110.5             
 
 
Unsecured bank loans includes a multi-currency revolving credit facility,
which expires in June 2017, and an amortising term loan to finance the fit out
costs incurred in 2013 for the Group's new head office, which expires in May
2015. 
 
In December 2013, the Group's £65.0m multi-currency revolving credit facility
was cancelled and replaced with a new £90.0m multi-currency revolving credit
facility. The facility includes an accordion feature that allows the Group to
extend the credit available by a further £90.0m, of which £60.0m was exercised
in April 2014. 
 
16. Related party transactions 
 
As at 30 June 2014, loans outstanding to associates and joint ventures
amounted to £2.2m (30 June 2013: £2.5m, 31 December 2013: £2.5m). 
 
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