RNS Number:3202P
Savills PLC
03 September 2003
FOR IMMEDIATE RELEASE WEDNESDAY 3 SEPTEMBER 2003
SAVILLS PLC - INTERIM RESULTS 2003
Good performance after slow start to first half
Savills plc, the international property advisers, today announced interim
results for the six months ended 30 June 2003.
* Group profit before tax was down 8% to #9.8m (2002 - #10.7m).
* Group turnover for the six months was down 19% at #114.6m (2002 - #141.7m).
* Basic earnings per share increased 14% to 11.4p (2002 - 10.0p).
* Interim dividend increased 6% to 3.6p (2002 - 3.4p).
Richard Jewson, Chairman of Savills plc, comments: 'Overall we remain
cautiously confident that with the broad base of our international business we
are well placed to meet the challenges of 2003. Our focus on profitability
gives us confidence that we can achieve a satisfactory performance for the full
year.'
*** Chairman's Statement and Interim Results follow ***
Savills plc. Registered in England No. 2122174. Registered Office 20 Grosvenor
Hill, Berkeley Square, London W1K 3HQ.
For further information, contact:
Savills 020 7499 8644
Richard Jewson, Chairman
Aubrey Adams, Group Chief Executive
Grandfield 020 7417 4170
Geoff Callow
CHAIRMAN'S STATEMENT
RESULTS AND DIVIDEND
We reported in our Trading Update, released on 1 July 2003, that trading
conditions remained difficult in the first half of 2003 and had been unusually
influenced by external events, in particular the war in Iraq and general
uncertainty in financial markets.
I am accordingly pleased to announce that profit before tax was only down 8% to
#9.8m (2002 - #10.7m) on turnover which fell by 19% to #114.6m (2002 - #141.7m),
mainly due to reduced property trading sales in the period. Basic earnings per
share for the six months to 30 June 2003 increased by 14% to 11.4p per share
(2002 - 10.0p), this increase was due in part to the reduction in minority
interests during the period. The balance sheet remains strong with a cash
balance of #38.0m. The decrease in the effective tax charge for the period of
33.1% (2002 - 38.3%) reflects the reduced level of disallowable items. The
Directors have decided to increase the interim dividend by 6% to 3.6p (2002 -
3.4p) to be paid on 24 October 2003.
TRADING REVIEW
Transactional Advice
During the half year, turnover for the Transactional business was #44.6m (2002 -
#58.6m), and operating profit was #3.1m (2002 - #8.7m).
Leasing markets in London and South East remain weak with tenant demand being
adversely affected by corporate retrenchment with the result that rents in both
office and industrial markets have continued to fall. However other regional
markets are more resilient and there has been continuing demand for
accommodation. Retail generally shows good demand for well located out of town
sites.
Although the investment market is less buoyant than in 2002 there is continuing
strong interest from private and institutional investors, as well as overseas
buyers. The retail warehouse investment market, where Savills is a market
leader, remains extremely firm with investors particularly attracted by quality
of income and growth prospects. The European investment market is still very
active and we continue to benefit from our good links with major investors,
however results from this part of the business were markedly reduced due to lack
of major one-off transactions compared with the same period last year.
In Asia, with SARS now behind us, there is increasing investment activity in
both Hong Kong and China, where we have a major presence.
Prime residential markets in London have experienced a considerable slow down in
activity as a result of falls in financial markets over the last three years and
general uncertainty caused by the war in Iraq. There does now seem to have been
a late summer bounce in market activity following a difficult spring. Regional
markets have been more resilient with levels of activity only slightly lower
than 2002.
Sales of new homes have slowed in comparison to the high levels of activity last
year, although a feature of this year's market has been the number of block
sales, sometimes discounted, to both UK and overseas investors. Sales of
international new homes developments have also markedly increased.
Consultancy
During the first half of the year turnover for the Consultancy businesses was
#20.3m (2002 - #18.8m) and operating profit was #2.5m (2002 - #2.6m).
Our Consultancy business, which is less affected by short-term movements in
market confidence, continues to perform well. In particular we are expanding
our valuation, planning and building/housing consultancy divisions, through
recruitment both within and outside London; the associated costs have
temporarily reduced margins.
Property Management
During the half year, turnover for the Property Management businesses was #27.0m
(2002 - #26.7m) and operating profit was #1.8m (2002 - #1.3m).
In the UK we continued to secure new instructions and we are also expanding our
Property Management capabilities throughout the rest of Europe.
In Asia and Australia we are successfully building on our market share,
particularly looking to expand into China on the back of both our existing
client base and new prospects.
Facilities Management
During the half year, turnover for the Facilities Management businesses was
#14.7m (2002 - #16.7m) and operating profit was #1.0m (2002 - #1.1m).
This business mainly consists of Guardian, our Hong Kong facilities management
subsidiary, which has experienced some difficulties as a result of SARS but has
remained competitive with a high level of contracts renewed. We are actively
pursuing and securing new contracts in this area.
Trammell Crow Savills, our joint venture with our US affiliate Trammell Crow
Company, has made progress in the half year, focussing its efforts on growing
services currently provided to existing corporate clients and concentrating on
winning new blue chip corporate business, particularly from the excellent
existing client base of both FPDSavills and Trammell Crow Company.
Property Trading
During the half year, turnover for the Property Trading businesses was #1.9m
(2002 - #15.6m) and operating profit was #0.9m (2002 - #1.5m).
On 30 June 2003, we successfully concluded the sale of The Mill Discount
Department Store, Yorkshire, for a cash consideration of #9.5m representing the
net book value. Of this consideration #8.5m has been received and there are
three further unconditional staged payments, the last of which is payable by 1
December 2005.
Since 30 June 2003, we have contracted for the sale of two properties at Wishaw
and Lisburn; both are held by companies in which we have a 50% interest together
with external co-investors. These two sales will make a contribution in the
second half.
Financial Services
During the half year, turnover for the Financial Services businesses was #6.1m
(2002 - #5.4m) and operating profit was #1.1m (2002 - #0.6m).
Savills Private Finance, the principal subsidiary of the financial services
division, traded exceptionally well and continues to be a leader in the high net
worth mortgage broking market. Offices have been opened in Glasgow, Nottingham
and Southampton with further expansion planned later in the year. Commercial
Debt Broking and Financial Planning have also made significant contributions to
the business during the period.
BOARD
We also announced at the time of our trading update that David Wong, Chief
Executive of FPDSavills Asia Pacific Limited, has decided to retire from the
Company at the end of 2003. He accordingly resigned as a Director of Savills
plc on 30 June 2003 and has now also relinquished his management
responsibilities. I would like to thank him for his considerable contribution
to the success of the Asia Pacific business and wish him well in his retirement.
The heads of the main Asian divisions now report directly to the UK through the
existing local executive committee, chaired by Robert McKellar, Savills plc
Group Finance Director. Aubrey Adams continues to chair the Asia Pacific Board
and Jeremy Helsby has particular responsibility for co-ordinating the Asian and
European businesses.
SHARE RE-PURCHASE PROGRAMME
As announced on 1 July 2003, the Company undertook an irrevocable,
non-discretionary programme to re-purchase its own shares during the close
period, however during this period no shares were purchased for cancellation.
During the period 1 January 2003 to 30 June 2003, 995,000 shares were
re-purchased.
OUTLOOK
Whilst economic conditions continue to be challenging, commercial investment
markets remain strong, with continuing demand from investors in all major
markets. Reduced volumes of transactions, particularly in London, will continue
to affect all residential business, although there have recently been the first
signs of an upturn. We expect our consultancy and management divisions to
continue to perform well on the back of strong demand for their services.
Overall we remain cautiously confident that with the broad base of our
international business we are well placed to meet the challenges of 2003. Our
focus on profitability gives us confidence that we can achieve a satisfactory
performance for the full year.
Richard Jewson
Chairman
3 September 2003
INDEPENDENT REVIEW REPORT TO SAVILLS PLC
Introduction
We have been instructed by Savills plc ("the Group") to review the financial
information which comprises the profit and loss account, balance sheet, cash
flow statement, statement of total recognised gains and losses, reconciliation
of movements in shareholders' funds and associated notes. We have read the
other information contained in the interim report and considered whether it
contains any apparent misstatements or material inconsistencies with the
financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the Directors. The Directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of Group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit
opinion on the financial information. This report has been prepared for and
only for the Group for the purpose of the Listing Rules of the Financial
Services Authority and for no other purpose. We do not, in producing this
report, accept or assume responsibility for any other purpose or to any other
person to whom this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2003.
PricewaterhouseCoopers LLP
Chartered Accountants
1 Embankment Place
London
WC2N 6RH
3 September 2003
SAVILLS plc
CONSOLIDATED PROFIT & LOSS ACCOUNT (UNAUDITED)
six months ended 30 June 2003
Six Six
months months
to to Year to
30.06.03 30.06.02 31.12.02
Notes #'000 #'000 #'000
------------------------------------------------------------------------------
Turnover - Group & share of joint
ventures
Other continuing operations 114,811 127,921 268,727
Disposal of property held for resale - 14,050 14,049
Less: Share of turnover of joint ventures (236) (236) (442)
------- ------- -------
Total Group turnover 2&3 114,575 141,735 282,334
======= ======= =======
Operating Profit
Other continuing operations 9,481 13,069 27,942
Disposal of property held for resale - 1,258 1,266
----- ------ ------
Group operating profit 2&3 9,481 14,327 29,208
Share of operating profit of joint
ventures 68 47 9
Share of operating loss of associated
undertakings 4 (80) (2,918) (3,928)
----- ------ ------
Operating profit including share of
joint ventures & associated undertakings 9,469 11,456 25,289
Loss on disposal of interests in
subsidiary undertakings - (217) (216)
Profit on disposal of interest in associated
undertakings - - 53
Profit on disposal of investments 534 - -
Permanent diminution in value of investment
property - - (4,332)
------ ------ ------
Profit on ordinary activities before
interest 2&3 10,003 11,239 20,794
Net interest
Group (247) (526) (289)
Joint ventures (4) (6) (13)
Associated undertakings 1 (57) (111)
------ ------ ------
Total net interest (250) (589) (413)
------ ------ ------
Profit on ordinary activities before taxation 9,753 10,650 20,381
Taxation on profit on ordinary 5 (3,228) (4,084) (10,115)
------ ------ ------
activities
Profit on ordinary activities after taxation 6,525 6,566 10,266
Equity minority interests (86) (928) (1,722)
------ ------ ------
Profit for the financial period 6,439 5,638 8,544
Dividends paid & proposed 6 (1,975) (1,943) (5,803)
------ ------ ------
Profit for the period transferred to reserves 4,464 3,695 2,741
====== ====== ======
Basic earnings per share 7(a) 11.4p 10.0p 15.1p
Adjusted basic earnings per share
before permanent diminution in value of
investment property 7(b) 11.4p 10.0p 22.8p
Diluted earnings per share 7(a) 10.6p 9.1p 13.8p
Adjusted basic earnings per share before
interest, tax, depreciation &
amortisation(EBITDA) 7(a) 24.0p 27.8p 53.5p
Dividend per share 6 3.6p 3.4p 10.2p
SAVILLS plc
SUMMARY GROUP BALANCE SHEET (UNAUDITED)
at 30 June 2003
30.06.03 30.06.02 31.12.02
#'000 #'000 #'000
------------------------------------------------------------------------------
Fixed assets
Intangible assets 30,930 30,924 30,115
Tangible assets 10,943 27,844 21,740
Investments
Investments in joint
ventures
Share of gross
assets 860 572 845
Share of gross
liabilities (310) (38) (303)
------- ------- -------
550 534 542
Investment in
associated
undertakings 3,827 3,099 4,247
Other investments 2,271 3,067 3,302
------- ------- -------
Total investments 6,648 6,700 8,091
-------- -------- -------
Total fixed assets 48,521 65,468 59,946
-------- -------- -------
Current assets
Property held for
sale 30,293 8,977 24,656
Work in progress 3,549 3,244 2,736
Debtors 61,416 72,670 71,632
Cash at bank &
short term deposits 38,032 22,236 53,435
------ ------ ------
133,290 107,127 152,459
Creditors - amounts
falling due within
one year (57,666) (61,776) (95,811)
------- ------- -------
Net current assets 75,624 45,351 56,648
-------- -------- --------
Total assets less
current liabilities 124,145 110,819 116,594
-------- -------- --------
Creditors- amounts
falling due after
more than one year (27,160) (14,702) (21,877)
Provisions for
liabilities &
charges (5,734) (4,786) (5,578)
----- ----- -----
Net assets 91,251 91,331 89,139
====== ====== ======
Capital & Reserves
Called up equity
share capital 3,110 3,156 3,159
Share premium
account 41,528 41,413 41,512
Profit & loss
account 46,254 45,804 43,834
Capital redemption
reserve 50 - -
------ ------ ------
Equity shareholders'
funds 90,942 90,373 88,505
Equity minority
interests 309 958 634
------ ------ ------
91,251 91,331 89,139
====== ====== ======
SAVILLS plc
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
six months ended 30 June 2003
Six Six
months months
to to Year to
30.06.03 30.06.02 31.12.02
Notes #'000 #'000 #'000
------------------------------------------------------------------------------
Net cash (outflow)/inflow from
operating activities 8(a) (14,019) 9,748 46,272
Dividends from joint ventures &
associated undertakings 124 224 444
Net cash outflow from returns on
investments & servicing of finance (1,396) (1,185) (1,037)
Tax paid (5,997) (5,523) (9,063)
Net cash inflow/(outflow) for capital
expenditure & financial investment 8,023 (1,653) (4,283)
Net cash outflow from acquisitions &
disposals (2,139) (1,187) (3,681)
Equity dividends paid (3,817) (3,661) (5,586)
-------- -------- --------
Cash (outflow)/inflow before use of liquid
resources & financing (19,221) (3,237) 23,066
Net cash inflow/(outflow) from
management of liquid resources 8,267 4,779 (5,635)
Net cash inflow/(outflow) from
financing 4,037 (14,530) (7,325)
-------- -------- --------
(Decrease)/increase in cash 8(b) (6,917) (12,988) 10,106
-------------------------- ------- ======== ======== ========
SAVILLS plc
STATEMENT OF RECOGNISED GAINS & LOSSES (UNAUDITED)
six months ended 30 June 2003
Six Six
months months
to to Year to
30.06.03 30.06.02 31.12.02
#'000 #'000 #'000
-----------------------------------------------------------------------------
Profit for the financial period
Group 6,505 8,146 12,137
Joint ventures 49 43 5
Associated undertakings (115) (2,551) (3,598)
-------- -------- --------
6,439 5,638 8,544
Currency translation differences on foreign
currency net investments (687) (614) (1,630)
-------- -------- --------
Total recognised gains & losses for the
period 5,752 5,024 6,914
Prior year adjustment - FRS19 'Deferred Tax' - 568 568
-------- -------- --------
Total recognised gains & losses since last
Annual Report 5,752 5,592 7,482
======== ======== ========
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
Six Six
months months
to to Year to
30.06.03 30.06.02 31.12.02
#'000 #'000 #'000
-----------------------------------------------------------------------------
Profit for the financial period 6,439 5,638 8,544
Dividends (1,975) (1,943) (5,803)
--------- --------- ---------
Retained profit for the period 4,464 3,695 2,741
Issue of share capital 17 196 298
Purchase of own shares (1,357) - -
Currency translation differences (687) (614) (1,630)
--------- --------- ---------
Net increase in shareholders' funds 2,437 3,277 1,409
Shareholders' funds at beginning of period 88,505 87,096 87,096
--------- --------- ---------
Shareholders' funds at end of period 90,942 90,373 88,505
========= ========= =========
NOTES
1. Basis of preparation
The unaudited accounts for the six months ended 30 June 2003 have been prepared
under the historical cost convention, modified to include the revaluation of
investment properties and in accordance with applicable United Kingdom
accounting standards on a consistent basis with prior years.
The financial information in this statement does not constitute statutory
accounts within the meaning of s240 of the Companies Act 1985. The statutory
accounts for the year ended 31 December 2002, on which the auditors have given
an unqualified audit report, have been filed with the Registrar of Companies.
2. Segmental Analysis
Property
Six Trans- Property Facilities Trading
months actional Consult- Manage- Manage- & Invest- Financial Holding
to 30 June Advice ancy ment ment ment Services Company Total
2003 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
-----------------------------------------------------------------------------------------------------
Total
Group
turnover 44,610 20,287 26,983 14,676 1,919 6,100 - 114,575
======== ======== ========= ========= ========= ========= ========= =======
Operating
profit/(loss) 3,132 2,461 1,769 1,015 899 1,064 (859) 9,481
Profit/
(loss)
before
interest &
taxation 3,088 2,461 1,999 857 899 1,558 (859) 10,003
Net (250)
interest --------
Profit/(loss)
on ordinary
activities
before tax 9,753
======== ======== ========= ========= ========= ========= ========= =======
Property
Six Trans- Property Facilities Trading
months to actional Consult- Manage- Manage- & Invest- Financial Holding
30 June 2002 Advice ancy ment ment ment Services Company Total
-----------------------------------------------------------------------------------------------------
Total
Group
turnover 58,600 18,776 26,722 16,704 15,554 5,379 - 141,735
======== ======== ========= ========= ========= ========= ========= =======
Operating
profit/(loss) 8,736 2,618 1,264 1,146 1,513 646 (1,596) 14,327
Profit/(loss)
before interest
& taxation 8,554 2,618 1,541 (2,035) 1,512 645 (1,596) 11,239
Net (589)
interest ---------
Profit/
(loss)
on
ordinary
activities
before tax 10,650
3. Geographical analysis of turnover, Group operating profit & profit before interest & tax (PBIT)
Group Group
Group operating Group operating
Six months to turnover profit PBIT turnover profit PBIT
30 June 2003 2003 2003 2002 2002 2002
#'000 #'000 #'000 #'000 #'000 #'000
----------------------------------------------------------------------------------------
United
Kingdom 71,225 8,764 9,142 91,182 10,388 7,355
Rest of
Europe 3,636 (363) (448) 6,511 2,568 2,386
Asia 39,714 1,080 1,309 44,042 1,371 1,498
--------- --------- ------- --------- --------- --------
114,575 9,481 10,003 141,735 14,327 11,239
========= ========= ======= ========= ========= ========
Profit before interest and tax for the six months ended 30 June 2003 for Asia is
shown after charging goodwill amortisation of #756,000 (six months ended 30
June 2002 - #721,000). The profit before interest and tax for the six months
ended 30 June 2003 for Europe is shown after charging goodwill amortisation of
#103,000 (six months ended 30 June 2002 - #103,000).
4. Share of operating loss of associated undertakings
Six Six
months months
to to Year to
30.06.03 30.06.02 31.12.02
#'000 #'000 #'000
----------------------------------------------------------------------------------------
Share of operating loss from interest in associated
undertakings (29) (1,253) (1,278)
Goodwill amortisation on investment in associated
undertakings (51) (165) (245)
Impairment of goodwill in Trammell Crow Savills
Limited - (1,500) (2,405)
--------- --------- ---------
(80) (2,918) (3,928)
========= ========= =========
5. Taxation
The taxation charge has been calculated on the basis of the underlying rate in each
jurisdiction adjusted for any disallowable charges.
Six Six
months months
to to Year to
30.06.03 30.06.02 31.12.02
#'000 #'000 #'000
----------------------------------------------------------------------------------------
United Kingdom corporation tax (2,875) (2,596) (7,371)
Foreign (376) (1,643) (2,930)
taxation
Deferred Tax 23 155 186
--------- --------- ---------
(3,228) (4,084) (10,115)
========= ========= =========
6. Dividends
Six Six
months months
to to Year to
30.06.03 30.06.02 31.12.02
#'000 #'000 #'000
-------------------------------------------------------------------------------------------
Ordinary interim dividend of 3.6p per share (2002 - 3.4p
per share) 2,021 1,943 1,943
Ordinary proposed final dividend of 6.8p per share - - 3,860
Over provision on prior year
dividends (46) - -
-------- -------- --------
1,975 1,943 5,803
======== ======== ========
The Directors have declared an interim dividend for the six months ended 30 June 2003 of
3.6 pence per ordinary share. The interim dividend will be paid on 24 October 2003 to
shareholders on the register as at 26 September 2003.
7. Earnings per share
(a) Basic & diluted earnings per share
Earnings Shares EPS Earnings Shares EPS
Six months to 2003 2003 2003 2002 2002 2002
30 June #'000 '000 Pence #'000 '000 Pence
-------------------------------------------------------------------------------------------
Earnings before interest,
tax, depreciation &
amortisation
(EBITDA) 13,507 56,316 24.0 15,671 56,427 27.8
Interest, tax, depreciation
& amortisation (7,068) - (12.6) (10,033) - (17.8)
--------- -------- ------- --------- --------- ---------
Basic earnings per share 6,439 56,316 11.4 5,638 56,427 10.0
Effect of additional shares
issuable under option - 4,378 - - 5,550 -
--------- -------- ------- --------- --------- ---------
Diluted earnings per share 6,439 60,694 10.6 5,638 61,977 9.1
========= ======== ======= ========= ========= =========
Earnings Shares EPS
Twelve months to 2002 2002 2002
31 December #'000 '000 Pence
-------------------------------------------------------------------------------------------
Earnings before interest, tax, depreciation & amortisation
(EBITDA) 30,292 56,574 53.5
Interest, tax, depreciation &
amortisation (21,748) - (38.4)
------ ------ ----
Basic earnings per share 8,544 56,574 15.1
Effect of additional shares issuable under
option - 5,116 -
Diluted earnings per share 8,544 61,690 13.8
========= ========= =========
(b) Adjusted basic earnings per share before permanent diminution in value of investment
property
Earnings Shares EPS Earnings Shares EPS
Six months to 2003 2003 2003 2002 2002 2002
30 June #'000 '000 Pence #'000 '000 Pence
-------------------------------------------------------------------------------------------
Basic earnings per share
as in part (a) above 6,439 56,316 11.4 5,638 56,427 10.0
Add back loss on permanent
diminution in value of
investment property - - - - - -
-----------------------------------------------------------
Adjusted basic earnings per
share before loss on permanent
diminution in value of
investment property 6,439 56,316 11.4 5,638 56,427 10.0
========= ======== ======= ========= ======== ========
Earnings Shares EPS
Twelve months to 2002 2002 2002
31 December #'000 '000 Pence
-------------------------------------------------------------------------------------------
Basic earnings per share as in part (a) above 8,544 56,574 15.1
Add back loss on permanent diminution in value
of investment property 4,332 - 7.7
--------- --------- ---------
Adjusted basic earnings per share before loss on
permanent diminution in value of investment property 12,876 56,574 22.8
========= ========= =========
8. Notes to consolidated cash flow statement
(a) Reconciliation of operating profit to net cash inflow from
operating activities
Six Six
months months
to to Year to
30.06.03 30.06.02 31.12.02
#'000 #'000 #'000
-------------------------------------------------------------------------------------------
Operating profit 9,481 14,327 29,208
Depreciation charges 2,423 2,790 5,388
Impairment on tangible fixed assets - - 1,173
Amortisation of goodwill 1,058 903 1,882
Loss on the sale of fixed assets 58 2 127
(Increase)/decrease in property held for sale (5,637) 12,789 (2,890)
Increase in work in (818) (784) (91)
progress
Decrease/(increase) in 11,966 (10,162) (10,398)
debtors
(Decrease)/increase in creditors (33,368) (13,716) 17,574
(Decrease)/increase in provisions (223) 2,068 2,651
Increase in provision for share options granted 1,031 1,239 1,159
Provision against fixed asset investments 10 292 489
--------- --------- ---------
Net cash (outflow)/inflow from operating (14,019) 9,748 46,272
activities ========= ========= =========
(b) Reconciliation of net cash flows to net funds
Six Six
months months
to to Year to
30.06.03 30.06.02 31.12.02
#'000 #'000 #'000
--------------------------------------------------------------------------------------------
(Decrease)/increase in cash (6,917) (12,988) 10,106
Cash (inflow)/outflow from (increase)/decrease in debt (5,397) 14,719 7,607
Capital element of finance leases repaid 17 9 16
(Decrease)/increase in liquid resources (8,267) (4,779) 5,635
Loans disposed with subsidiaries - 2,665 2,665
Loan notes issued on acquisition of subsidiary - - (490)
Exchange movements (556) (1,153) (1,493)
-------- --------- --------
(21,120) (1,527) 24,046
Net funds at beginning 30,498 6,452 6,452
period -------- --------- --------
Net funds at end of period 9,378 4,925 30,498
======== ========= ========
(c) Analysis of changes in net funds
At Cash Exchange At
01.01.03 flows movement 30.06.03
#'000 #'000 #'000 #'000
-----------------------------------------------------------------------------------------
Cash at bank 31,543 (7,109) 89 24,523
Overdrafts (403) 192 (1) (212)
---------
(6,917)
Liquid funds on one month deposit 1,613 998 - 2,611
Liquid funds - short-term deposit 20,279 (9,265) (116) 10,898
-------- --------- ---------- ---------
53,032 (15,184) (28) 37,820
Debt - due within one year (694) (648) 13 (1,329)
- due after one year (21,757) (4,749) (544) (27,050)
Finance leases (83) 17 3 (63)
-------- --------- ---------- ---------
30,498 (20,564) (556) 9,378
======== ========= ========== =========
Copies of this statement are being sent to shareholders and are available from:
Savills plc, 20 Grosvenor Hill, Berkeley Square, London W1K 3HQ
Telephone: 020 7409 9928 Fax: 020 7491 0505 Email:
vgrady@fpdsavills.co.uk
Contact: Victoria Grady
In addition, with prior notice, copies in alternative formats i.e. large print,
audio tape,
braille are available if required
from:
Lloyds TSB Registrars, The Causeway, Worthing, West Sussex BN99 6DA
This information is also available on the Company's website at:
www.fpdsavills.com
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This information is provided by RNS
The company news service from the London Stock Exchange
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