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Savills Annual Report 2007

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Savills Annual Report 2007 Savills plc Report and Accounts 2007 Leading International Property Advisers Financial Highlights Revenue Underlying pre-tax profits† £650.5m +26%* £85.5m +14%* 03 £272.7m 03 £32.5m 04 £316.6m 04 £43.9m 05 £373.9m 05 £57.2m 06 £517.6m 06 £75.0m 07 £650.5m 07 £85.5m Underlying basic earnings per share† Pre-tax profits 46.1p +13%* £85.9m +2%* 03 18.9p 03 £34.1m 04 27.5p 04 £50.2m 05 33.3p 05 £58.6m 06 40.8p 06 £84.4m 07 46.1p 07 £85.9m Full year dividend Five year total shareholder return 18p +13%* 398% 03 6.8p 03 350% 04 9.25p 04 174% 05 12.0p 05 506% 06 16.0p 06 898% 07 18.0p 07 398% Figures for 2003 were not prepared under IFRS. * Percentages are from 2006. † Underlying Group profit is calculated by adjusting reported profit before tax to deduct profit on disposals of £0.7m (2006: £5.1m), share-based payment adjustment of £4.8m (2006: £6.1m) and add back amortisation of intangibles and impairment of goodwill and available-for-sale investments of £5.1m (2006: £1.8m). 01 Savills plc Introduction Report and Accounts 2007 Delivering consistent results Delivering record results Savills is one of the world’s leading property advisers, made up of outstanding individuals with real expertise and passion for what they do. Our international perspective, strong track record with world-class clients, and dedication to excellent service ensure that we are a leading property services company, both on a global scale, and in our local markets. This powerful combination has also allowed us to deliver continued growth. Leading World-class Outstanding Full service markets clients individuals provision globally +++ Page: 02 Page: 04 Page: 06 Page: 08 02 Savills plc Introduction Report and Accounts 2007 Leading markets globally Operating in leading global markets Savills has kept pace with the rapid growth and globalisation of property investors, developers and occupiers and has established itself in many of the world’s leading real estate markets including: Australia, Belgium, China, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Japan, Korea, Macau, Netherlands, Poland, Singapore, Spain, Sweden, Taiwan, Thailand, UK and US. With over 180 offices globally. For a full list of offices please refer to pages 139 to 144. US Savills Granite is a property investment banking firm, offering services in investment sales, debt and equity placement and advisory work handling assignments throughout the United States, Canada and the Caribbean basin. Revenue £3.7m* Offices 1 Number of staff 23 *For the five months from acquisition on 31 July 2007. 03 Savills plc ChapterIntroduction Report and Accounts 2007 SectionLeading markets globally UK Rest of Asia Europe Pacific Established in 1855 by the land agent, surveyor and Savills has an established presence throughout Europe. Since the acquisition of First Pacific Davies in 2000, auctioneer Alfred Savill, Savills now offers a full range of Each office operates first and foremost within its local Savills has grown its presence in China and other key professional property and support services in the market, familiarising clients with all issues integral to Asian financial sectors, providing commercial and commercial and residential property, financial services property decisions. residential property services. We are one of the major and fund management sectors. property providers in this region. Revenue £405.6m Revenue £74.2m Revenue £167.0m Offices 111 Offices 33 Offices 40 Number of staff 3,192 Number of staff 729 Number of staff 14,085 04 Savills plc Introduction Report and Accounts 2007 World-class clients Working with world-class clients Savills track record at the premium end of the property spectrum in both the commercial and residential markets has allowed us to build a strong reputation among our world-class clients. They expect local expertise, quality service and an international perspective. 05 Savills plc Introduction Report and Accounts 2007 World-class clients 06 Savills plc Our Focus Report and Accounts 2007 Outstanding individuals 07 Savills plc Our Focus Report and Accounts 2007 Outstanding individuals Delivered by great people Savills people have a commitment to deliver results for their clients, a drive to succeed, a passion for Savills and property and invaluable experience in their areas of specialisation. With over 18,000 employees worldwide. 08 Savills plc Introduction Report and Accounts 2007 Group Profile Providing a full range of advisory services Business segments Services Financial performance Commercial agency Farm and estate agency Transactional Advice and investment Retail and leisure Residential agency, Hotels and healthcare letting and investment Institutional Total revenue £304.1m Professional property services relating to the sale, purchase or letting of commercial Development Purchasing advice Revenue increase 23% and residential property. Auctions New homes Consultancy Valuation Landlord and tenant Building consultancy Planning Housing consultancy Research Total revenue £141.5m Affordable housing and student Revenue increase 43% Provision of a wide range of professional property consultancy services. accommodation Property Management Facilities management Commercial management Land and farm management Total revenue £159.7m Management of commercial, residential and agricultural property for owners. Provision of a comprehensive range of services to occupiers of property, ranging from strategic Revenue increase 16% advice through project management to all services relating to a building. Residential mortgage Financial Services broking services Commercial debt broking services Total revenue £29.8m Insurance services Revenue increase 11% Mortgage broking, financial planning and corporate finance advice. Financial planning services Property investment Fund Management products Discretionary and advisory portfolio management Total revenue £15.4m Investment management of commercial and residential property portfolios for Revenue increase 114% institutional or professional investors, on a pooled or segregated account basis. Savills plc Total revenue £650.5m Revenue increase 26% Employees 18,029 (weighted average) 09 Savills plc Introduction Report and Accounts 2007 Group Profile Geographic breakdown UK Rest of Europe Asia Pacific US £194.4m £45.4m £60.6m £3.7m 11% 39% 53% n/a £114.4m £10.7m £16.4m 40% 102% 43% £51.6m £18.1m £90.0m 18% 77% 8% £29.8m 11% £15.4m 114% £405.6m £74.2m £167.0m £3.7m 21% 54% 24% n/a 3,192 729 14,085 23 10 Savills plc ChapterOur Business SectionGroup Profile Savills pre-lets new HQ building at record rent for prestigious business park UK Uxbridge Business Park, Thames Valley Acting for Goodman, our team leased 84,000 sq ft at third pre-letting, following on deals which attracted Uxbridge Business Park to Cadbury Schweppes plc both Bristol Myers Squibb and Amgen to Uxbridge. for its new headquarters building, achieving a record Building 3 is one of a family of four buildings at the headline rent for the Park of over £31 per sq ft. Park. A contemporary building, it features a full height atrium and large floor plates (in excess We have enjoyed a long and successful involvement of 30,000 sq ft) perfectly suited to modern with Goodman (previously Arlington) and the Park, working practices. having advised on the purchase of the site from Sanderson, the fabric and wallpaper company, Uxbridge Business Park is a prestigious location set who had occupied it since the 1920s. We have since within 90 acres of parkland, uniquely within a town advised on the master-planning, marketing and centre. It is only a five minute walk from the retail leasing of more than 230,000 sq ft. This latest amenities and tube station of Uxbridge. success, which sees Cadbury Schweppes relocate from Central London to Building 3 at the Park, was the 11 Savills plc Our Business Report and Accounts 2007 Contents Our Business Our Business Chairman’s Statement 12 Review of Operations 16 Financial Review 50 Risks and Uncertainties Facing the Business 54 Our Responsibilities 58 Our Governance Board of Directors 66 Directors’ Report 68 Corporate Governance Report 70 Remuneration Report 75 Directors’ Responsibilities 84 Independent Auditors’ Report 85 Our Results Consolidated Income Statement 88 Balance Sheets 89 Statements of Cash Flows 90 Statements of Recognised Income and Expense 91 Notes to the Financial Statements 92 Savills’ UK and International Offices 139 12 Savills plc Our Business Report and Accounts 2007 Chairman’s Statement Chairman’s Statement 2008 will be a challenging year for the property industry worldwide. However, not all segments and geographies will be affected equally. With its broad range of services, its high quality staff and its geographic spread Savills is well placed to seize the opportunities. Underlying results Reported results Underlying Group profit before tax* Revenue £85.5m (2006: £75.0m) +14% £650.5m (2006: £517.6m) +26% Underlying basic earnings per share Group profit before tax 46.1p (2006: 40.8p) +13% £85.9m (2006: £84.4m) +2% *Underlying Group profit is calculated by adjusting reported profit before tax to deduct profit on disposals of £0.7m (2006: £5.1m), Basic earnings per share share-based payment adjustment of £4.8m (2006: £6.1m) and add back amortisation of intangibles and impairment of goodwill and available-for-sale investments of £5.1m (2006: £1.8m). 45.5p (2006: 46.3p) -2% Total dividend 18p per share (2006: 16p) +12.5% Shareholders’ funds £223.6m (2006: £212.8m) +5% 13 Savills plc Our Business Report and Accounts 2007 Chairman’s Statement On 18 October 2007, we announced the retirement after 18 years of Aubrey Adams, Group Chief Executive, which will take effect from the AGM on 7 May 2008. Aubrey joined Savills in 1990 and was appointed Managing Director in 1991. Under Aubrey’s leadership Savills has become a leading global property advisory business with revenues growing from £24m in 1992 to over £650m in 2007.
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