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Report and Accounts 2015 Accounts and Report

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Report and Accounts 2015 Accounts and Report Savills plc Report and Accounts 2015 Report and Accounts 2015 Our vision To advise private, institutional and corporate clients seeking to acquire, manage, lease, develop or realise the value of prime residential and commercial property in the world’s key locations. Contents Group highlights Overview Revenue Statutory profit Geographical spread 1 Group overview after tax (% non-uk) Strategic Report £1,283.5m £64.9m 56% (2014: £1,078.2m) (2014: £62.7m) (2014: 53%) Strategy 10 Chairman’s statement 12 Group Chief Executive’s review Breadth of service Underlying profit* Operating cash 14 Business model (% non-transactional generation 15 Market overview income) 21 Resources and relationships 27 Risks and uncertainties facing the business 31 Viability Statement 52% £121.4m £122.0m 32 Key performance indicators (2014: 54%) (2014: £100.5m) (2014: £96.1m) Performance Underlying profit margin Underlying earnings * Underlying profit is calculated 33 Segmental reviews per share by adjusting reported pre-tax 36 Group Chief Financial Officer’s report profit for profit/loss on disposals, share-based 9.5% 63.2p payment adjustment, Governance (2014: 9.3%) (2014: 55.2p) impairment and amortisation 39 Corporate Governance Statement of goodwill and intangible 55 Directors’ Remuneration report assets (excluding software), 70 Directors’ report other impairments, 72 Directors’ responsibilities Property under Assets under restructuring costs and 73 Independent auditors’ report management (sq ft) management acquisition-related costs (refer to Note 2 to the financial statements). Financial statements 2.0bn €17.1bn 80 Consolidated income statement (2014: 2.1bn) (2014: €7.2bn) 81 Consolidated statement of comprehensive income 82 Consolidated and Company statements of financial position 83 Consolidated statement of changes in equity 84 Company statement of changes in equity 85 Consolidated and Company statements of cash flows 86 Notes to the financial statements 140 Shareholder information Group overview Overview What we do / Savills is a global real estate services Strategy / provider listed on the London Stock Exchange. We have an international Performance network of over 700 offices and / associates and over 30,000 staff Governance throughout the Americas, the UK, / Continental Europe, Asia Pacific, statementsFinancial Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world. Our services Transactional Consultancy Property and Investment Advisory Facilities Management Management The Transaction Advisory Provision of a wide range of Management of commercial, Investment management of business stream comprises professional property services residential, leisure and commercial and residential commercial, residential, including valuation, building agricultural property for property portfolios for leisure and agricultural and housing consultancy, owners. Provision of a institutional, corporate or leasing, tenant representation environmental consultancy, comprehensive range of private investors, on a pooled and investment advice on landlord and tenant, rating, services to occupiers of or segregated account basis. purchases and sales. development, planning, property, ranging from See page 35 See page 33 strategic projects, corporate strategic advice through services and research. project management to all See page 34 services relating to a property. See page 35 Pages 2-9 are examples of the services we provided to our clients in 2015. SAVILLS PLC REPORT AND ACCOUNTS 2015 1 2 SAVILLS PLC REPORT AND ACCOUNTS 2015 Overview / Strategy / Performance / Governance / Financial statementsFinancial How do you regenerate one of London’s oldest business areas into a new residential and cultural centre? TELEVISION CENTRE WOOD LANE, LONDON W12 Savills is marketing the residential scheme Television and will be a combination of studios, one, two Centre on behalf of developers, Stanhope and Mitsui and three bedroom apartments and penthouses. Fudosan. The scheme, part of the wider White City Amenities include underground parking, residents’ regeneration, provides circa 950 homes in two lounge and private screening room, 24/7 concierge phases. It will also include 500,000 sq ft of office service, fully equipped gym and pool. The space, operational December 2017, and three redevelopment will also include a new branch of television studies which will be live by early 2017. members’ club, Soho House, along with rooftop pool, terrace and hotel. Savills provided residential consultancy together with sales and marketing expertise throughout the planning process for this mixed use scheme. The residential scheme has a GDV of circa £500 million SAVILLS PLC REPORT AND ACCOUNTS 2015 3 How do you sell an office property in central Paris? HERMÈS HEADQUARTERS CENTRAL PARIS Savills acted as the exclusive agent for the sale of Hermès International’s headquarters in Paris, France, on behalf of a private investor. The sale price was in excess of €100m. The property is let entirely to Hermès International under a nine-year lease. It was restructured in 2006 and offers a total area of 5,848 sq m, distributed over a ground floor and nine upper floors, with good natural light and high-end finishes. 4 SAVILLS PLC REPORT AND ACCOUNTS 2015 Overview / Strategy / Performance / Governance / Financial statementsFinancial 5 REPORT AND ACCOUNTS 2015 SAVILLS PLC Where is the right place to locate my business? CHINA LIFE INSURANCE KOWLOON, HONG KONG Savills secured the headquarters for China Life Insurance – One HarbourGate, the whole 395,000 sq ft development, for the sale price of HK$5.8bn, achieving the biggest en bloc commercial transaction in Kowloon. 6 SAVILLS PLC REPORT AND ACCOUNTS 2015 Overview / Strategy / Performance / Governance / Financial statementsFinancial 7 REPORT AND ACCOUNTS 2015 SAVILLS PLC How do I procure project management services across the Americas, EMEA and Asia Pacific? GLOBAL MANAGEMENT INFORMATION SYSTEMS COMPANY Leading global MIS company, providing healthcare The PMO services consists of a fully dedicated leader, clients with end-to-end technology and information responsible for sourcing, on-boarding and supporting solutions to measure and improve their performance. local Savills project managers in the delivery of projects, Employing over 15,000 people across 100 countries. from real estate transaction feasibility analysis to occupation. The PMO tracks project progress and Savills Studley was formally appointed in August 2015 assists with issue resolution, reporting directly to the as one of two Global Real Estate partners. We perform Global Head of Real Estate. the following services across the Americas, EMEA and Asia Pacific: Projects are typically commercial office fit-outs, moves and changes and relocation, ranging from 5,000 to – Global Project Management Office (‘PMO’) services 100,000 sq ft. Annual project volume of approximately over Savills project assignments 80 projects with annual managed spend of c.US$80m. – Local Project Management assignments as a Upon completion of the year 1 transition, Savills Studley preferred provider expects to manage 50-75% of that volume. – Workplace Consulting (and Tenant Rep Brokerage services on an opportunistic basis) 8 SAVILLS PLC REPORT AND ACCOUNTS 2015 Overview / Strategy / Performance / Governance / Financial statementsFinancial 9 REPORT AND ACCOUNTS 2015 SAVILLS PLC Chairman’s statement Successful implementation of our US growth strategy, the acquisitions of SEB Asset Management in Europe and Smiths Gore in the UK, and improved business activity in many of our key markets, resulted in record revenue and profits in 2015. Peter Smith Chairman 10 SAVILLS PLC REPORT AND ACCOUNTS 2015 Overview Results have acquired a number of complementary businesses and added The Group’s underlying profit for the year increased by 21% to £121.4m teams and individual hires to our strong core business. During 2015, (2014: £100.5m), on revenue which improved by 19% to £1,283.5m we continued to build on the 2014 acquisition of Savills Studley with a / (2014: £1,078.2m). The Group’s statutory profit before tax increased number of transactions in the US and the acquisition of our first operation Strategy by 16% to £98.6m (2014: £84.7m). in Canada. In Asia Pacific, we acquired a significant interest in our first operation in Malaysia, a Residential business in Sydney and Overview established our first occupier focused business in India. / With investors globally seeking secure income in a historically low interest Performance rate environment, the allocation to Real Estate in investment portfolios We also focused on building our longer term management businesses has continued to grow. 2015 again demonstrated the importance of with the acquisition of Smiths Gore, a long-established leading firm in Savills strengths in the prime markets of many of the world’s key cities. rural and estate management in the UK, property management Furthermore, the continued development of our US business, where businesses in London and Singapore, and the SEB investment / a number of complementary acquisitions were completed by Savills management business based in Frankfurt and Singapore. Governance Studley during the year, enhanced our position further in that market. On 31 August, Savills Investment Management (formerly ‘Cordea Savills’) Board completed the acquisition of SEB Asset Management AG, and as On 26 January we announced that I would retire as Chairman at the / a result of
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