Interim Results

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 End This information is provided by RNS The company news service from the London Stock Exchange

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