Interim Results

Savills PLC 01 September 2004 FOR IMMEDIATE RELEASE WEDNESDAY 1 SEPTEMBER 2004 Excellent performance in the first half Savills plc, the international property consultants, today announces interim results for the six months ended 30 June 2004. • Group profit before tax was up 54% to £15.1m (2003 - £9.8m). • Group turnover for the six months was up 22% at £140.3m (2003 - £114.6m). • Basic earnings per share increased by 55% to 17.7p (2003 - 11.4p). • Adjusted basic earnings per share excluding sale of trading properties, impairments and amortisation of goodwill 20.1p (2003 - 13.4p). • Interim dividend increased 67% to 6.0p (2003 - 3.6p). Richard Jewson, Chairman of Savills plc, comments: 'I am delighted to report a particularly strong set of half year results with good all round performance in the commercial and residential markets both in the UK and overseas. Recent increases in short-term interest rates were anticipated and we believe will have little direct impact on the property sectors in which we operate. Continued underlying confidence in property as an asset class is expected to underpin the market and mean that we are well placed to achieve a good result 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 Marc Popiolek Samantha Robbins CHAIRMAN'S STATEMENT RESULTS AND DIVIDEND We reported in our Trading Update, released on 1 July 2004, that while interest rate increases will ultimately have an impact on the UK property market as a whole, commercial activity levels remain high in 2004 and although residential market volumes may reduce this will not materially affect profitability. I am accordingly pleased to announce that profit before tax increased 54% to £15.1m (2003 - £9.8m) on turnover which increased 22% to £140.3m (2003 - £114.6m). Basic earnings per share for the six months to 30 June 2004 increased by 55% to 17.7p per share (2003 - 11.4p), this increase was due to improved profits during the period. The balance sheet remains strong with a cash balance of £51.8m. There was a small decrease in the effective tax charge for the period to 32.9% (2003 - 33.1%). The Directors have decided to increase the interim dividend by 67% to 6.0p (2003 - 3.6p) to be paid on 22 October 2004; this increase reflects our confidence in the business and an element of re-balancing of the interim with the final dividend. TRADING REVIEW Transactional Advice During the half year, turnover for the Transactional business was £65.9m (2003 - £44.6m) and operating profit was £9.8m (2003 - £3.1m). Leasing markets in London and the South East have started to pick up with demand increasing as a result of a more optimistic outlook from corporate tenants. Regional markets remain resilient and there has been increasing demand for accommodation outside of London, particularly in the Thames Valley. Retail generally shows good demand for well located out of town sites. The investment market remains strong with continuing interest from institutional investors as well as overseas buyers. The retail warehouse investment market, where Savills is a market leader, remains buoyant with investors particularly attracted by quality of income and growth prospects. The European investment market is active and our European Investment teams are having a very successful year, with several major transactions completing in the second half. The Hong Kong market for commercial and residential property sales has performed exceptionally well in the first half, contrasting the poor performance of last year when the business was badly affected by SARS. Prime residential markets, despite publicised concerns, have remained strong with turnover considerably higher than the same period last year. In London there was an accelerated market at the start of the year and although this quietened after Easter, transaction levels have remained strong. In the country the market has remained buoyant with some premium prices achieved for quality stock at the exclusive end of the market. Sales of new homes are no longer dominated by buy to let investors, who are taking a more cautious view as interest rates have moved up, but sales on good sites remain strong in what remains a reasonable market. Consultancy During the first half of the year turnover for the Consultancy businesses was £24.7m (2003 - £20.3m) and operating profit was £3.3m (2003 - £2.5m). Our professional businesses have been extremely busy with our expertise in valuations, affordable housing and social housing increasingly in demand especially on larger scale projects. Our planning and building/housing consultancy divisions have been strengthened and we are now able to provide a strong presence and service both in London and the regions. We continue to develop our Fund Management business with significant high level recruitment. Property Management During the half year, turnover for the Property Management businesses was £27.1m (2003 - £27.0m) and operating profit was down at £0.8m (2003 - £1.8m). In the UK, residential and rural property management income was slightly behind the same period in 2003. We continue, however, to expand this business and while additional staff costs in the first half reduced overall profits, income from the expanded team will be realised in the second half. We also continue to expand our commercial Property Management capabilities throughout the rest of Europe. In Madrid we have recently recruited a large property management team, which has secured a significant number of major new instructions. In Asia we are successfully building on our market share, with our expansion into China progressing on the back of our existing client base. We are considering new prospects in the Asian market. Facilities Management During the half year, turnover for the Facilities Management business, Guardian, was £12.9m (2003 - £14.7m) and operating profit was £0.8m (2003 - £1.0m). This business is based in Hong Kong and China and has remained competitive within a tight market with increasing pressure on margins. We actively continue to pursue and secure new contracts in this area. Property Trading and Investment During the half year, turnover for the Property Trading businesses was £1.2m (2003 - £1.9m) and operating profit was £1.1m (2003 - £0.9m). Further to our announcement of 10 August 2004, we have successfully completed the sale of Talbot Green Retail Park, Llantrisant for a cash consideration of £18.1m. This property was originally acquired as an investment, however following a particularly successful letting of one of the units it was considered more appropriate to realise the resulting uplift in value now. The disposal will result in an additional £7m of profit in the second half of 2004; however there will be minimal impact on 'normalised profits', i.e. before property sales and goodwill amortisation. Financial Services During the half year, turnover for the Financial Services businesses was £8.5m (2003 - £6.1m) and operating profit was £1.5m (2003 - £1.1m). 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. New offices have been opened in Cambridge, the West End and Birmingham. Commercial Debt Broking and Financial Planning have also made significant contributions to the business during the period. BOARD As announced on 25 May 2004, Peter Smith was appointed to the Board of Savills plc as a Non-Executive Director and Chairman Designate. This is my last statement as Chairman and I would like to take this opportunity to thank the Board of Savills who, along with our very dedicated and talented staff, work so hard to make Savills the success that it is. I am delighted that Peter will succeed me as Chairman when I retire from the Board on 31 October 2004 and wish him and all at Savills further success in the future. SHARE RE-PURCHASE PROGRAMME As announced on 1 July 2004, the Company undertook an irrevocable, non-discretionary programme to re-purchase its own shares during the close period. During this period 170,000 shares were purchased for cancellation. This brings the total of shares re-purchased since 1 January 2004 to 270,000. OUTLOOK Recent increases in short-term interest rates were anticipated and we believe will have little direct impact on the property sectors in which we operate. Continued underlying confidence in property as an asset class is expected to underpin the market and mean that we are well placed to achieve a good result for the full year. 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 United Kingdom 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 2004. PricewaterhouseCoopers LLP Chartered Accountants 1 Embankment Place London WC2N 6RH 1 September 2004 SAVILLS plc CONSOLIDATED PROFIT & LOSS ACCOUNT (unaudited) six months ended 30 June 2004 Six Six Restated months months Year to to to 30.06.04 30.06.03 31.12.03 Notes £'000 £'000 £'000 ---------------------------------------------------------------------------- Turnover - Group & share of joint ventures Other continuing operations 141,247 114,811 274,015 Sale of trading properties - - 28,987 Acquisitions 465 - - Less: Share of turnover of joint ventures (1,364) (236) (1,310) -------------------------------- Total Group turnover 3&4 140,348 114,575 301,692 ---------------------------------------------------------------------------- Operating Profit Other continuing operations 14,208 9,481 30,568 Sale of trading properties - - 4,714 Acquisitions 170 - - -------------------------------- Group operating profit 3&4 14,378 9,481 35,282 Share of operating (loss)/profit of joint ventures (13) 68 30 Share of operating profit/(loss) of associated undertakings 5 97 (80) (1,559) -------------------------------- Operating profit including share of joint ventures & associated undertakings 14,462 9,469 33,753 Profit on disposal of interest in associated undertakings 155 - - Profit on disposal of investments - 534 521 -------------------------------- Profit on ordinary activities before interest 3&4 14,617 10,003 34,274 Net interest Group 487 (247) (208) Joint ventures - (4) (2) Associated undertakings - 1 (7) -------------------------------- Total net interest 487 (250) (217) -------------------------------- Profit on ordinary activities before taxation 3&4 15,104 9,753 34,057 Taxation on profit on ordinary activities 6 (4,967) (3,228) (12,409) -------------------------------- Profit on ordinary activities after taxation 10,137 6,525 21,648 Equity minority interests (176) (86) (838) -------------------------------- Profit for the financial year 9,961 6,439 20,810 Dividends paid & proposed 7 (3,394) (1,975) (7,584) -------------------------------- Profit for the year transferred to reserves 6,567 4,464 13,226 -------------------------------- Basic earnings per share 8(a) 17.7p 11.4p 37.0p Adjusted basic earnings per share excluding sale of trading properties, impairments and amortisation of goodwill 8(b) 20.1p 13.4p 37.7p Diluted earnings per share 8(a) 16.2p 10.6p 34.1p Dividend per share 7 6.0p 3.6p 13.6p -------------------------------- SAVILLS plc CONSOLIDATED GROUP BALANCE SHEET (unaudited) at 30 June 2004 Restated Restated 30.06.04 30.06.03 31.12.03 Notes £'000 £'000 £'000 ----------------------------------------------------------------------------------- Fixed assets Intangible assets 37,850 30,930 36,021 Tangible assets 26,931 10,943 26,762 Investments Investments in joint ventures Share of gross 1,685 860 901 assets Share of gross (1,135) (310) (361) liabilities ------ ------ ------ 550 550 540 Investment in associated undertakings 26 3,827 280 Other investments 1,427 1,776 1,427 ------ ------ ------ Total investments 2,003 6,153 2,247 ------- ------- ------- Total fixed 66,784 48,026 65,030 assets ------- ------- ------- Current assets Property held for 8,604 30,293 8,081 sale Work in progress 3,191 3,549 2,801 Debtors 77,236 61,416 82,074 Cash at bank & short-term deposits 51,836 38,032 71,871 ------ ------ ------ 140,867 133,290 164,827 Creditors - amounts falling due within one year (74,574) (57,666) (103,753) ------- ------- ------- Net current assets 66,293 75,624 61,074 ------- ------- ------- Total assets less current liabilities 133,077 123,650 126,104 ------- ------- ------- Creditors - amounts falling due after more than one year (20,897) (27,160) (19,521) Provisions for liabilities & charges (10,852) (5,734) (10,306) ------- ------- ------- Net assets 101,328 90,756 96,277 ======= ======= ======= Capital & Reserves Called up equity share capital 3,072 3,110 3,070 Share premium account 42,569 41,528 42,237 Profit & loss account 2 55,075 45,759 50,301 Capital redemption reserve 111 50 107 Equity shareholders' ------- ------- ------- funds 100,827 90,447 95,715 Equity minority interests 501 309 562 ------- ------- ------- 101,328 90,756 96,277 ------------------------------------=======-------------=======-------------======= SAVILLS plc CONSOLIDATED CASH FLOW STATEMENT (unaudited) six months ended 30 June 2004 Six Six Restated months months Year to to to 30.06.04 30.06.03 31.12.03 Notes £'000 £'000 £'000 ----------------------------------------------------------------------------- Net cash inflow/(outflow) from operating activities 9(a) 1,427 (14,019) 60,563 Dividends from joint ventures & associated undertakings 72 124 349 Net cash inflow/(outflow) from returns on investments & servicing of finance 353 (1,396) (1,466) Tax paid (7,247) (5,997) (11,086) Net cash (outflow)/inflow for capital expenditure & financial investment (2,372) 8,023 (9,886) Net cash outflow from acquisitions & disposals (3,549) (2,139) (7,604) Equity dividends paid (5,633) (3,817) (5,840) -------- -------- -------- Cash (outflow)/inflow before use of liquid resources & financing (16,949) (19,221) 25,030 Net cash inflow/(outflow) from management of liquid resources 16,352 8,267 (9,425) Net cash (outflow)/inflow from financing (2,361) 4,037 (5,157) -------- -------- -------- Increase in cash 9(b) (2,958) (6,917) 10,448 ======== ======== ======== SAVILLS plc STATEMENT OF TOTAL RECOGNISED GAINS & LOSSES (unaudited) six months ended 30 June 2004 Six Six months months Year to to to 30.06.04 30.06.03 31.12.03 £'000 £'000 £'000 ------------------------------------------------------------------------------ Profit for the financial year Group 9,912 6,505 22,531 Joint ventures (30) 49 6 Associated undertakings 79 (115) (1,727) -------- -------- -------- 9,961 6,439 20,810 Currency translation differences on foreign currency net investments (283) (687) (2,304) -------- -------- -------- Total recognised gains & losses for the year 9,678 5,752 18,506 Prior year adjustment - UITF 38 'Accounting for ESOP trusts' (1,207) - - Total recognised gains & losses since last Annual Report 8,471 5,752 18,506 ------------------------------------------------------------------------------ RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) six months ended 30 June 2004 Restated Six Six Restated months months Year to to to 30.06.04 30.06.03 31.12.03 £'000 £'000 £'000 ----------------------------------------------------------------------------- Profit for the financial year 9,961 6,439 20,810 Dividends (3,394) (1,975) (7,584) -------- -------- -------- Retained profit for the year 6,567 4,464 13,226 Issue of share capital 339 17 743 Purchase of own shares (327) (1,357) (4,256) Purchase own shares for ESOP (2,128) - (831) ESOP credit 944 1,031 2,158 Currency translation differences (283) (687) (2,304) -------- -------- -------- Net increase in shareholders' funds 5,112 3,468 8,736 Shareholders' funds at beginning of year (December 2003 originally £97,121,000 before deducting prior year adjustment of £1,406,000 - see note 2) 95,715 86,979 86,979 -------- -------- -------- Shareholders' funds at end of year 100,827 90,447 95,715 ----------------------------------------------========---========----======== NOTES 1. Basis of preparation The unaudited accounts for the six months ended 30 June 2004 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, except as modified in order to comply with UITF 38 'Accounting for ESOP trusts' (note 2). 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 2003, on which the auditors have given an unqualified audit report, have been filed with the Registrar of Companies. 2. Prior year adjustment In accordance with UITF 38 'Accounting for ESOP trusts', investment in the Group's own shares, which are held to provide shares to certain employees under a long term incentive plan through its Employee Share Ownership Plan Trust (ESOP) are shown as a deduction from shareholders' funds. Total Shareholders' funds as at 30 June 2004 have been reduced by £1,383,000 (31 December 2003 - £199,000 and 30 June 2003 - £495,000). This change of accounting policy has been reflected as a prior year adjustment and the corresponding amounts have been restated. The restatement of the prior year figures had no impact on the profit and loss account for the six months to 30 June 2003 and reduced profit on ordinary activities after taxation by £1,207,000 for the year ended 31 December 2003, reflecting an ESOP charge based on the market value of shares at award date rather than cost as required by UITF 17 as revised by UITF 38. The cash flow statement has also been restated to show the relevant cash flows in financing rather than capital expenditure and financial investment. 3. Segmental Analysis Six Property months to Trans- Property Facilities Trading & 30 June actional Consult- Manage- Manage- Invest- Financial Holding 2004 Advice ancy ment ment ment Services Company Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 ----------------------------------------------------------------------------------------------------- Total Group turnover 65,925 24,686 27,124 12,909 1,226 8,478 - 140,348 -------- ======= ======= ======= ======= ======= ======= ======= ======= Group operating profit/ (loss) 9,768 3,321 825 822 1,083 1,535 (2,976) 14,378 Profit/ (loss) before interest & taxation 9,768 3,230 1,118 859 1,083 1,535 (2,976) 14,617 Net 487 interest ------- Profit on ordinary activities before taxation 15,104 -----------------=======----=======----=======-----=======----=======-----=======---=======--======= Six Property months to Trans- Property Facilities Trading & 30 June actional Consult- Manage- Manage- Invest- Financial Holding 2003 Advice ancy ment ment ment Services Company Total £'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 -------- ====== ======= ======= ======= ======= ======== ======== ======== Group 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 interest (250) Profit on -------- ordinary activities before taxation 9,753 ------------------======----=======---=======------=======----=======----========----========----======== 4. Geographical analysis of turnover, Group operating profit & profit before interest & tax (PBIT) Total Group Total Group Group operating Group operating Six months turnover profit PBIT turnover profit PBIT to 30 June 2004 2004 2004 2003 2003 2003 £'000 £'000 £'000 £'000 £'000 £'000 -------------------------------------------------------------------------------------------------------- United Kingdom 94,365 10,950 10,896 71,225 8,764 9,142 Rest of Europe 5,862 879 879 3,636 (363) (448) Asia Pacific 40,121 2,549 2,842 39,714 1,080 1,309 ------- ------- ------- -------- -------- -------- 140,348 14,378 14,617 114,575 9,481 10,003 -------------------------------------=======------=======----=======----========----========---======== Profit before interest and tax for the six months ended 30 June 2004 for Asia Pacific is shown after charging goodwill amortisation of £769,000 (2003 - £756,000). The profit before interest and tax for the six months ended 30 June 2004 for Europe is shown after charging goodwill amortisation of £260,000 (2003 - £103,000). The profit before interest and tax for the six months ended 30 June 2004 for the UK is shown after charging goodwill amortisation of £329,000 (2003 - £250,000). 5. Share of operating profit/(loss) of associated undertakings Six Six months months Year to to to 30.06.04 30.06.03 31.12.03 £'000 £'000 £'000 -------------------------------------------------------------------------------------------------------- Share of operating profit/(loss) from interest in associated undertakings 97 (29) (193) Goodwill amortisation on investment in associated undertakings - (51) (180) Impairment of goodwill in Trammell Crow Savills Limited - - (1,186) -------- -------- -------- 97 (80) (1,559) -------------------------------------------------------------------------========----========---======== 6. 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 Year to to to 30.06.04 30.06.03 31.12.03 £'000 £'000 £'000 ----------------------------------------------------------------------------------- United Kingdom corporation tax (3,773) (2,875) (11,007) Foreign taxation (1,267) (376) (2,431) Deferred Tax 73 23 1,029 -------- -------- -------- (4,967) (3,228) (12,409) ------------------------------------------------------========---========---======== 7. Dividends Six Six months months Year to to to 30.06.04 30.06.03 31.12.03 £'000 £'000 £'000 ----------------------------------------------------------------------------------- Ordinary interim dividend of 6.0p per share (2003 - 3.6p) 3,364 2,021 2,021 Ordinary proposed final dividend of 10p per share - - 5,563 Under/(over) provision on prior year dividends 30 (46) - -------- -------- -------- 3,394 1,975 7,584 ------------------------------------------------------========---========---======== The Directors have recommended a final dividend for the six months ended 30 June 2004 of 6.0 pence per ordinary share. The interim dividend will be paid on 22 October 2004 to shareholders on the register as at 24 September 2004. 8. Earnings per share (a) Basic & diluted earnings per share Six months to Earnings Shares EPS Earnings Shares EPS 30 June 2004 2004 2004 2003 2003 2003 £'000 '000 Pence £'000 '000 Pence ------------------------------------------------------------------------------- Basic earnings per 9,961 56,189 17.7 6,439 56,316 11.4 share Effect of additional shares issuable under option - 5,328 - - 4,378 - ------- ------- -------- -------- Diluted earnings per share 9,961 61,517 16.2 6,439 60,694 10.6 ---------------------------=======--=======-----------========---========------- Restated Restated Year Earnings Shares EPS to 31 December 2003 2003 2003 £'000 '000 Pence -------------------------------------------------------------------------------- Basic earnings per 20,810 56,207 37.0 share Effect of additional shares issuable under option - 4,900 - -------- -------- Diluted earnings per share 20,810 61,107 34.1 ------------------------------------------------------========---========------- (b) Adjusted basic earnings per share excluding sale of trading properties, impairments and amortisation of goodwill Six months Earnings Shares EPS Earnings Shares EPS to 30 June 2004 2004 2004 2003 2003 2003 £'000 '000 Pence £'000 '000 Pence -------------------------------------------------------------------------------- Basic earnings per share as in part (a) above 9,961 56,189 17.7 6,439 56,316 11.4 Amortisation of goodwill 1,358 - 2.4 1,109 - 2.0 ------------------------------------------------------ Adjusted basic earnings per share excluding sale of trading properties, impairments and amortisation of goodwill 11,319 56,189 20.1 7,548 56,316 13.4 =======--=======---=====---========---========-----==== Restated Restated Year to Earnings Shares EPS 31 December 2003 2003 2003 £'000 '000 Pence -------------------------------------------------------------------------------- Basic earnings per share as in part (a) above 20,810 56,207 37.0 Add back impairment of goodwill in Trammell Crow Savills Ltd 1,186 - 2.1 Amortisation of goodwill 2,483 - 4.4 Less sale of trading properties after tax (3,300) - (5.8) -------- -------- ----- Adjusted basic earnings per share excluding sale of trading properties, impairments and amortisation of goodwill 21,179 56,207 37.7 ----------------------------------------------------========---========----===== 9. Notes to consolidated cash flow statement (a) Reconciliation of operating profit to Six Six Restated net cash inflow months months Year from operating activities to to to 30.06.04 30.06.03 31.12.03 £'000 £'000 £'000 -------------------------------------------------------------------------------- Operating profit 14,378 9,481 35,282 Depreciation charges 2,292 2,423 4,923 Amortisation of goodwill 1,358 1,058 2,303 Loss on the sale of fixed assets 41 58 121 (Increase)/decrease in property held for sale (523) (5,637) 16,575 Increase in work in progress (393) (818) (82) Decrease/(increase) in debtors 4,155 11,966 (8,180) (Decrease)/increase in creditors 21,571) (33,368) 2,726 Increase/(decrease) in provisions 737 (223) 4,269 Increase in provision for share options granted 944 1,031 2,158 Provision against fixed asset investments 9 10 468 -------- -------- ------ Net cash inflow from operating activities 1,427 (14,019) 60,563 ----------------------------------------------------========--========---======= Six Six months months Year (b) Reconciliation of net cash flows to to to to net funds 30.06.04 30.06.03 31.12.03 £'000 £'000 £'000 ---------------------------------------------------------------------------------- (Decrease)/increase in cash (2,958) (6,917) 10,448 Cash outflow/(inflow) from decrease/(increase) in debt 244 (5,397) 787 Capital element of finance leases repaid 2 17 26 New finance lease (24) - - (Decrease)/increase in liquid resources (16,353) (8,267) 9,425 Exchange movements (276) (556) (2,205) -------- -------- -------- (19,365) (21,120) 18,481 Net funds at beginning of year 48,979 30,498 30,498 -------- -------- -------- Net funds at end of year 29,614 9,378 48,979 ------------------------------------------------------========---========---======== (c) Analysis of changes in At Cash Other Exchange At net funds 01.01.04 flows non-cash movement 30.06.04 £'000 £'000 £'000 £'000 £'000 ----------------------------------------------------------------------------------- Cash at bank 41,773 (3,212) - (322) 38,239 Overdrafts (508) 254 - 23 (231) ------- (2,958) Liquid funds on one month deposit 8,808 (7,129) - - 1,679 Liquid funds - short-term deposit 21,290 (9,224) - (148) 11,918 ------- ------- -------- -------- -------- 71,363 (19,311) - (447) 51,605 Debt - due within one year (2,961) 1,572 - 43 (1,346) - due after one year (19,374) (1,328) - 127 (20,575) Finance leases (49) 2 (24) 1 (70) ------- ------- -------- -------- -------- 48,979 (19,065) (24) (276) 29,614 ----------------------------------=======---=======---========---========---======== 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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