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1. General information
Savills plc (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) is a global real estate services group.
The Group operates through a network of offices in the UK, Europe, Asia Pacific, North America, Africa and the Middle
East. Savills plc is listed on the London Stock Exchange and employed a monthly average of 42,080 staff worldwide
during 2023.
The Company is a public limited company incorporated and domiciled in England, United Kingdom. The address of
its registered office is 33 Margaret Street, London W1G 0JD. The Company\u2019s registered number is 2122174.
These consolidated financial statements were approved for issue by the Board of Directors on 13 March 2024.
The Board of Directors have the power to amend the financial statements after issue.
2. Accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise stated, and are also
applicable to the parent Company.
2.1 Basis of preparation
These financial statements have been prepared in accordance with UK adopted international accounting standards
(\u2018IFRS\u2019) and, as regards the parent company financial statements, as applied in accordance with the provisions of the
Companies Act 2006. The financial statements are prepared on a going concern basis and under the historical cost
convention as modified by the revaluation of loans receivable, equity investments held at FVOCI, financial assets held
at FVPL and derivative financial instruments held at fair value.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates and for management to exercise judgement in the process of applying the Group\u2019s accounting policies.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the financial statements, are disclosed in Note 4.
In preparing the financial statements management has considered the impact of climate change, taking
into account the relevant disclosures in the Strategic Report, including those made in accordance with the
recommendations of the Taskforce on Climate-related Financial Disclosure. These considerations included the limited
exposure in terms of tangible assets, including in our investment management business where we do not own the
properties, as well as our current assessment that the transition costs to a low carbon economy will be outweighed
by alternative business opportunities, therefore not impacting the recoverability of our intangible assets. On this basis,
we concluded that climate change did not have a material impact on the financial reporting judgements and estimates,
consistent with the assessment that this is not expected to have a significant impact on the Group\u2019s going concern or
viability assessment.
As permitted by Section 408 of the Companies Act 2006, the income statement and statement of comprehensive
income of the Company are not presented as part of these financial statements. The Company has produced its
own income statement and statement of comprehensive income for approval by its Board. The Company receives
dividends from subsidiaries and charges subsidiaries for the provision of Group-related services.
2.2 Going concern
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and
position are set out in the Strategic Report. The financial position of the Group, its cash flows and liquidity position
are described in the Chief Financial Officer\u2019s Review, with details of the Group\u2019s treasury activities and exposure to
financial risk included in Note 3 to the Consolidated Financial Statements.
The Group has prepared its going concern assessment for the period to the end of June 2025. As in prior years, the
Board undertook a strategic business review in the current year, taking account of the Group\u2019s current position and
prospects, the Group\u2019s strategic plan, and the Group\u2019s principal risks and the management of those risks, as detailed
in the Annual Report and the Board\u2019s risk appetite as detailed in the Strategic Report. Sensitivity analysis was also
undertaken, including financing projections, to flex the financial forecasts under several severe downside scenarios,
which involved applying different assumptions to the underlying forecasted revenues, costs and underlying profits
both individually and in aggregate. These scenarios assess the potential impact from several macro-economic risks,
including a severe global economic downturn analogous to that experienced during the Global Financial Crisis in
2008/09. The results of this sensitivity analysis showed that the Group would retain liquidity and maintain significant
available facility and covenant headroom to be able to withstand the impact of such scenarios over the period of the
financial forecast, as a result of the resilience and diversity of the Group, underpinned by a strong balance sheet.
Based on the Group\u2019s positive net cash position of \u00a3157.3m (cash and cash equivalents less overdrafts in notional
pooling arrangements and borrowings) and undrawn \u00a3360.0m revolving credit facility at the year end, as described
in the Chief Financial Officer\u2019s review, combined with the assessment explained above, the Directors have formed the
judgement at the time of approving the financial statements, that there is a reasonable expectation that the Group has
adequate resources to continue as a going concern for a period of at least 12 months from the date of the approval of
the financial statements until at least June 2025. For this reason, they continue to adopt the going concern basis of
accounting in preparing the Consolidated Financial Statements.
2.3 Use of non-GAAP measures
The Group believes that the consistent presentation of underlying profit before tax, underlying effective tax rate,
underlying basic earnings per share and underlying diluted earnings per share provides additional useful information
to Shareholders on the underlying trends and comparable performance of the Group over time by excluding significant
non-operational costs/income from the GAAP measures. The \u2018underlying\u2019 measures are also used by the Group for
internal performance analysis and incentive compensation arrangements for employees.
These terms are not defined terms under IFRS and may therefore not be comparable with similarly-titled profit
measures reported by other companies. They are not intended to be a substitute for, or superior to, GAAP measures.
The non-GAAP measures may be materially higher or lower than GAAP measures and should not be regarded as a
complete picture of the Group\u2019s financial performance. In particular, underlying profit before tax may be materially
higher or lower than reported profit before tax as a result of the adjustments.
The term \u2018underlying\u2019 refers to the relevant measure of profit, earnings or taxation being reported mainly excluding
the impact (pre and post-tax where applicable) of the following items:
the difference between IFRS 2 charges related to outstanding bonus-related deferred share awards and the
estimated value of the current year bonus pool expected to be allocated to deferred share awards;
amortisation of intangible assets arising from business combinations (this excludes software or other pre-existing
intangible assets of the acquiree);
items that are considered significant in size and non-operational in nature including restructuring costs,
impairments of goodwill and intangible assets arising from business combinations and profits or losses arising on
disposals of subsidiaries and other investments; and
significant transaction-related costs associated with business combinations.
The majority of adjustments made to the GAAP measures to arrive at \u2018underlying\u2019 measures relate to charges arising
as a result of business combinations. The nature of the Group\u2019s business and the businesses that the Group acquires
(being \u2018asset light\u2019 people businesses) require the Group to structure business acquisitions such that often payment
of deferred consideration is linked to recipients\u2019 continuing and active engagement in the business at the date of the
deferred payment, with these payments required to be expensed to the income statement under IFRS 3. For internal
performance analysis and incentive compensation arrangements, these charges are considered part of the initial
cost of acquiring a business, instead of an ongoing operational cost, and are therefore excluded from the Group\u2019s
\u2018underlying\u2019 measures. The same rationale is applied to the exclusion of amortisation of intangible assets arising from
business combinations (excluding software or other pre-existing intangible assets of the acquiree), any impairments
of goodwill and the aforementioned intangible assets, significant transaction-related costs associated with business
combinations and significant restructuring costs. These items are not considered to reflect the business\u2019s trading
performance and so are adjusted to ensure consistency between periods.
The adjustment for share-based payments relates to the impact of the accounting standard for share-based
compensation. The annual bonus is paid in a mixture of cash and deferred shares and the proportions can vary
from one year to another. Under IFRS, the deferred share element is amortised to the income statement over the
vesting period whilst the cash element is expensed in the year. The adjustment above addresses this by adding to or
deducting from profit the difference between the IFRS 2 charge in relation to outstanding bonus-related share awards
and the estimated value of the current year bonus pool to be awarded in deferred shares. This adjustment is made
to align the underlying staff cost in the year with the revenue recognised in the same period, providing additional
information on the Group\u2019s performance over time with respect to profitability.
The underlying effective tax rate represents the underlying income tax expense expressed as a percentage of
underlying profit before tax. The underlying income tax expense is the income tax expense excluding the tax effect
of the adjustments made to arrive at underlying profit before tax and other tax effects related to these adjustments.
Underlying basic earnings per share and underlying diluted earnings per share both utilise the underlying profit
after tax measure instead of GAAP earnings. The weighted average number of shares remain the same as the
GAAP measure.
The Group also refers to revenue and underlying profit on a constant currency basis which are both non-GAAP
measures. Constant currency results are calculated by translating the current year revenue and underlying profit using
the prior year exchange rates. This measure allows the Group to assess the results of the current year compared to the
prior year, excluding the impact of foreign currency movements.
A reconciliation between GAAP and underlying measures are set out in Note 8 (underlying profit before tax) and Note
14.2 (underlying basic earnings per share and underlying diluted earnings per share).
2.4 Consolidation
The consolidated financial statements include those of the Company and its subsidiary undertakings, together with the
Group\u2019s share of results of its associates and joint ventures.
(a) Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies
are eliminated. Profits and losses resulting from intercompany transactions that are recognised in assets are also
eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the
policies adopted by the Group.
Investments in subsidiaries held by the Company are held at cost, less any provision for impairment.
(b) Acquisition of subsidiaries
The Group applies the acquisition method of accounting to account for business combinations. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the
equity interests issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured initially at their fair values at the acquisition date. The Group recognises
any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the
non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date.
Contingent consideration only applies to situations where contingent payments are not dependent on future
employment of vendors. Subsequent changes to the fair value of the contingent consideration that is deemed to be an
asset or liability is recognised in profit or loss. Contingent consideration that is classified as equity is not remeasured,
and its subsequent settlement is accounted for within equity. Payments dependent on future employment are
expensed to the income statement over the relevant period of employment as required by IFRS 3 (revised).
Acquisition-related costs are expensed as incurred.
(c) Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as equity
transactions, that is, as transactions with the owners in their capacity as owners. The difference between fair value of
any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded
in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
(d) Disposal of subsidiaries
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities,
non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or
loss. Any investment retained is recognised at fair value. The fair value is the initial carrying amount for the purposes
of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any
amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in
other comprehensive income are reclassified to profit or loss.
Profit or loss on disposal of subsidiaries is recognised in profit or loss as other gains/(losses).
(e) Associates and joint ventures
Investments in associates and joint ventures are accounted for using the equity method of accounting.
Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased
or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition.
The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on
acquisition (see Note 18.1).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in the income
statement with a corresponding adjustment to the carrying amount of the investment. Dividends received or
receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.
When the Group\u2019s share of losses in an associate or joint venture equals or exceeds its interest in the associate or
joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in
the associate or joint venture) the Group does not recognise further losses unless it has incurred legal or constructive
obligations or made payments on behalf of the associate or joint venture.
Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent
of the Group\u2019s interest in the associate or joint venture. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. Accounting policies of associates and joint ventures have
been changed where necessary to ensure consistency with the policies adopted by the Group.
The carrying amount of associates and joint ventures is tested for impairment in accordance with the policy described
in Note 2.10.
Profit or loss on disposal of associates and joint ventures is recognised in profit or loss as other gains/(losses).
(f) Investment management funds
The Investment Management business enters in to strategic partnerships and mandates to provide asset management
or investment advisory services to external clients, and in certain instances also has an interest in the fund general
partner or in co-investment schemes (the Savills Investment Management funds). In its role as fund manager, the
Investment Management business is considered by management to be acting as an agent which does not have control
under IFRS 10 and therefore the Savills Investment Management funds are not consolidated as part of the Group.
2.5 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Group Executive Board (\u2018GEB\u2019).
A business segment is a Group of assets and operations engaged in providing products or services that are subject
to risks and returns that are different from those of other business segments. A geographical segment is engaged in
providing products or services within a particular economic environment that is subject to risks and returns that are
different from those of segments operating in other economic environments.
The GEB primarily manages the business based on the geographic location in which the Group operates, with the
Investment Management business being managed separately. As the Group is strongly affected by both differences
in the types of services it provides and the geographical areas in which it operates, the matrix approach of disclosing
both the business and geographical segments format is used.
Revenues and expenses are allocated to segments on the basis that they are directly attributable or the relevant
portion can be allocated on a reasonable basis.
2.6 Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the
primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial
statements are presented in sterling, which is also the Company\u2019s functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised
in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges.
Translation differences on non-monetary financial assets and liabilities are reported as part of the fair value gain or loss
and are recognised in the income statement, except for financial assets held at FVOCI, which are recognised in other
comprehensive income. Non-monetary items carried at historical cost are reported using the exchange rate at the date
of the transaction.
(c) Group entities
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation,
are translated to the Group\u2019s presentational currency at foreign exchange rates ruling at the reporting date. Exchange
differences arising from this translation of foreign operations are recognised in other comprehensive income and taken
to the foreign exchange reserve. When a foreign operation is disposed of, in part or in full, the relevant amount in the
foreign exchange reserve is transferred to the income statement.
The income and expenses of foreign operations are translated at an average rate for the year where this rate
approximates to the foreign exchange rates ruling at the dates of the transactions.
2.7 Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical
cost includes expenditure directly attributable to acquisition.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that the future economic benefits associated with the item will flow to the Group and the cost of
the item can be measured reliably.
Provision for depreciation is made at rates calculated on a straight-line basis to write off the assets over their
estimated useful lives as follows:
Freehold property
50 years
Short leasehold property (less than 50 years)
Lower of estimated useful life and unexpired term of lease
Equipment and motor vehicles
3\u201310 years
Residual values and useful lives are reviewed and adjusted if appropriate at each reporting date.
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is
greater than its estimated recoverable amount.
2.8 Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or associate over the Group\u2019s share of the
fair value of identifiable net assets acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately recognised goodwill is tested
annually for impairment, or more frequently if events or changes in circumstances indicate potential impairment.
An impairment loss is recognised for the amount by which the carrying value exceeds the recoverable amount.
The recoverable amount is the higher of value-in-use and fair value less costs of disposal. Impairment losses on
goodwill are not reversed.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units or Groups of cash-generating units that are expected to benefit from the business combination
in which the goodwill arose. The Group allocates goodwill to each business segment in the geographical region in
which it operates (Note 15).
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
In respect of associates and joint ventures, goodwill is included in the carrying value of the investment and is not
tested for impairment separately.
2.9 Intangible assets other than goodwill
Intangible assets arising from business combinations and incremental contract costs are valued at fair value on
acquisition and amortised over the useful life. Fair value on acquisition is determined by third party valuation where
the acquisition is significant.
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use
the specific software. Costs associated with maintaining computer software programmes are recognised as an
expense as incurred.
Measurement subsequent to initial recognition is at cost less accumulated amortisation and impairment.
Amortisation charges are spread on a straight-line basis over the period of the assets\u2019 estimated useful lives as follows:
Customer relationships
3\u201315 years
Order backlogs
2\u20134 years
Contracts \u2013 investment, property management and other existing business contracts
2\u201320 years
Brands
10 years
Computer software
3\u20137 years
Acquired investment management contracts relating to open-ended funds have been attributed indefinite useful lives,
reflecting the open-ended nature of the funds, the Group\u2019s intention to continue with the management of the funds
and the expectation that these contracts are expected to generate net cash inflows for the Group.
2.10 Impairment of other non-financial assets
Assets that have indefinite useful lives are not subject to amortisation or depreciation and are tested annually for
impairment or whenever an indicator of impairment exists. Assets that are subject to amortisation or depreciation
are reviewed for impairment whenever an indicator of impairment exists. An impairment loss is recognised to the
extent that the carrying value exceeds the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior
impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash flow method, with an appropriate discount rate to reflect
market rates and specific risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (cash-generating units). Where it is not possible to estimate the recoverable amount of an
individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.11 Financial instruments
Financial assets and liabilities are recognised on the Group\u2019s statement of financial position at fair value or amortised
cost when the Group becomes party to the contractual provisions of the instrument. Subsequent measurement
depends on the classification (see Notes 2.12\u20132.18).
2.12 Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity investments to be classified as FVOCI
(fair value through other comprehensive income). Changes in fair value are recognised through other comprehensive
income rather than profit or loss. Dividends from these investments are recognised in profit or loss as other operating
income. When such investments are disposed or become impaired, the accumulated gains and losses, recognised in
other comprehensive income, are reclassified to retained earnings and will not be recycled to the income statement.
2.13 Financial assets held at FVPL
The Group holds loans and other debt like financial instruments at fair value with changes in fair value recognised
through profit or loss. Any gains or losses that arise when such instruments are disposed are recognised in operating
profit/(loss) within the income statement.
2.14 Trade and other receivables Trade receivables are recognised initially at their transaction price and subsequently measured at amortised cost less provision for impairment. Receivables are discounted where the time value of money is material. The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables and contract assets. These estimates are based on historic credit loss experience, adjusted for forward-looking factors specific to the debtors and macro-economic and specific country-risk considerations with higher default rates applied to older balances. In addition, if specific circumstances exist which would indicate that the receivable is irrecoverable a specific provision is made. A provision is made against trade receivables and contract assets until such time as the Group believes there to be no reasonable expectation of recovery, after which the trade receivable or contract asset balance is written off. 2.15 Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held on call with banks, together with other short-term highly liquid investments with original maturities of three months or less, that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Cash and cash equivalents include cash balances that are operated within a notional cash pooling arrangement, together with overdraft balances, which are presented separately in current liabilities in the statement of financial position when IAS 32 offsetting requirements are not met. Bank overdrafts are included under borrowings in the statement of financial position. For the purpose of the consolidated statement of cash flows, cash and cash equivalents, as defined above, is net of overdraft balances within the notional cash pooling arrangement and outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management. 2.16 Interest-bearing debt Interest-bearing bank loans, loan notes and overdrafts are initially measured at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest rate method. 2.17 Trade payables Trade payables are initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method. Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. 2.18 Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value. Changes in the fair value of the Group\u2019s derivative instruments are recognised immediately in the income statement . 2.19 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. When share capital is repurchased, the amount of consideration paid, including directly attributable costs, is recognised as a charge to equity. Repurchased shares which are not cancelled, or shares purchased for the Employee Benefit Trust and the Savills Rabbi Trust, are classified as treasury shares and presented as a deduction from total equity.
2.20 Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except
to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the year
end date in the countries where the Company and its subsidiaries operate and generate taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to
the tax authorities.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax
liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted
for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination
that at the time of the transaction affects neither accounting nor taxable profit or loss and does not give rise to equal
taxable and deductible temporary differences. Deferred income tax is determined using tax rates (and laws) that have
been enacted or substantively enacted by the year end date and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised and the carry forward of unused tax credits and
unused tax losses can be utilised, except when the deferred tax asset relating to the deductible temporary difference
arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal
taxable and deductible temporary differences.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and
associates except for deferred income tax liability where the timing of the reversal of the temporary difference is
controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. In
respect of deductible temporary differences associated with investments in subsidiaries, joint ventures and associates,
deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in
the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income tax
levied by the same taxation authority on either the same taxable entity or different taxable entities where there
is an intention to settle the balances on a net basis.
2.21 Pension obligations
The Group operates both defined benefit and defined contribution plans. A defined contribution plan is a pension
plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive
obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that defines an
amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors,
such as age, years of service and compensation.
The asset or liability recognised in the statement of financial position in respect of defined benefit pension plans is
the present value of the defined benefit obligations at the reporting date less the fair value of plan assets. The defined
benefit obligations are calculated annually by independent actuaries using the projected unit credit method. The
present value of the defined benefit obligations are determined by discounting the estimated future cash outflows.
The defined benefit scheme charge consists of net interest costs, past service costs and the impact of any settlements
or curtailments and is charged as an expense as they fall due.
All actuarial gains and losses are recognised immediately in other comprehensive income in the period in which they arise.
The net defined benefit cost is allocated amongst participating Group subsidiaries on the basis of pensionable salaries.
The Group also operates a defined contribution Group Personal Pension Plan for new entrants and a number of
defined contribution individual pension plans. Contributions in respect of defined contribution pension schemes are
charged to the income statement when they are payable. The Group has no further payment obligations once the
contributions have been paid. Prepaid contributions are recognised as an asset to the extent that a cash refund or
a reduction in the future payments is available.
2.22 Share-based payments
The Group operates equity-settled share-based compensation plans. The fair value of the employee services received
in exchange for the grant of the options is recognised as an expense.
All equity-settled share-based payments are measured at fair value at the date of grant. Fair value is predominantly
measured by use of the Actuarial Binomial option pricing model. The fair value determined at the grant date of the
equity-settled share-based payments is expensed on a straight-line basis over the vesting period. Market performance
conditions are reflected within the grant date fair value. Service and non-market performance conditions are included
in assumptions about the number of options that are expected to vest. At the end of each reporting period, the
Group revises its estimate of the number of options that are expected to vest based on the service and non-market
performance conditions. It recognises the impact of the revision to original estimates, if any, in the income statement,
with a corresponding adjustment to equity.
Any cash proceeds received net of any directly attributable transaction costs are credited to share capital (nominal
value) and share premium when the options are exercised.
The Company recognises the share-based payment charge relating to its employees in the income statement with
the share-based payment recharge relating to employees of the Group\u2019s subsidiaries recognised as an increase to the
Company\u2019s investment in subsidiary non-current asset on the Statement of Financial Position, with a corresponding
entry to the Company\u2019s share-based payment reserve. When contributions from the Group\u2019s subsidiaries are received,
these are recognised against the carrying value of the investment in subsidiary non-current asset to the extent that
they relate to the IFRS 2 charge.
2.23 Employee Benefit Trust and Savills Rabbi Trust
The Company has established the Savills plc 1992 Employee Benefit Trust (the \u2018EBT\u2019) and the Savills Rabbi Trust (the
\u2018Rabbi Trust\u2019), the purposes of which are to grant awards to employees, to acquire shares in the Company pursuant
to the Savills Deferred Share Bonus Plan and the Savills Deferred Share Plan and to hold shares in the Company for
subsequent transfer to employees on the vesting of the awards granted under the schemes. The assets and liabilities
of the EBT and Rabbi Trust are included in the Group statement of financial position. Investments in the Group\u2019s own
shares are shown as a deduction from equity.
From a Company perspective, cash contributions to the EBT are recognised as an investment in subsidiary non-current
asset. When treasury shares are transferred out of the EBT upon vesting, the related cost of investment in subsidiary
non-current asset is derecognised.
2.24 Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event,
it is probable that the Group will be required to settle that obligation and the amount has been reliably estimated.
Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the
reporting date and are discounted to present value where the effect is material, with the unwinding of the discount
included in finance costs.
(a) Professional indemnity claims
Provisions on professional indemnity claims are recognised when it is probable that the Group will be required to settle
claims against it as a result of a past event and the amount of the obligation can be reliably estimated. The Group
recognises a provision based on the expected settlement amount for the claim. A separate receivable from insurers
in relation to professional indemnity claims is recognised to the extent it is virtually certain of being received. This
receivable is recognised within other receivables.
(b) Dilapidation provisions
The Group is required to perform dilapidation repairs and restore properties to agreed specifications on leased
properties prior to the properties being vacated at the end of their lease term. Provision for such cost is made where
a legal obligation is identified and the liability can be reasonably quantified. The provisions are reviewed on an annual
basis for changes in cost estimates.
(c) Restructuring provisions
A provision is recognised when there is a present constructive obligation to meet the costs of restructure. This arises
when there is a detailed formal plan for the restructuring, identifying at least the business or part of the business
concerned, principal locations affected and the location, function and approximate number of employees to be
compensated for terminating their services and when the plan has been communicated to those affected by it,
raising an expectation that the plan will be carried out.
2.25 Revenue
The Group recognises revenue from the following major sources:
Residential property transactions
Commercial property transactions
Property consultancy services
Property and facilities management services
Investment management services
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts
collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service
to a customer.
(a) Residential property transactions
Generally, revenue is recognised at a point in time, when unconditional contracts are exchanged. Fees are a fixed
consideration or a fixed percentage of the transaction value and are invoiced to the client upon completion.
For new home developments revenue is recognised following the terms of the contract. In some instances revenue is
recognised on a staged basis, reflecting the Group\u2019s obligations to find a buyer and to further support the client after
exchange of contracts through to completion of the build and contract, which can be a number of years later. For these
developments, revenue recognition commences when the underlying contracts are exchanged, with total revenue from
the contract recognised by the date of completion in accordance with contractual terms. Fees are a fixed consideration
or a fixed percentage of the transaction value and are invoiced to the client at each contractual milestone, in line with
the recognition of revenue. In other instances, the revenue will be recognised when contracts are exchanged and the
transaction is unconditional. In these instances no further support is provided to the client after this point.
(b) Commercial property transactions
Generally, revenue is recognised at a point in time on the date of completion or when unconditional contracts have
been exchanged. Fees are a fixed consideration or a fixed percentage of the transaction value and are invoiced to the
client upon completion.
(c) Property consultancy services
The Group primarily provides a wide range of professional property services including valuation, building and housing
consultancy, environmental consultancy, development, planning, research, corporate services, landlord and tenant
services and strategic projects.
Generally, revenue is recognised over a period of time as services are rendered in accordance with the contract terms.
Fee arrangements include fixed fee arrangements and fee for service arrangements (\u2018time and materials\u2019).
For fixed-price contracts, revenue is recognised based on the stage of completion with reference to the actual services
provided to the end of the reporting period as a proportion of the total services to be provided under the contract.
This is determined on a contract by contract basis with reference to actual costs incurred in relation to the best
estimate of total costs expected for completion of the contract or using a milestone based approach, depending on
the contract terms.
For fee-for-service contracts, revenue is recognised up to the amount of fees that the Group is entitled to invoice for
services performed to date based on contracted rates.
Payment arrangements vary between contracts, ranging from monthly retainers, monthly invoicing, quarterly
invoicing, invoicing upon reaching certain milestones in the contract or payment upon completion of the final
performance obligation in the contract. As a result, services rendered under a contract will often exceed consideration
received from a customer and a contract asset will be recognised. If payments exceed services rendered, a contract
liability will be recognised.
In some instances, revenue will be recognised at a point in time upon delivery of the final report to the client. This
is often the case for standalone valuation reports where the performance obligation is the provision of a property
valuation report to the client. The Group is entitled to invoice the customer when the final report has been issued,
at which point payment will be due.
(d) Property and facilities management services
The Group primarily manages commercial, industrial, residential, leisure and agricultural property for owners.
The primary performance obligation relates to the ongoing management of a property where revenue is recognised
over a period of time as services are rendered in accordance with the contract terms. Revenue is recognised over the
life of a contract on a straight-line basis, which is in line with the satisfaction of the performance obligation.
Payment arrangements vary between contracts. The majority of customers are invoiced monthly or quarterly in
advance, with consideration payable upon the issue of an invoice. Where invoicing is in advance a contract liability will
be recognised.
In some property management arrangements, the Group is required to evaluate whether it is the principal (report
revenues on a gross basis) or agent (report revenues on a net basis). Where the primary performance obligation of the
contract relates to the arrangement of services for a customer rather than the responsibility to provide the services,
the Group is considered the agent and the mark-up for the sub-contracted services will be recognised as revenue
(revenues reported on a net basis).
For leasing fees and management fees on repairs or other ad hoc property management services outside of the
standard contract terms, revenue is recognised at a point in time upon completion of the performance obligation.
In these instances, the invoice would be raised to the customer upon completion of the performance obligation and
payment due at this time.
(e) Investment management services
Base management fees are received for the provision of fund and asset management services. Fund management
fees are typically either fixed or calculated as a fixed percentage of the net asset value or gross asset value of the
underlying portfolio of investments on a quarterly basis. Asset management fees are typically calculated as a fixed
percentage of gross rental income or passing rents on a quarterly basis. Fees are estimated based on the previous
quarter\u2019s actual values and variances to these estimates are recognised in the following quarter. Revenue is recognised
over a period of time as services are rendered in accordance with the contract terms. Revenue is recognised over the
life of a contract on a straight-line basis, which is in line with the satisfaction of the performance obligation. Customers
are generally invoiced quarterly in advance with consideration payable upon the issue of an invoice, as a result a
contract liability will be recognised as the payments received will exceed services rendered.
Transaction fees are received for the coordination and management of the due diligence in connection with
acquisitions and sales of assets for customers. Transaction fees are calculated as a fixed percentage on the purchase
or sales price and are recognised at a point in time upon unconditional exchange of contracts.
Performance fees are received when a fund\u2019s performance exceeds a designated return hurdle rate or pre-defined
benchmark or when the sale of individual assets exceeds a designated return hurdle rate. The Group estimates fees
for this variable fee arrangement using a most likely amount approach on a contract by contract basis. Variable
consideration is included in revenue only to the extent that it is highly probable that the amount will not be subject
to significant reversal when the uncertainty is resolved.
(f) Financing components
For contracts where the period between the transfer of the promised goods or services to the customer and
payment by the customer exceeds one year, the transaction price is adjusted for the time value money. The financing
component is recognised within finance costs or finance income in the income statement.
(g) Costs of obtaining a contract
In the Investment Management business the Group pays placement fees to third parties for sourcing new investors
(the customer) and equity for a fund. These costs are capitalised and amortised on a straight-line basis over the life of
the fund, consistent with the pattern of transfer of service to which the asset relates. The amortisation of these costs
are recognised in the income statement, within other operating expenses.
Incremental costs of obtaining a contract are recognised in the income statement, within other operating expenses,
when incurred when the amortisation period of the asset that would otherwise have been recognised is less than
a year.
2.26 Leases
The Group enters into lease agreements for the use of buildings, equipment and motor vehicles. Lease terms are
negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements
do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased
assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use asset and a corresponding lease liability for future lease payables at the date
at which the leased asset is available for use by the Group. Depreciation of the right-of-use asset will be recognised in
the income statement on a straight-line basis, with interest recognised on the lease liability.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
fixed payments (including in-substance fixed payments), less any lease incentives receivable;
variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the
commencement date;
amounts expected to be payable by the Group under residual value guarantees;
the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and
payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the
liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being
the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value
to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are
not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate
take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and interest cost. The finance cost is charged to the income
statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period.
Right-of-use assets are measured at cost comprising the following:
the amount of the initial measurement of lease liability;
any lease payments made at or before the commencement date less any lease incentives received;
any initial direct costs; and
restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on
a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying asset\u2019s useful life. An asset\u2019s carrying amount is written down immediately to its
recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are
recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease
term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.
Extension and termination options are included in a number of property and equipment leases across the Group.
These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The
majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
2.27 Dividends
Dividend distributions are recognised as a liability in the Group\u2019s financial statements in the period in which they are
approved by the Company\u2019s Shareholders.
2.28 Adoption of standards, amendments and interpretations to standards Standards, amendments and interpretations endorsed by the UK and mandatorily effective for the first time for the financial year beginning 1 January 2023 are not relevant or considered to have a significant impact on the Group and its financial statements. Finance (No 2) Bill 2023, that includes Pillar Two legislation, was substantively enacted in the UK on 20 June 2023, to apply for periods commencing 1 January 2024. Pillar Two Model Rules (Amendments to IAS 12) as issued in May 2023, was adopted as from that date. The amendments to IAS 12 introduce a temporary mandatory relief from accounting for deferred tax that arise from legislation implementing OECD Pillar Two. As required by the amendments to IAS 12 the Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Under the legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. Since Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. Management\u2019s assessment of the Group\u2019s potential exposure to additional top-up tax based on current forecasts has identified some entities within the Group that may have an effective tax rate below 15% however operations in these entities are not significant and the value of the additional top-up tax would not be material for the Group. Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted or substantively enacted legislation is not yet reasonably estimable. Therefore, even for those entities with an accounting effective tax rate above 15%, there might still be Pillar Two tax implications. The Group is currently engaged with tax specialists to assist it with applying the legislation. There are no standards, amendments and interpretations to standards that are not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions with the exception of the amendments to IFRS 7: Financial Instruments Disclosures and IAS 7 Statement of Cash Flows with respect to supplier finance arrangements, which is effective for reporting periods commencing 1 January 2024. These amendments require additional disclosures with respect to supplier finance arrangements that exist within the Group, including the terms and conditions of the arrangements, the value of such liabilities presented in trade and other payables and ranges of payment due dates. The Group has commenced a review of its arrangements to ensure the required disclosure information can be made as at 31 December 2024 .", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "value": "1. General information Savills plc (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) is a global real estate services group. The Group operates through a network of offices in the UK, Europe, Asia Pacific, North America, Africa and the Middle East. Savills plc is listed on the London Stock Exchange and employed a monthly average of 42,080 staff worldwide during 2023. The Company is a public limited company incorporated and domiciled in England, United Kingdom. The address of its registered office is 33 Margaret Street, London W1G 0JD. The Company\u2019s registered number is 2122174. These consolidated financial statements were approved for issue by the Board of Directors on 13 March 2024. The Board of Directors have the power to amend the financial statements after issue. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "Savills plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-499": { "value": "Savills plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "UK, Europe, Asia Pacific, North America, Africa and the Middle East", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "Savills plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-500": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-11": { "value": "33 Margaret Street, London W1G 0JD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-560": { "value": "These consolidated financial statements were approved for issue by the Board of Directors on 13 March 2024. The Board of Directors have the power to amend the financial statements after issue. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "value": "2.1 Basis of preparation These financial statements have been prepared in accordance with UK adopted international accounting standards (\u2018IFRS\u2019) and, as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006. The financial statements are prepared on a going concern basis and under the historical cost convention as modified by the revaluation of loans receivable, equity investments held at FVOCI, financial assets held at FVPL and derivative financial instruments held at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and for management to exercise judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4. In preparing the financial statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. These considerations included the limited exposure in terms of tangible assets, including in our investment management business where we do not own the properties, as well as our current assessment that the transition costs to a low carbon economy will be outweighed by alternative business opportunities, therefore not impacting the recoverability of our intangible assets. On this basis, we concluded that climate change did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that this is not expected to have a significant impact on the Group\u2019s going concern or viability assessment. As permitted by Section 408 of the Companies Act 2006, the income statement and statement of comprehensive income of the Company are not presented as part of these financial statements. The Company has produced its own income statement and statement of comprehensive income for approval by its Board. The Company receives dividends from subsidiaries and charges subsidiaries for the provision of Group-related services. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-561": { "value": "These financial statements have been prepared in accordance with UK adopted international accounting standards (\u2018IFRS\u2019) and, as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "value": "2.2 Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the Group, its cash flows and liquidity position are described in the Chief Financial Officer\u2019s Review, with details of the Group\u2019s treasury activities and exposure to financial risk included in Note 3 to the Consolidated Financial Statements. The Group has prepared its going concern assessment for the period to the end of June 2025. As in prior years, the Board undertook a strategic business review in the current year, taking account of the Group\u2019s current position and prospects, the Group\u2019s strategic plan, and the Group\u2019s principal risks and the management of those risks, as detailed in the Annual Report and the Board\u2019s risk appetite as detailed in the Strategic Report. Sensitivity analysis was also undertaken, including financing projections, to flex the financial forecasts under several severe downside scenarios, which involved applying different assumptions to the underlying forecasted revenues, costs and underlying profits both individually and in aggregate. These scenarios assess the potential impact from several macro-economic risks, including a severe global economic downturn analogous to that experienced during the Global Financial Crisis in 2008/09. The results of this sensitivity analysis showed that the Group would retain liquidity and maintain significant available facility and covenant headroom to be able to withstand the impact of such scenarios over the period of the financial forecast, as a result of the resilience and diversity of the Group, underpinned by a strong balance sheet. Based on the Group\u2019s positive net cash position of \u00a3157.3m (cash and cash equivalents less overdrafts in notional pooling arrangements and borrowings) and undrawn \u00a3360.0m revolving credit facility at the year end, as described in the Chief Financial Officer\u2019s review, combined with the assessment explained above, the Directors have formed the judgement at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue as a going concern for a period of at least 12 months from the date of the approval of the financial statements until at least June 2025. For this reason, they continue to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "value": "2.3 Use of non-GAAP measures The Group believes that the consistent presentation of underlying profit before tax, underlying effective tax rate, underlying basic earnings per share and underlying diluted earnings per share provides additional useful information to Shareholders on the underlying trends and comparable performance of the Group over time by excluding significant non-operational costs/income from the GAAP measures. The \u2018underlying\u2019 measures are also used by the Group for internal performance analysis and incentive compensation arrangements for employees. These terms are not defined terms under IFRS and may therefore not be comparable with similarly-titled profit measures reported by other companies. They are not intended to be a substitute for, or superior to, GAAP measures. The non-GAAP measures may be materially higher or lower than GAAP measures and should not be regarded as a complete picture of the Group\u2019s financial performance. In particular, underlying profit before tax may be materially higher or lower than reported profit before tax as a result of the adjustments. The term \u2018underlying\u2019 refers to the relevant measure of profit, earnings or taxation being reported mainly excluding the impact (pre and post-tax where applicable) of the following items: the difference between IFRS 2 charges related to outstanding bonus-related deferred share awards and the estimated value of the current year bonus pool expected to be allocated to deferred share awards; amortisation of intangible assets arising from business combinations (this excludes software or other pre-existing intangible assets of the acquiree); items that are considered significant in size and non-operational in nature including restructuring costs, impairments of goodwill and intangible assets arising from business combinations and profits or losses arising on disposals of subsidiaries and other investments; and significant transaction-related costs associated with business combinations. The majority of adjustments made to the GAAP measures to arrive at \u2018underlying\u2019 measures relate to charges arising as a result of business combinations. The nature of the Group\u2019s business and the businesses that the Group acquires (being \u2018asset light\u2019 people businesses) require the Group to structure business acquisitions such that often payment of deferred consideration is linked to recipients\u2019 continuing and active engagement in the business at the date of the deferred payment, with these payments required to be expensed to the income statement under IFRS 3. For internal performance analysis and incentive compensation arrangements, these charges are considered part of the initial cost of acquiring a business, instead of an ongoing operational cost, and are therefore excluded from the Group\u2019s \u2018underlying\u2019 measures. The same rationale is applied to the exclusion of amortisation of intangible assets arising from business combinations (excluding software or other pre-existing intangible assets of the acquiree), any impairments of goodwill and the aforementioned intangible assets, significant transaction-related costs associated with business combinations and significant restructuring costs. These items are not considered to reflect the business\u2019s trading performance and so are adjusted to ensure consistency between periods. The adjustment for share-based payments relates to the impact of the accounting standard for share-based compensation. The annual bonus is paid in a mixture of cash and deferred shares and the proportions can vary from one year to another. Under IFRS, the deferred share element is amortised to the income statement over the vesting period whilst the cash element is expensed in the year. The adjustment above addresses this by adding to or deducting from profit the difference between the IFRS 2 charge in relation to outstanding bonus-related share awards and the estimated value of the current year bonus pool to be awarded in deferred shares. This adjustment is made to align the underlying staff cost in the year with the revenue recognised in the same period, providing additional information on the Group\u2019s performance over time with respect to profitability. The underlying effective tax rate represents the underlying income tax expense expressed as a percentage of underlying profit before tax. The underlying income tax expense is the income tax expense excluding the tax effect of the adjustments made to arrive at underlying profit before tax and other tax effects related to these adjustments. Underlying basic earnings per share and underlying diluted earnings per share both utilise the underlying profit after tax measure instead of GAAP earnings. The weighted average number of shares remain the same as the GAAP measure. The Group also refers to revenue and underlying profit on a constant currency basis which are both non-GAAP measures. Constant currency results are calculated by translating the current year revenue and underlying profit using the prior year exchange rates. This measure allows the Group to assess the results of the current year compared to the prior year, excluding the impact of foreign currency movements. A reconciliation between GAAP and underlying measures are set out in Note 8 (underlying profit before tax) and Note 14.2 (underlying basic earnings per share and underlying diluted earnings per share). ", "dimensions": { "concept": "savillsplc:DescriptionOfAccountingPolicyForNonGAAPMeasures", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-562": { "value": "The term \u2018underlying\u2019 refers to the relevant measure of profit, earnings or taxation being reported mainly excluding the impact (pre and post-tax where applicable) of the following items: the difference between IFRS 2 charges related to outstanding bonus-related deferred share awards and the estimated value of the current year bonus pool expected to be allocated to deferred share awards; amortisation of intangible assets arising from business combinations (this excludes software or other pre-existing intangible assets of the acquiree); items that are considered significant in size and non-operational in nature including restructuring costs, impairments of goodwill and intangible assets arising from business combinations and profits or losses arising on disposals of subsidiaries and other investments; and significant transaction-related costs associated with business combinations. The majority of adjustments made to the GAAP measures to arrive at \u2018underlying\u2019 measures relate to charges arising as a result of business combinations. The nature of the Group\u2019s business and the businesses that the Group acquires (being \u2018asset light\u2019 people businesses) require the Group to structure business acquisitions such that often payment of deferred consideration is linked to recipients\u2019 continuing and active engagement in the business at the date of the deferred payment, with these payments required to be expensed to the income statement under IFRS 3. For internal performance analysis and incentive compensation arrangements, these charges are considered part of the initial cost of acquiring a business, instead of an ongoing operational cost, and are therefore excluded from the Group\u2019s \u2018underlying\u2019 measures. The same rationale is applied to the exclusion of amortisation of intangible assets arising from business combinations (excluding software or other pre-existing intangible assets of the acquiree), any impairments of goodwill and the aforementioned intangible assets, significant transaction-related costs associated with business combinations and significant restructuring costs. These items are not considered to reflect the business\u2019s trading performance and so are adjusted to ensure consistency between periods. The adjustment for share-based payments relates to the impact of the accounting standard for share-based compensation. The annual bonus is paid in a mixture of cash and deferred shares and the proportions can vary from one year to another. Under IFRS, the deferred share element is amortised to the income statement over the vesting period whilst the cash element is expensed in the year. The adjustment above addresses this by adding to or deducting from profit the difference between the IFRS 2 charge in relation to outstanding bonus-related share awards and the estimated value of the current year bonus pool to be awarded in deferred shares. This adjustment is made to align the underlying staff cost in the year with the revenue recognised in the same period, providing additional information on the Group\u2019s performance over time with respect to profitability. The underlying effective tax rate represents the underlying income tax expense expressed as a percentage of underlying profit before tax. The underlying income tax expense is the income tax expense excluding the tax effect of the adjustments made to arrive at underlying profit before tax and other tax effects related to these adjustments. Underlying basic earnings per share and underlying diluted earnings per share both utilise the underlying profit after tax measure instead of GAAP earnings. The weighted average number of shares remain the same as the GAAP measure. The Group also refers to revenue and underlying profit on a constant currency basis which are both non-GAAP measures. Constant currency results are calculated by translating the current year revenue and underlying profit using the prior year exchange rates. This measure allows the Group to assess the results of the current year compared to the prior year, excluding the impact of foreign currency movements. A reconciliation between GAAP and underlying measures are set out in Note 8 (underlying profit before tax) and Note 14.2 (underlying basic earnings per share and underlying diluted earnings per share). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-563": { "value": "2.4 Consolidation The consolidated financial statements include those of the Company and its subsidiary undertakings, together with the Group\u2019s share of results of its associates and joint ventures. (a) Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Profits and losses resulting from intercompany transactions that are recognised in assets are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Investments in subsidiaries held by the Company are held at cost, less any provision for impairment. (b) Acquisition of subsidiaries The Group applies the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Contingent consideration only applies to situations where contingent payments are not dependent on future employment of vendors. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. Payments dependent on future employment are expensed to the income statement over the relevant period of employment as required by IFRS 3 (revised). Acquisition-related costs are expensed as incurred. (c) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. (d) Disposal of subsidiaries If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. Profit or loss on disposal of subsidiaries is recognised in profit or loss as other gains/(losses). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "value": "2.4 Consolidation The consolidated financial statements include those of the Company and its subsidiary undertakings, together with the Group\u2019s share of results of its associates and joint ventures. (a) Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Profits and losses resulting from intercompany transactions that are recognised in assets are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Investments in subsidiaries held by the Company are held at cost, less any provision for impairment. (b) Acquisition of subsidiaries The Group applies the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Contingent consideration only applies to situations where contingent payments are not dependent on future employment of vendors. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. Payments dependent on future employment are expensed to the income statement over the relevant period of employment as required by IFRS 3 (revised). Acquisition-related costs are expensed as incurred. (c) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. (d) Disposal of subsidiaries If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. Profit or loss on disposal of subsidiaries is recognised in profit or loss as other gains/(losses). (e) Associates and joint ventures Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition (see Note 18.1). The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in the income statement with a corresponding adjustment to the carrying amount of the investment. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group\u2019s share of losses in an associate or joint venture equals or exceeds its interest in the associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture) the Group does not recognise further losses unless it has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of associates and joint ventures is tested for impairment in accordance with the policy described in Note 2.10. Profit or loss on disposal of associates and joint ventures is recognised in profit or loss as other gains/(losses). (f) Investment management funds The Investment Management business enters in to strategic partnerships and mandates to provide asset management or investment advisory services to external clients, and in certain instances also has an interest in the fund general partner or in co-investment schemes (the Savills Investment Management funds). In its role as fund manager, the Investment Management business is considered by management to be acting as an agent which does not have control under IFRS 10 and therefore the Savills Investment Management funds are not consolidated as part of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-605": { "value": "(a) Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Profits and losses resulting from intercompany transactions that are recognised in assets are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Investments in subsidiaries held by the Company are held at cost, less any provision for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-606": { "value": "(b) Acquisition of subsidiaries The Group applies the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Contingent consideration only applies to situations where contingent payments are not dependent on future employment of vendors. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. Payments dependent on future employment are expensed to the income statement over the relevant period of employment as required by IFRS 3 (revised). Acquisition-related costs are expensed as incurred. 2.8 Goodwill Goodwill represents the excess of the cost of acquisition of a subsidiary or associate over the Group\u2019s share of the fair value of identifiable net assets acquired. Goodwill is carried at cost less accumulated impairment losses. Separately recognised goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognised for the amount by which the carrying value exceeds the recoverable amount. The recoverable amount is the higher of value-in-use and fair value less costs of disposal. Impairment losses on goodwill are not reversed. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or Groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The Group allocates goodwill to each business segment in the geographical region in which it operates (Note 15). Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. In respect of associates and joint ventures, goodwill is included in the carrying value of the investment and is not tested for impairment separately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-607": { "value": "(c) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-621": { "value": "(e) Associates and joint ventures Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition (see Note 18.1). The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in the income statement with a corresponding adjustment to the carrying amount of the investment. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group\u2019s share of losses in an associate or joint venture equals or exceeds its interest in the associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture) the Group does not recognise further losses unless it has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of associates and joint ventures is tested for impairment in accordance with the policy described in Note 2.10. Profit or loss on disposal of associates and joint ventures is recognised in profit or loss as other gains/(losses). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-608": { "value": "(e) Associates and joint ventures Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition (see Note 18.1). The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in the income statement with a corresponding adjustment to the carrying amount of the investment. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group\u2019s share of losses in an associate or joint venture equals or exceeds its interest in the associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture) the Group does not recognise further losses unless it has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of associates and joint ventures is tested for impairment in accordance with the policy described in Note 2.10. Profit or loss on disposal of associates and joint ventures is recognised in profit or loss as other gains/(losses). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-564": { "value": "(e) Associates and joint ventures Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition (see Note 18.1). The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in the income statement with a corresponding adjustment to the carrying amount of the investment. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the Group\u2019s share of losses in an associate or joint venture equals or exceeds its interest in the associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture) the Group does not recognise further losses unless it has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group\u2019s interest in the associate or joint venture. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of associates and joint ventures is tested for impairment in accordance with the policy described in Note 2.10. Profit or loss on disposal of associates and joint ventures is recognised in profit or loss as other gains/(losses). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "value": "2.5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Group Executive Board (\u2018GEB\u2019). A business segment is a Group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that is subject to risks and returns that are different from those of segments operating in other economic environments. The GEB primarily manages the business based on the geographic location in which the Group operates, with the Investment Management business being managed separately. As the Group is strongly affected by both differences in the types of services it provides and the geographical areas in which it operates, the matrix approach of disclosing both the business and geographical segments format is used. Revenues and expenses are allocated to segments on the basis that they are directly attributable or the relevant portion can be allocated on a reasonable basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "value": "2.6 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in sterling, which is also the Company\u2019s functional and presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges. Translation differences on non-monetary financial assets and liabilities are reported as part of the fair value gain or loss and are recognised in the income statement, except for financial assets held at FVOCI, which are recognised in other comprehensive income. Non-monetary items carried at historical cost are reported using the exchange rate at the date of the transaction. (c) Group entities The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to the Group\u2019s presentational currency at foreign exchange rates ruling at the reporting date. Exchange differences arising from this translation of foreign operations are recognised in other comprehensive income and taken to the foreign exchange reserve. When a foreign operation is disposed of, in part or in full, the relevant amount in the foreign exchange reserve is transferred to the income statement. The income and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-565": { "value": "(a) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in sterling, which is also the Company\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-510": { "value": "2.7 Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure directly attributable to acquisition. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Provision for depreciation is made at rates calculated on a straight-line basis to write off the assets over their estimated useful lives as follows:
Freehold property
50 years
Short leasehold property (less than 50 years)
Lower of estimated useful life and unexpired term of lease
Equipment and motor vehicles
3\u201310 years
Residual values and useful lives are reviewed and adjusted if appropriate at each reporting date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "Provision for depreciation is made at rates calculated on a straight-line basis to write off the assets over their estimated useful lives as follows:
Freehold property
50 years
Short leasehold property (less than 50 years)
Lower of estimated useful life and unexpired term of lease
Equipment and motor vehicles
3\u201310 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-509": { "value": "2.8 Goodwill Goodwill represents the excess of the cost of acquisition of a subsidiary or associate over the Group\u2019s share of the fair value of identifiable net assets acquired. Goodwill is carried at cost less accumulated impairment losses. Separately recognised goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognised for the amount by which the carrying value exceeds the recoverable amount. The recoverable amount is the higher of value-in-use and fair value less costs of disposal. Impairment losses on goodwill are not reversed. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or Groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The Group allocates goodwill to each business segment in the geographical region in which it operates (Note 15). Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. In respect of associates and joint ventures, goodwill is included in the carrying value of the investment and is not tested for impairment separately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-567": { "value": "2.8 Goodwill Goodwill represents the excess of the cost of acquisition of a subsidiary or associate over the Group\u2019s share of the fair value of identifiable net assets acquired. Goodwill is carried at cost less accumulated impairment losses. Separately recognised goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognised for the amount by which the carrying value exceeds the recoverable amount. The recoverable amount is the higher of value-in-use and fair value less costs of disposal. Impairment losses on goodwill are not reversed. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or Groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The Group allocates goodwill to each business segment in the geographical region in which it operates (Note 15). Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. In respect of associates and joint ventures, goodwill is included in the carrying value of the investment and is not tested for impairment separately. 2.9 Intangible assets other than goodwill Intangible assets arising from business combinations and incremental contract costs are valued at fair value on acquisition and amortised over the useful life. Fair value on acquisition is determined by third party valuation where the acquisition is significant. Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Measurement subsequent to initial recognition is at cost less accumulated amortisation and impairment. Amortisation charges are spread on a straight-line basis over the period of the assets\u2019 estimated useful lives as follows:
Customer relationships
3\u201315 years
Order backlogs
2\u20134 years
Contracts \u2013 investment, property management and other existing business contracts
2\u201320 years
Brands
10 years
Computer software
3\u20137 years
Acquired investment management contracts relating to open-ended funds have been attributed indefinite useful lives, reflecting the open-ended nature of the funds, the Group\u2019s intention to continue with the management of the funds and the expectation that these contracts are expected to generate net cash inflows for the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-511": { "value": "2.9 Intangible assets other than goodwill Intangible assets arising from business combinations and incremental contract costs are valued at fair value on acquisition and amortised over the useful life. Fair value on acquisition is determined by third party valuation where the acquisition is significant. Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Measurement subsequent to initial recognition is at cost less accumulated amortisation and impairment. Amortisation charges are spread on a straight-line basis over the period of the assets\u2019 estimated useful lives as follows:
Customer relationships
3\u201315 years
Order backlogs
2\u20134 years
Contracts \u2013 investment, property management and other existing business contracts
2\u201320 years
Brands
10 years
Computer software
3\u20137 years
Acquired investment management contracts relating to open-ended funds have been attributed indefinite useful lives, reflecting the open-ended nature of the funds, the Group\u2019s intention to continue with the management of the funds and the expectation that these contracts are expected to generate net cash inflows for the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-568": { "value": "2.10 Impairment of other non-financial assets Assets that have indefinite useful lives are not subject to amortisation or depreciation and are tested annually for impairment or whenever an indicator of impairment exists. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever an indicator of impairment exists. An impairment loss is recognised to the extent that the carrying value exceeds the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date. Value-in-use is determined using the discounted cash flow method, with an appropriate discount rate to reflect market rates and specific risks associated with the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-512": { "value": "2.10 Impairment of other non-financial assets Assets that have indefinite useful lives are not subject to amortisation or depreciation and are tested annually for impairment or whenever an indicator of impairment exists. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever an indicator of impairment exists. An impairment loss is recognised to the extent that the carrying value exceeds the higher of the asset\u2019s fair value less cost to sell and its value-in-use. Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date. Value-in-use is determined using the discounted cash flow method, with an appropriate discount rate to reflect market rates and specific risks associated with the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-513": { "value": "2.11 Financial instruments Financial assets and liabilities are recognised on the Group\u2019s statement of financial position at fair value or amortised cost when the Group becomes party to the contractual provisions of the instrument. Subsequent measurement depends on the classification (see Notes 2.12\u20132.18). 2.12 Financial assets held at FVOCI The Group has made an irrevocable election at initial recognition for equity investments to be classified as FVOCI (fair value through other comprehensive income). Changes in fair value are recognised through other comprehensive income rather than profit or loss. Dividends from these investments are recognised in profit or loss as other operating income. When such investments are disposed or become impaired, the accumulated gains and losses, recognised in other comprehensive income, are reclassified to retained earnings and will not be recycled to the income statement. 2.13 Financial assets held at FVPL The Group holds loans and other debt like financial instruments at fair value with changes in fair value recognised through profit or loss. Any gains or losses that arise when such instruments are disposed are recognised in operating profit/(loss) within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-569": { "value": "2.11 Financial instruments Financial assets and liabilities are recognised on the Group\u2019s statement of financial position at fair value or amortised cost when the Group becomes party to the contractual provisions of the instrument. Subsequent measurement depends on the classification (see Notes 2.12\u20132.18). 2.12 Financial assets held at FVOCI The Group has made an irrevocable election at initial recognition for equity investments to be classified as FVOCI (fair value through other comprehensive income). Changes in fair value are recognised through other comprehensive income rather than profit or loss. Dividends from these investments are recognised in profit or loss as other operating income. When such investments are disposed or become impaired, the accumulated gains and losses, recognised in other comprehensive income, are reclassified to retained earnings and will not be recycled to the income statement. 2.13 Financial assets held at FVPL The Group holds loans and other debt like financial instruments at fair value with changes in fair value recognised through profit or loss. Any gains or losses that arise when such instruments are disposed are recognised in operating profit/(loss) within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-610": { "value": "2.11 Financial instruments Financial assets and liabilities are recognised on the Group\u2019s statement of financial position at fair value or amortised cost when the Group becomes party to the contractual provisions of the instrument. Subsequent measurement depends on the classification (see Notes 2.12\u20132.18). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-609": { "value": "2.12 Financial assets held at FVOCI The Group has made an irrevocable election at initial recognition for equity investments to be classified as FVOCI (fair value through other comprehensive income). Changes in fair value are recognised through other comprehensive income rather than profit or loss. Dividends from these investments are recognised in profit or loss as other operating income. When such investments are disposed or become impaired, the accumulated gains and losses, recognised in other comprehensive income, are reclassified to retained earnings and will not be recycled to the income statement. 2.13 Financial assets held at FVPL The Group holds loans and other debt like financial instruments at fair value with changes in fair value recognised through profit or loss. Any gains or losses that arise when such instruments are disposed are recognised in operating profit/(loss) within the income statement. 2.18 Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value. Changes in the fair value of the Group\u2019s derivative instruments are recognised immediately in the income statement ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-622": { "value": "2.13 Financial assets held at FVPL The Group holds loans and other debt like financial instruments at fair value with changes in fair value recognised through profit or loss. Any gains or losses that arise when such instruments are disposed are recognised in operating profit/(loss) within the income statement.
2.18 Derivative financial instruments
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently
remeasured at fair value. Changes in the fair value of the Group\u2019s derivative instruments are recognised immediately in
the income statement .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-514": { "value": "
2.14 Trade and other receivables
Trade receivables are recognised initially at their transaction price and subsequently measured at amortised cost less
provision for impairment. Receivables are discounted where the time value of money is material.
The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits
the use of the lifetime expected loss provision for all trade receivables and contract assets. These estimates are based
on historic credit loss experience, adjusted for forward-looking factors specific to the debtors and macro-economic
and specific country-risk considerations with higher default rates applied to older balances.
In addition, if specific circumstances exist which would indicate that the receivable is irrecoverable a specific provision
is made. A provision is made against trade receivables and contract assets until such time as the Group believes there
to be no reasonable expectation of recovery, after which the trade receivable or contract asset balance is written off.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-515": { "value": "
2.15 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held on call with banks, together with other short-term
highly liquid investments with original maturities of three months or less, that are readily convertible to a known
amount of cash and are subject to an insignificant risk of changes in value. Cash and cash equivalents include cash
balances that are operated within a notional cash pooling arrangement, together with overdraft balances, which are
presented separately in current liabilities in the statement of financial position when IAS 32 offsetting requirements
are not met. Bank overdrafts are included under borrowings in the statement of financial position.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents, as defined above, is net
of overdraft balances within the notional cash pooling arrangement and outstanding bank overdrafts as they are
considered an integral part of the Group\u2019s cash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-517": { "value": "
2.16 Interest-bearing debt
Interest-bearing bank loans, loan notes and overdrafts are initially measured at fair value, net of transaction costs
incurred, and subsequently measured at amortised cost using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-570": { "value": "2.16 Interest-bearing debt Interest-bearing bank loans, loan notes and overdrafts are initially measured at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-516": { "value": "
2.17 Trade payables
Trade payables are initially measured at fair value and subsequently measured at amortised cost using the effective
interest rate method. Trade payables are classified as current liabilities if payment is due within one year or less. If not,
they are presented as non-current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-518": { "value": "2.18 Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at fair value. Changes in the fair value of the Group\u2019s derivative instruments are recognised immediately in the income statement . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-519": { "value": "
2.19 Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options
are shown in equity as a deduction, net of tax, from the proceeds. When share capital is repurchased, the amount of
consideration paid, including directly attributable costs, is recognised as a charge to equity. Repurchased shares which
are not cancelled, or shares purchased for the Employee Benefit Trust and the Savills Rabbi Trust, are classified as
treasury shares and presented as a deduction from total equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-571": { "value": "When share capital is repurchased, the amount of consideration paid, including directly attributable costs, is recognised as a charge to equity. Repurchased shares which are not cancelled, or shares purchased for the Employee Benefit Trust and the Savills Rabbi Trust, are classified as treasury shares and presented as a deduction from total equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-520": { "value": "2.20 Taxation The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the year end date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the year end date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised and the carry forward of unused tax credits and unused tax losses can be utilised, except when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. In respect of deductible temporary differences associated with investments in subsidiaries, joint ventures and associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-572": { "value": "Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the year end date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised and the carry forward of unused tax credits and unused tax losses can be utilised, except when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. In respect of deductible temporary differences associated with investments in subsidiaries, joint ventures and associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-521": { "value": "2.21 Pension obligations The Group operates both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors, such as age, years of service and compensation. The asset or liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligations at the reporting date less the fair value of plan assets. The defined benefit obligations are calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligations are determined by discounting the estimated future cash outflows. The defined benefit scheme charge consists of net interest costs, past service costs and the impact of any settlements or curtailments and is charged as an expense as they fall due. All actuarial gains and losses are recognised immediately in other comprehensive income in the period in which they arise. The net defined benefit cost is allocated amongst participating Group subsidiaries on the basis of pensionable salaries. The Group also operates a defined contribution Group Personal Pension Plan for new entrants and a number of defined contribution individual pension plans. Contributions in respect of defined contribution pension schemes are charged to the income statement when they are payable. The Group has no further payment obligations once the contributions have been paid. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-522": { "value": "2.22 Share-based payments The Group operates equity-settled share-based compensation plans. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. All equity-settled share-based payments are measured at fair value at the date of grant. Fair value is predominantly measured by use of the Actuarial Binomial option pricing model. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period. Market performance conditions are reflected within the grant date fair value. Service and non-market performance conditions are included in assumptions about the number of options that are expected to vest. At the end of each reporting period, the Group revises its estimate of the number of options that are expected to vest based on the service and non-market performance conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. Any cash proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The Company recognises the share-based payment charge relating to its employees in the income statement with the share-based payment recharge relating to employees of the Group\u2019s subsidiaries recognised as an increase to the Company\u2019s investment in subsidiary non-current asset on the Statement of Financial Position, with a corresponding entry to the Company\u2019s share-based payment reserve. When contributions from the Group\u2019s subsidiaries are received, these are recognised against the carrying value of the investment in subsidiary non-current asset to the extent that they relate to the IFRS 2 charge. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-523": { "value": "2.23 Employee Benefit Trust and Savills Rabbi Trust The Company has established the Savills plc 1992 Employee Benefit Trust (the \u2018EBT\u2019) and the Savills Rabbi Trust (the \u2018Rabbi Trust\u2019), the purposes of which are to grant awards to employees, to acquire shares in the Company pursuant to the Savills Deferred Share Bonus Plan and the Savills Deferred Share Plan and to hold shares in the Company for subsequent transfer to employees on the vesting of the awards granted under the schemes. The assets and liabilities of the EBT and Rabbi Trust are included in the Group statement of financial position. Investments in the Group\u2019s own shares are shown as a deduction from equity. From a Company perspective, cash contributions to the EBT are recognised as an investment in subsidiary non-current asset. When treasury shares are transferred out of the EBT upon vesting, the related cost of investment in subsidiary non-current asset is derecognised. ", "dimensions": { "concept": "savillsplc:DescriptionOfAccountingPolicyForEmployeeBenefitTrustAndSavillsRabbiTrust", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-524": { "value": "2.24 Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that the Group will be required to settle that obligation and the amount has been reliably estimated. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material, with the unwinding of the discount included in finance costs. (a) Professional indemnity claims Provisions on professional indemnity claims are recognised when it is probable that the Group will be required to settle claims against it as a result of a past event and the amount of the obligation can be reliably estimated. The Group recognises a provision based on the expected settlement amount for the claim. A separate receivable from insurers in relation to professional indemnity claims is recognised to the extent it is virtually certain of being received. This receivable is recognised within other receivables. (b) Dilapidation provisions The Group is required to perform dilapidation repairs and restore properties to agreed specifications on leased properties prior to the properties being vacated at the end of their lease term. Provision for such cost is made where a legal obligation is identified and the liability can be reasonably quantified. The provisions are reviewed on an annual basis for changes in cost estimates. (c) Restructuring provisions A provision is recognised when there is a present constructive obligation to meet the costs of restructure. This arises when there is a detailed formal plan for the restructuring, identifying at least the business or part of the business concerned, principal locations affected and the location, function and approximate number of employees to be compensated for terminating their services and when the plan has been communicated to those affected by it, raising an expectation that the plan will be carried out. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-525": { "value": "2.25 Revenue The Group recognises revenue from the following major sources: Residential property transactions Commercial property transactions Property consultancy services Property and facilities management services Investment management services Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. (a) Residential property transactions Generally, revenue is recognised at a point in time, when unconditional contracts are exchanged. Fees are a fixed consideration or a fixed percentage of the transaction value and are invoiced to the client upon completion. For new home developments revenue is recognised following the terms of the contract. In some instances revenue is recognised on a staged basis, reflecting the Group\u2019s obligations to find a buyer and to further support the client after exchange of contracts through to completion of the build and contract, which can be a number of years later. For these developments, revenue recognition commences when the underlying contracts are exchanged, with total revenue from the contract recognised by the date of completion in accordance with contractual terms. Fees are a fixed consideration or a fixed percentage of the transaction value and are invoiced to the client at each contractual milestone, in line with the recognition of revenue. In other instances, the revenue will be recognised when contracts are exchanged and the transaction is unconditional. In these instances no further support is provided to the client after this point. (b) Commercial property transactions Generally, revenue is recognised at a point in time on the date of completion or when unconditional contracts have been exchanged. Fees are a fixed consideration or a fixed percentage of the transaction value and are invoiced to the client upon completion. (c) Property consultancy services The Group primarily provides a wide range of professional property services including valuation, building and housing consultancy, environmental consultancy, development, planning, research, corporate services, landlord and tenant services and strategic projects. Generally, revenue is recognised over a period of time as services are rendered in accordance with the contract terms. Fee arrangements include fixed fee arrangements and fee for service arrangements (\u2018time and materials\u2019). For fixed-price contracts, revenue is recognised based on the stage of completion with reference to the actual services provided to the end of the reporting period as a proportion of the total services to be provided under the contract. This is determined on a contract by contract basis with reference to actual costs incurred in relation to the best estimate of total costs expected for completion of the contract or using a milestone based approach, depending on the contract terms. For fee-for-service contracts, revenue is recognised up to the amount of fees that the Group is entitled to invoice for services performed to date based on contracted rates. Payment arrangements vary between contracts, ranging from monthly retainers, monthly invoicing, quarterly invoicing, invoicing upon reaching certain milestones in the contract or payment upon completion of the final performance obligation in the contract. As a result, services rendered under a contract will often exceed consideration received from a customer and a contract asset will be recognised. If payments exceed services rendered, a contract liability will be recognised. In some instances, revenue will be recognised at a point in time upon delivery of the final report to the client. This is often the case for standalone valuation reports where the performance obligation is the provision of a property valuation report to the client. The Group is entitled to invoice the customer when the final report has been issued, at which point payment will be due. (d) Property and facilities management services The Group primarily manages commercial, industrial, residential, leisure and agricultural property for owners. The primary performance obligation relates to the ongoing management of a property where revenue is recognised over a period of time as services are rendered in accordance with the contract terms. Revenue is recognised over the life of a contract on a straight-line basis, which is in line with the satisfaction of the performance obligation. Payment arrangements vary between contracts. The majority of customers are invoiced monthly or quarterly in advance, with consideration payable upon the issue of an invoice. Where invoicing is in advance a contract liability will be recognised. In some property management arrangements, the Group is required to evaluate whether it is the principal (report revenues on a gross basis) or agent (report revenues on a net basis). Where the primary performance obligation of the contract relates to the arrangement of services for a customer rather than the responsibility to provide the services, the Group is considered the agent and the mark-up for the sub-contracted services will be recognised as revenue (revenues reported on a net basis). For leasing fees and management fees on repairs or other ad hoc property management services outside of the standard contract terms, revenue is recognised at a point in time upon completion of the performance obligation. In these instances, the invoice would be raised to the customer upon completion of the performance obligation and payment due at this time. (e) Investment management services Base management fees are received for the provision of fund and asset management services. Fund management fees are typically either fixed or calculated as a fixed percentage of the net asset value or gross asset value of the underlying portfolio of investments on a quarterly basis. Asset management fees are typically calculated as a fixed percentage of gross rental income or passing rents on a quarterly basis. Fees are estimated based on the previous quarter\u2019s actual values and variances to these estimates are recognised in the following quarter. Revenue is recognised over a period of time as services are rendered in accordance with the contract terms. Revenue is recognised over the life of a contract on a straight-line basis, which is in line with the satisfaction of the performance obligation. Customers are generally invoiced quarterly in advance with consideration payable upon the issue of an invoice, as a result a contract liability will be recognised as the payments received will exceed services rendered. Transaction fees are received for the coordination and management of the due diligence in connection with acquisitions and sales of assets for customers. Transaction fees are calculated as a fixed percentage on the purchase or sales price and are recognised at a point in time upon unconditional exchange of contracts. Performance fees are received when a fund\u2019s performance exceeds a designated return hurdle rate or pre-defined benchmark or when the sale of individual assets exceeds a designated return hurdle rate. The Group estimates fees for this variable fee arrangement using a most likely amount approach on a contract by contract basis. Variable consideration is included in revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved. (f) Financing components For contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year, the transaction price is adjusted for the time value money. The financing component is recognised within finance costs or finance income in the income statement. (g) Costs of obtaining a contract In the Investment Management business the Group pays placement fees to third parties for sourcing new investors (the customer) and equity for a fund. These costs are capitalised and amortised on a straight-line basis over the life of the fund, consistent with the pattern of transfer of service to which the asset relates. The amortisation of these costs are recognised in the income statement, within other operating expenses. Incremental costs of obtaining a contract are recognised in the income statement, within other operating expenses, when incurred when the amortisation period of the asset that would otherwise have been recognised is less than a year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-526": { "value": "2.26 Leases The Group enters into lease agreements for the use of buildings, equipment and motor vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and a corresponding lease liability for future lease payables at the date at which the leased asset is available for use by the Group. Depreciation of the right-of-use asset will be recognised in the income statement on a straight-line basis, with interest recognised on the lease liability. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: fixed payments (including in-substance fixed payments), less any lease incentives receivable; variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; amounts expected to be payable by the Group under residual value guarantees; the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and interest cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: the amount of the initial measurement of lease liability; any lease payments made at or before the commencement date less any lease incentives received; any initial direct costs; and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-527": { "value": "2.27 Dividends Dividend distributions are recognised as a liability in the Group\u2019s financial statements in the period in which they are approved by the Company\u2019s Shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-528": { "value": "2.28 Adoption of standards, amendments and interpretations to standards Standards, amendments and interpretations endorsed by the UK and mandatorily effective for the first time for the financial year beginning 1 January 2023 are not relevant or considered to have a significant impact on the Group and its financial statements. Finance (No 2) Bill 2023, that includes Pillar Two legislation, was substantively enacted in the UK on 20 June 2023, to apply for periods commencing 1 January 2024. Pillar Two Model Rules (Amendments to IAS 12) as issued in May 2023, was adopted as from that date. The amendments to IAS 12 introduce a temporary mandatory relief from accounting for deferred tax that arise from legislation implementing OECD Pillar Two. As required by the amendments to IAS 12 the Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Under the legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. Since Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. Management\u2019s assessment of the Group\u2019s potential exposure to additional top-up tax based on current forecasts has identified some entities within the Group that may have an effective tax rate below 15% however operations in these entities are not significant and the value of the additional top-up tax would not be material for the Group. Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted or substantively enacted legislation is not yet reasonably estimable. Therefore, even for those entities with an accounting effective tax rate above 15%, there might still be Pillar Two tax implications. The Group is currently engaged with tax specialists to assist it with applying the legislation. There are no standards, amendments and interpretations to standards that are not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions with the exception of the amendments to IFRS 7: Financial Instruments Disclosures and IAS 7 Statement of Cash Flows with respect to supplier finance arrangements, which is effective for reporting periods commencing 1 January 2024. These amendments require additional disclosures with respect to supplier finance arrangements that exist within the Group, including the terms and conditions of the arrangements, the value of such liabilities presented in trade and other payables and ranges of payment due dates. The Group has commenced a review of its arrangements to ensure the required disclosure information can be made as at 31 December 2024 ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-573": { "value": "
There are no standards, amendments and interpretations to standards that are not yet effective that would be
expected to have a material impact on the entity in the current or future reporting periods and on foreseeable
future transactions with the exception of the amendments to IFRS 7: Financial Instruments Disclosures and IAS 7
Statement of Cash Flows with respect to supplier finance arrangements, which is effective for reporting periods
commencing 1 January 2024. These amendments require additional disclosures with respect to supplier finance
arrangements that exist within the Group, including the terms and conditions of the arrangements, the value of such
liabilities presented in trade and other payables and ranges of payment due dates. The Group has commenced a
review of its arrangements to ensure the required disclosure information can be made as at 31 December 2024 .
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-529": { "value": "
3. Financial risk management
3.1 Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks. The Group has in place a risk management programme
that seeks to limit the adverse effects on the financial performance of the Group. The Group and the Company use
financial instruments to manage material foreign currency risk.
The treasury function is responsible for implementing risk management policies applied by the Group and the
Company. The treasury function has a policy and procedures manual that sets out specific guidelines on financial risks
and the use of financial instruments to manage these.
3.2 Foreign exchange risk
Group
The Group operates internationally and is exposed to foreign exchange risks primarily with respect to the euro,
Hong Kong dollar and US dollar. Foreign exchange risk arises from future commercial transactions, recognised
assets and liabilities and net investments in foreign operations. When there is a material committed foreign currency
exposure the foreign exchange risk will be hedged. The Group may finance some overseas investments through the
use of foreign currency borrowings. The Group does not actively seek to hedge risks arising from foreign currency
translations due to their non-cash nature and the high costs associated with such hedging.
The sensitivity analysis has been prepared for the major currencies to which the Group is exposed. Recent historical
movements in these currencies have been considered and it has been concluded that a 5\u201310% movement in rates is
a reasonable benchmark.
For the years ended 31 December, if the average currency conversion rates against sterling for the year had changed with all other variables held constant, the Group post-tax profit for the year would have increased or decreased as shown below:
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2023
Estimated impact on post-tax profit
Euro
0.6
0.3
(0.4)
(0.7)
Hong Kong dollar
(0.3)
(0.2)
0.2
0.4
US dollar
0.8
0.4
(0.5)
(1.0)
Chinese renminbi
(0.5)
(0.3)
0.3
0.6
Estimated impact on components of equity
Euro
0.9
0.5
(0.5)
(1.1)
Hong Kong dollar
(7.8)
(4.1)
4.5
9.6
US dollar
(17. 3)
(9.1)
10.0
21.1
Chinese renminbi
(4.4)
(2.3)
2.5
5.4
2022
Estimated impact on post-tax profit
Euro
(1.4)
(0.7)
0.8
1.7
Hong Kong dollar
(0.8)
(0.4)
0.4
0.9
US dollar
(0.8)
(0.4)
0.4
0.9
Chinese renminbi
(0.6)
(0.3)
0.3
0.7
Estimated impact on components of equity
Euro
(0.9)
(0.5)
0.5
1.2
Hong Kong dollar
(8.8)
(4. 6)
5.1
10.7
US dollar
(18.7)
(9.8)
10.8
22.9
Chinese renminbi
(4.8)
(2.5)
2.8
5.9
Company The Company recharges some of the Group\u2019s international subsidiaries with respect to their allocation of central corporate costs and in some instances receives recharged costs from its international subsidiaries with respect to the cost of global initiatives incurred by those subsidiaries. The Company endeavours to invoice its subsidiaries in sterling to minimise the risk of exposure to foreign currency movements. Similar to the Group, when there is a material committed foreign currency exposure the foreign exchange risk will be hedged however the Company does not actively seek to hedge risks arising from foreign current transactions due to the high costs associated with such hedging. The impact of foreign exchange risk is considered minimal for the Company.
3.3 Interest rate risk
Group
The Group has both interest-bearing assets and liabilities. The Group finances its operations through a mixture of
retained profits and bank borrowings, at both fixed and floating interest rates. Borrowings issued at variable rates
expose the Group cash flow to interest rate risk, which is partially offset by cash held at variable rates. Borrowings
issued at fixed rates expose the Group to fair value interest rate risk. Group policy is to maintain at least 70% of its
borrowings in fixed rate instruments.
For the year ended 31 December 2023, if the average interest rate for the year had changed with all other variables
held constant, the Group\u2019s post-tax profit for the year and equity would have increased or decreased as shown below:
Increase in interest rates
\u00a3m
+0.5%
+1.0%
+1.5%
+2.0%
2023
Estimated impact on post-tax profit and equity
1.1
2.1
3.2
4.2
2022
Estimated impact on post-tax profit and equity
1.0
2.6
4.3
5.9
Decrease in interest rates
\u00a3m
-0.5%
-1.0%
-1.5%
-2.0%
2023
Estimated impact on post-tax profit and equity
(1.1)
(2.1)
(3.2)
(4.2)
2022
Estimated impact on post-tax profit and equity
(2.3)
(3.7)
(3.7)
(3.6)
The rationale behind the 2.0% sensitivity analysis is based upon historic trends in interest rate movements and the
short-term expectation that any increase or decrease greater than 2.0% is unlikely to occur.
Company
The Company has interest-bearing assets in the form of cash and cash equivalents and short-term interest bearing
loans issued to the Group\u2019s subsidiaries. The impact of interest rate changes is not considered material for the
Company, with the value of interest income recognised in the period having a greater dependency on the level of cash
and cash equivalents and intercompany loans maintained by the Company. The value of interest-bearing assets that
the Company holds in any given period is primarily determined by the management of the UK Group\u2019s cash pooling
arrangement and the timing and value of dividends paid up by the Company\u2019s subsidiary.
3.4 Credit risk Group Credit risk arises from cash and cash equivalents, equity investments, loans receivables, debt like financial instruments and derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to clients, including outstanding receivables and committed transactions. The Group has policies that require appropriate credit checks on potential customers before engaging with them. A risk control framework is used to assess the credit quality of clients, taking into account financial position, past experience and other factors. There were no material individual trade receivable balances as at 31 December 2023. Refer to Note 20 for information on the credit quality of trade and other receivables and the maximum exposure to credit risk arising on outstanding receivables from clients. Individual risk limits for banks and financial institutions are set based on external ratings and in accordance with limits set by the Board. The utilisation of credit limits is regularly monitored. As at the reporting date, no significant credit risk existed in relation to banking counterparties. No credit limits were exceeded during the reporting year, and management does not expect any losses from non-performance by these counterparties. The table below shows the Group\u2019s cash and cash equivalents, overdrafts in notional pooling arrangements and bank overdrafts, as per the Statement of Cash Flows, split by counterparty ratings at the reporting date:
2023 2022
Counterparty rating (provided by S&P) \u00a3m \u00a3m
AAAm
\u2013
1.0
AA-
37.2
36.2
A+
152.2
148.9
A
45.1
195.1
A-
29.3
31.9
BBB+
13.7
18.2
BBB or below
32.8
33.0
Total
310.3
464.3
Company The Company\u2019s credit risk arises from cash and cash equivalents, as well as outstanding receivables primarily due from the Group\u2019s subsidiaries. As at 31 December 2023, the Company\u2019s cash was held with Barclays Bank PLC (2022: \u00a392.6m), which is an A+ rated bank. As at 31 December 2022, \u00a31.0m of the Company\u2019s cash was held in BlackRock Institutional Liquidity Funds, which had an AAAm rating. Significant individual intercompany receivable balances include \u00a327.9m (2022: \u00a318.6m) due from Savills (UK) Limited, \u00a330.4m due from Savills Holding Company Limited (2022: \u00a30.0m), the majority of which relates to a loan (\u00a330.0m), and \u00a31.4m (2023: \u00a352.8m) due from Savills (Overseas Holdings) Limited. There are no other significant individual receivable balances as at 31 December 2023 and 31 December 2022. 3.5 Liquidity risk Group The Group maintains appropriate committed facilities to ensure the Group has sufficient funds available for operations and expansion. The Group prepares an annual funding plan approved by the Board which sets out the Group\u2019s expected financing requirements for the next 12 months. Management monitors rolling forecasts of the Group\u2019s liquidity reserve comprising undrawn borrowing facilities (Note 24) and cash and cash equivalents (Note 21 and Note 22) on the basis of expected cash flow. This is carried out at local level in the operating companies of the Group in accordance with Group practice as well as on a Group consolidated basis.
The table below analyses the Group\u2019s financial liabilities and net-settled derivative financial liabilities into relevant
maturity Groupings based on the remaining period from the reporting date to the contractual maturity date.
The amounts disclosed in the table are the contractual undiscounted cash flows, unless otherwise stated.
Total
contractual
Less than Between Between Over undiscounted Carrying
\u00a3m a year 1 and 2 years 2 and 5 years 5 years cash flows values
2023
Borrowings
12.6
34.4
70.3
62.7
180.0
157. 2
Overdrafts in notional pooling arrangement
192.3
\u2013
\u2013
\u2013
192.3
192.3
Lease liabilities
61.2
65.0
111.1
58.5
295.8
254.2
Derivative financial instruments
2.5
\u2013
3.2
\u2013
5.7
5.7
Trade and other payables
613.2
5.3
5.7
1.0
625.2
623.6
881.8
104.7
190.3
122.2
1,299.0
1,233.0
2022 restated*
Borrowings
15.3
4.6
41.5
125.6
187.0
159.7
Overdrafts in notional pooling arrangement
202.0
\u2013
\u2013
\u2013
202.0
202.0
Lease liabilities
61.4
77.9
110.6
70.7
320.6
277.6
Derivative financial instruments
1.0
3.9
2.8
\u2013
7.7
7.7
Trade and other payables
676.8
19.4
3.4
0.1
699.7
698.7
956.5
105.8
158.3
196.4
1,417.1
1,345.7
* See Note 18.6 for details of prior period restatement.
Company
The Company is part of the UK Group\u2019s cash pooling arrangement, which is managed by the Group Treasury function
and provides the Company access to the Group\u2019s revolving credit facility and other centrally managed sources
of financing. Management monitors rolling forecasts of the UK Group\u2019s cash and cash equivalents on the basis of
expected cash flows.
The table below analyses the Company\u2019s financial liabilities into relevant maturity Groupings based on the remaining
period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows, unless otherwise stated.
Total
contractual
Less than Between Between Over undiscounted Carrying
\u00a3m a year 1 and 2 years 2 and 5 years 5 years cash flows values
2023
Lease liabilities
7.9
7.9
23.8
29.7
69.3
60.2
Trade and other payables
13.3
\u2013
\u2013
\u2013
13.3
13.3
21.2
7.9
23.8
29.7
82.6
73.5
2022
Lease liabilities
7.1
7.1
21.2
33.5
68.9
58.8
Trade and other payables
13.7
\u2013
\u2013
\u2013
13.7
13.7
20.8
7.1
21.2
33.5
82.6
72.5
3.6 Capital risk management
The Group\u2019s and Company\u2019s objectives when managing capital are:
to safeguard the Group\u2019s ability to provide returns for Shareholders and benefits for other stakeholders; and
to maintain an optimal capital structure to reduce the cost of capital.
The Group\u2019s overall strategy remains unchanged from 2022. This strategy applies to the Company.
Savills plc is not subject to any externally-imposed capital requirements, with the exception of its regulated entities
within the Savills Investment Management Group and its FCA (Financial Conduct Authority) regulated entity,
Savills Capital Advisors Limited, in the UK. All regulated entities complied with the relevant capital requirements for
the year ended 31 December 2023. The Savills Investment Management Group has regulated entities in the UK, Jersey,
Luxembourg, Germany, Italy, Japan, Singapore and Australia. For more information on Savills Investment Management
Group\u2019s regulated entities and regulatory requirements, please visit www.savillsim.com.
In order to maintain an optimal capital structure, the Group may adjust the amount of dividends paid to Shareholders,
return capital to Shareholders, issue new shares or sell assets to reduce debt.
The Board has put in place a distribution policy which takes into account the degree of maintainability of the Group\u2019s
different profit streams and the Group\u2019s overall exposure to cyclical Transaction Advisory profits, as well as the
requirement to maintain a certain level of cash resources for working capital and corporate development purposes.
The Board will recommend an ordinary dividend broadly reflecting the profits derived from the Group\u2019s less volatile
businesses. In addition, when profits from the cyclical Transaction Advisory business are strong, the Board will consider
and, if appropriate, recommend the payment of a supplemental dividend alongside the final ordinary dividend. The
value of any such supplemental dividend will vary depending on the performance of the Group\u2019s Transaction Advisory
business and the Group\u2019s anticipated working capital and corporate development requirements through the cycle. It is
intended that, in normal circumstances, the combined value of the ordinary and supplemental dividends declared in
respect of any year are covered at least 1.5 times by retained earnings and/or at least 2.0 times by underlying profits
after taxation. The Group complied with this policy throughout the year.
The Group\u2019s policy is to borrow centrally, if required, to meet anticipated funding requirements. These borrowings,
together with cash generated from operations, are then on-lent or contributed as equity to certain subsidiaries.
The Board of Directors monitors a number of debt measures on a rolling forward 12-month basis including: gross cash
by location; gross debt by location; cash subject to restrictions; total debt servicing cost to operating profit; gross
borrowings as a percentage of EBITDA (earnings before interest, tax, depreciation and amortisation); and forecast
headroom against available facilities. These internal measures indicate the levels of debt that the Group has and are
closely monitored to ensure compliance with banking covenants and to confirm that the Group has sufficient unused
facilities. The Group complied with all banking covenants throughout the year and met all internal counterparty
exposure limits set by the Board.
The capital structure is as follows:
\u00a3m
Group
Company
2023
2022
2023
2022
Equity
752.8
805.3
355.1
328.1
Cash and cash equivalents
506.8
669.1
118.9
93.6
Overdrafts in notional pooling arrangement
(192.3)
(202.0)
\u2013
\u2013
Bank overdrafts
(4.2)
(2.8)
\u2013
\u2013
Borrowings (gross of transaction costs)
(153.8)
(158.3)
\u2013
\u2013
Cash and cash equivalents net of gross borrowings
156.5
306.0
118.9
93.6
3.7 Categories of financial instruments
Financial Financial
Financial Financial assets at Total Financial Financial assets at Total
assets at assets at amortised carrying assets at assets at amortised carrying
Group FVPL FVOCI cost amount FVPL FVOCI cost amount
\u00a3m 2023 2023 2023 2023 2022 2022 2022 2022
Financial assets:
Financial assets at FVOCI
\u2013
5.0
\u2013
5.0
\u2013
5.7
\u2013
5.7
Financial assets at FVPL
38.5
\u2013
\u2013
38.5
36.8
\u2013
\u2013
36.8
Trade and other receivables
\u2013
\u2013
606.2
606.2
\u2013
\u2013
549.5
549.5
Derivative financial instruments
1.0
\u2013
\u2013
1.0
0.3
\u2013
\u2013
0.3
Cash and cash equivalents
\u2013
\u2013
506.8
506.8
\u2013
\u2013
669.1
669.1
Total financial assets
39.5
5.0
1,113.0
1,157. 5
37.1
5.7
1,218.6
1,261.4
Financial Financial
Financial liabilities at Total Financial liabilities at Total
liabilities amortised carrying liabilities amortised carrying
Group at FVPL cost amount at FVPL cost amount
\u00a3m 2023 2023 2023 2022 2022 2022
Financial liabilities:
Borrowings
\u2013
157.2
157. 2
\u2013
159.7
159.7
Overdrafts in notional pooling arrangements
\u2013
192.3
192.3
\u2013
202.0
202.0
Lease liabilities
\u2013
254.2
254.2
\u2013
277.6
277.6
Trade and other payables
\u2013
623.6
623.6
\u2013
698.5
698.5
Derivative financial instruments
5.7
\u2013
5.7
7.7
\u2013
7.7
Total financial liabilities
5.7
1, 227.3
1,233.0
7.7
1,337. 8
1,345.5
Financial Financial
assets at Total assets at Total
amortised carrying amortised carrying
Company cost amount cost amount
\u00a3m 2023 2023 2022 2022
Financial assets:
Trade and other receivables
75.0
75.0
84.8
84.8
Cash and cash equivalents
118.9
118.9
93.6
93.6
Total financial assets
193.9
193.9
178.4
178.4
Financial Financial
liabilities at Total liabilities at Total
amortised carrying amortised carrying
Company cost amount cost amount
\u00a3m 2023 2023 2022 2022
Financial liabilities:
Lease liabilities
60.2
60.2
58.8
58.8
Trade and other payables
13.1
13.1
13.7
13.7
Total financial liabilities
73.3
73.3
72.5
72.5
3.8 Fair value estimation
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December 2023:
\u00a3m
Level 2
Level 3
Total
2023
Assets
Financial assets at FVOCI
\u2013 Unlisted equity investments
\u2013
5.0
5.0
Financial assets at FVPL
\u2013
38.5
38.5
Derivative financial instruments
1.0
\u2013
1.0
Total assets
1.0
43.5
44.5
Liabilities
Derivative financial instruments
\u2013
5.7
5.7
Total liabilities
\u2013
5.7
5.7
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December 2022:
\u00a3m
Level 1
Level 2
Level 3
Total
2022
Assets
Financial assets at FVOCI
\u2013 Listed equity investments
0.8
\u2013
\u2013
0.8
\u2013 Unlisted equity investments
\u2013
\u2013
4.9
4.9
Financial assets at FVPL
\u2013
\u2013
36.8
36.8
Derivative financial instruments
\u2013
0.3
\u2013
0.3
Total assets
0.8
0.3
41.7
42.8
Liabilities
Derivative financial instruments
\u2013
1.0
6.7
7.7
Total liabilities
\u2013
1.0
6.7
7.7
Level 1
Level 1 instruments are those whose fair values are based on quoted market prices.
Level 2
The fair value of derivative financial instruments relating to forward foreign exchange contracts are determined by
using valuation techniques using observable market data. The fair value of derivative financial instruments is based on
the market value of similar instruments with similar maturities.
The gross notional principal amounts of the outstanding forward foreign exchange contracts at 31 December 2023
were \u00a3107.9m (2022: \u00a370.8m). All contracts mature within one year and are classed as current.
Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and losses in
the income statement.
Level 3
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3 fall under two categories. The first,
where cost has been determined as the best approximation of fair value. Cost is considered the best approximation
of fair value in these instances either due to insufficient more recent information being available and/or there being a
wide range of possible fair value measurements due to the nature of the investments and cost is considered the best
estimate of fair value within the range. The second, where management have determined the fair value of the unlisted
equity security based upon the latest trading performance of the investments, cash flow forecasts of the investments
and applying these to a discounted cash flow valuation and/or considering evidence from recent fundraising
initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories. The first, where the fair value of
investment funds is based on underlying asset values determined by the Fund Manager\u2019s quarterly financial
statements. The second, where management have determined the fair value of convertible loans based upon the latest
trading performance of the equity investments and cash flow forecasts of the investments and applying these to a
discounted cash flow valuation. See Note 18.3 for the terms of these loans.
Deferred consideration held at fair value relates to contingent deferred consideration. The fair value of contingent
deferred consideration classified as Level 3 is derived from management\u2019s best estimate of future revenue/profits of
the relevant acquired business, in accordance with the contractually agreed earn-out targets.
The derivative financial liabilities classified as Level 3 relate to put and call options, the fair value of which is derived
from management\u2019s best estimate of the average EBITDA forecast of the relevant businesses. These include a call
option on the Savills IM Holdings Limited group. Under this agreement Samsung Life has the option to increase its
interest by up to 10% over the four years following the initial transaction in December 2021, depending upon the
quantum and timing of the provision of capital to Savills Investment Management\u2019s investment products, the maximum
being achievable if at least US$2bn of capital is committed. This option is classed as non-current. Gains and losses are
recognised in operating profits in the income statement. Derivative financial liabilities also include a put and call option
on the remaining 40% of the Absolute Maintenance Services Pte Limited and Solute Pte Limited businesses. Under the
agreement made in 2022, after 2 years the Group has the option to purchase and the non-controlling interest holder
has the option to request the Group to purchase an additional 20%, with the remaining 20% after 5 years. The fair
value of this option is split between current and non-current accordingly. The loss upon recognition has
been recognised in reserves.
The following table presents the changes in Level 3 items for the period ended 31 December 2023:
Derivative Financial Financial
financial assets at assets at
\u00a3m instruments FVOCI FVPL
Opening balance 1 January 2023
(6.7)
4.9
36.8
Additions
(0.6)
2.2
4.6
Disposals
\u2013
(2.3)
(1.2)
Transfer to investment in associate
\u2013
(1.5)
\u2013
Conversion of loan
\u2013
1.8
\u2013
Transfer to financial assets at FVPL
\u2013
(0.1)
0.1
Settlement
0.2
\u2013
\u2013
Remeasurement
1.3
0.1
(1.0)
Exchange movement
0.1
(0.1)
(0.8)
Closing balance 31 December 2023
(5.7)
5.0
38.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-574": { "value": "3.2 Foreign exchange risk Group The Group operates internationally and is exposed to foreign exchange risks primarily with respect to the euro, Hong Kong dollar and US dollar. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. When there is a material committed foreign currency exposure the foreign exchange risk will be hedged. The Group may finance some overseas investments through the use of foreign currency borrowings. The Group does not actively seek to hedge risks arising from foreign currency translations due to their non-cash nature and the high costs associated with such hedging. The sensitivity analysis has been prepared for the major currencies to which the Group is exposed. Recent historical movements in these currencies have been considered and it has been concluded that a 5\u201310% movement in rates is a reasonable benchmark.
For the years ended 31 December, if the average currency conversion rates against sterling for the year had changed
with all other variables held constant, the Group post-tax profit for the year would have increased or decreased as
shown below:
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2023
Estimated impact on post-tax profit
Euro
0.6
0.3
(0.4)
(0.7)
Hong Kong dollar
(0.3)
(0.2)
0.2
0.4
US dollar
0.8
0.4
(0.5)
(1.0)
Chinese renminbi
(0.5)
(0.3)
0.3
0.6
Estimated impact on components of equity
Euro
0.9
0.5
(0.5)
(1.1)
Hong Kong dollar
(7.8)
(4.1)
4.5
9.6
US dollar
(17. 3)
(9.1)
10.0
21.1
Chinese renminbi
(4.4)
(2.3)
2.5
5.4
2022
Estimated impact on post-tax profit
Euro
(1.4)
(0.7)
0.8
1.7
Hong Kong dollar
(0.8)
(0.4)
0.4
0.9
US dollar
(0.8)
(0.4)
0.4
0.9
Chinese renminbi
(0.6)
(0.3)
0.3
0.7
Estimated impact on components of equity
Euro
(0.9)
(0.5)
0.5
1.2
Hong Kong dollar
(8.8)
(4. 6)
5.1
10.7
US dollar
(18.7)
(9.8)
10.8
22.9
Chinese renminbi
(4.8)
(2.5)
2.8
5.9
Company
The Company recharges some of the Group\u2019s international subsidiaries with respect to their allocation of central
corporate costs and in some instances receives recharged costs from its international subsidiaries with respect to
the cost of global initiatives incurred by those subsidiaries. The Company endeavours to invoice its subsidiaries in
sterling to minimise the risk of exposure to foreign currency movements. Similar to the Group, when there is a material
committed foreign currency exposure the foreign exchange risk will be hedged however the Company does not
actively seek to hedge risks arising from foreign current transactions due to the high costs associated with such
hedging. The impact of foreign exchange risk is considered minimal for the Company.
3.3 Interest rate risk Group The Group has both interest-bearing assets and liabilities. The Group finances its operations through a mixture of retained profits and bank borrowings, at both fixed and floating interest rates. Borrowings issued at variable rates expose the Group cash flow to interest rate risk, which is partially offset by cash held at variable rates. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. Group policy is to maintain at least 70% of its borrowings in fixed rate instruments. For the year ended 31 December 2023, if the average interest rate for the year had changed with all other variables held constant, the Group\u2019s post-tax profit for the year and equity would have increased or decreased as shown below:
Increase in interest rates
\u00a3m
+0.5%
+1.0%
+1.5%
+2.0%
2023
Estimated impact on post-tax profit and equity
1.1
2.1
3.2
4.2
2022
Estimated impact on post-tax profit and equity
1.0
2.6
4.3
5.9
Decrease in interest rates
\u00a3m
-0.5%
-1.0%
-1.5%
-2.0%
2023
Estimated impact on post-tax profit and equity
(1.1)
(2.1)
(3.2)
(4.2)
2022
Estimated impact on post-tax profit and equity
(2.3)
(3.7)
(3.7)
(3.6)
The rationale behind the 2.0% sensitivity analysis is based upon historic trends in interest rate movements and the short-term expectation that any increase or decrease greater than 2.0% is unlikely to occur. Company The Company has interest-bearing assets in the form of cash and cash equivalents and short-term interest bearing loans issued to the Group\u2019s subsidiaries. The impact of interest rate changes is not considered material for the Company, with the value of interest income recognised in the period having a greater dependency on the level of cash and cash equivalents and intercompany loans maintained by the Company. The value of interest-bearing assets that the Company holds in any given period is primarily determined by the management of the UK Group\u2019s cash pooling arrangement and the timing and value of dividends paid up by the Company\u2019s subsidiary. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-575": { "value": "
3.4 Credit risk
Group
Credit risk arises from cash and cash equivalents, equity investments, loans receivables, debt like financial instruments
and derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to
clients, including outstanding receivables and committed transactions.
The Group has policies that require appropriate credit checks on potential customers before engaging with them.
A risk control framework is used to assess the credit quality of clients, taking into account financial position, past
experience and other factors. There were no material individual trade receivable balances as at 31 December 2023.
Refer to Note 20 for information on the credit quality of trade and other receivables and the maximum exposure to
credit risk arising on outstanding receivables from clients.
Individual risk limits for banks and financial institutions are set based on external ratings and in accordance with
limits set by the Board. The utilisation of credit limits is regularly monitored. As at the reporting date, no significant
credit risk existed in relation to banking counterparties. No credit limits were exceeded during the reporting year, and
management does not expect any losses from non-performance by these counterparties.
The table below shows the Group\u2019s cash and cash equivalents, overdrafts in notional pooling arrangements and bank
overdrafts, as per the Statement of Cash Flows, split by counterparty ratings at the reporting date:
2023 2022
Counterparty rating (provided by S&P) \u00a3m \u00a3m
AAAm
\u2013
1.0
AA-
37.2
36.2
A+
152.2
148.9
A
45.1
195.1
A-
29.3
31.9
BBB+
13.7
18.2
BBB or below
32.8
33.0
Total
310.3
464.3
Company
The Company\u2019s credit risk arises from cash and cash equivalents, as well as outstanding receivables primarily due
from the Group\u2019s subsidiaries.
As at 31 December 2023, the Company\u2019s cash was held with Barclays Bank PLC (2022: \u00a392.6m), which is an A+ rated
bank. As at 31 December 2022, \u00a31.0m of the Company\u2019s cash was held in BlackRock Institutional Liquidity Funds,
which had an AAAm rating.
Significant individual intercompany receivable balances include \u00a327.9m (2022: \u00a318.6m) due from Savills (UK) Limited,
\u00a330.4m due from Savills Holding Company Limited (2022: \u00a30.0m), the majority of which relates to a loan (\u00a330.0m),
and \u00a31.4m (2023: \u00a352.8m) due from Savills (Overseas Holdings) Limited. There are no other significant individual
receivable balances as at 31 December 2023 and 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-576": { "value": "
3.5 Liquidity risk
Group
The Group maintains appropriate committed facilities to ensure the Group has sufficient funds available for operations
and expansion. The Group prepares an annual funding plan approved by the Board which sets out the Group\u2019s
expected financing requirements for the next 12 months.
Management monitors rolling forecasts of the Group\u2019s liquidity reserve comprising undrawn borrowing facilities
(Note 24) and cash and cash equivalents (Note 21 and Note 22) on the basis of expected cash flow. This is carried
out at local level in the operating companies of the Group in accordance with Group practice as well as on a Group
consolidated basis.
The table below analyses the Group\u2019s financial liabilities and net-settled derivative financial liabilities into relevant maturity Groupings based on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows, unless otherwise stated.
Total
contractual
Less than Between Between Over undiscounted Carrying
\u00a3m a year 1 and 2 years 2 and 5 years 5 years cash flows values
2023
Borrowings
12.6
34.4
70.3
62.7
180.0
157. 2
Overdrafts in notional pooling arrangement
192.3
\u2013
\u2013
\u2013
192.3
192.3
Lease liabilities
61.2
65.0
111.1
58.5
295.8
254.2
Derivative financial instruments
2.5
\u2013
3.2
\u2013
5.7
5.7
Trade and other payables
613.2
5.3
5.7
1.0
625.2
623.6
881.8
104.7
190.3
122.2
1,299.0
1,233.0
2022 restated*
Borrowings
15.3
4.6
41.5
125.6
187.0
159.7
Overdrafts in notional pooling arrangement
202.0
\u2013
\u2013
\u2013
202.0
202.0
Lease liabilities
61.4
77.9
110.6
70.7
320.6
277.6
Derivative financial instruments
1.0
3.9
2.8
\u2013
7.7
7.7
Trade and other payables
676.8
19.4
3.4
0.1
699.7
698.7
956.5
105.8
158.3
196.4
1,417.1
1,345.7
* See Note 18.6 for details of prior period restatement. Company The Company is part of the UK Group\u2019s cash pooling arrangement, which is managed by the Group Treasury function and provides the Company access to the Group\u2019s revolving credit facility and other centrally managed sources of financing. Management monitors rolling forecasts of the UK Group\u2019s cash and cash equivalents on the basis of expected cash flows. The table below analyses the Company\u2019s financial liabilities into relevant maturity Groupings based on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows, unless otherwise stated.
Total
contractual
Less than Between Between Over undiscounted Carrying
\u00a3m a year 1 and 2 years 2 and 5 years 5 years cash flows values
2023
Lease liabilities
7.9
7.9
23.8
29.7
69.3
60.2
Trade and other payables
13.3
\u2013
\u2013
\u2013
13.3
13.3
21.2
7.9
23.8
29.7
82.6
73.5
2022
Lease liabilities
7.1
7.1
21.2
33.5
68.9
58.8
Trade and other payables
13.7
\u2013
\u2013
\u2013
13.7
13.7
20.8
7.1
21.2
33.5
82.6
72.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-577": { "value": "3.6 Capital risk management The Group\u2019s and Company\u2019s objectives when managing capital are: to safeguard the Group\u2019s ability to provide returns for Shareholders and benefits for other stakeholders; and to maintain an optimal capital structure to reduce the cost of capital. The Group\u2019s overall strategy remains unchanged from 2022. This strategy applies to the Company. Savills plc is not subject to any externally-imposed capital requirements, with the exception of its regulated entities within the Savills Investment Management Group and its FCA (Financial Conduct Authority) regulated entity, Savills Capital Advisors Limited, in the UK. All regulated entities complied with the relevant capital requirements for the year ended 31 December 2023. The Savills Investment Management Group has regulated entities in the UK, Jersey, Luxembourg, Germany, Italy, Japan, Singapore and Australia. For more information on Savills Investment Management Group\u2019s regulated entities and regulatory requirements, please visit www.savillsim.com. In order to maintain an optimal capital structure, the Group may adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares or sell assets to reduce debt. The Board has put in place a distribution policy which takes into account the degree of maintainability of the Group\u2019s different profit streams and the Group\u2019s overall exposure to cyclical Transaction Advisory profits, as well as the requirement to maintain a certain level of cash resources for working capital and corporate development purposes. The Board will recommend an ordinary dividend broadly reflecting the profits derived from the Group\u2019s less volatile businesses. In addition, when profits from the cyclical Transaction Advisory business are strong, the Board will consider and, if appropriate, recommend the payment of a supplemental dividend alongside the final ordinary dividend. The value of any such supplemental dividend will vary depending on the performance of the Group\u2019s Transaction Advisory business and the Group\u2019s anticipated working capital and corporate development requirements through the cycle. It is intended that, in normal circumstances, the combined value of the ordinary and supplemental dividends declared in respect of any year are covered at least 1.5 times by retained earnings and/or at least 2.0 times by underlying profits after taxation. The Group complied with this policy throughout the year. The Group\u2019s policy is to borrow centrally, if required, to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are then on-lent or contributed as equity to certain subsidiaries. The Board of Directors monitors a number of debt measures on a rolling forward 12-month basis including: gross cash by location; gross debt by location; cash subject to restrictions; total debt servicing cost to operating profit; gross borrowings as a percentage of EBITDA (earnings before interest, tax, depreciation and amortisation); and forecast headroom against available facilities. These internal measures indicate the levels of debt that the Group has and are closely monitored to ensure compliance with banking covenants and to confirm that the Group has sufficient unused facilities. The Group complied with all banking covenants throughout the year and met all internal counterparty exposure limits set by the Board. The capital structure is as follows: \u00a3m
Group
Company
2023
2022
2023
2022
Equity
752.8
805.3
355.1
328.1
Cash and cash equivalents
506.8
669.1
118.9
93.6
Overdrafts in notional pooling arrangement
(192.3)
(202.0)
\u2013
\u2013
Bank overdrafts
(4.2)
(2.8)
\u2013
\u2013
Borrowings (gross of transaction costs)
(153.8)
(158.3)
\u2013
\u2013
Cash and cash equivalents net of gross borrowings
156.5
306.0
118.9
93.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-611": { "value": "3.7 Categories of financial instruments
Financial Financial
Financial Financial assets at Total Financial Financial assets at Total
assets at assets at amortised carrying assets at assets at amortised carrying
Group FVPL FVOCI cost amount FVPL FVOCI cost amount
\u00a3m 2023 2023 2023 2023 2022 2022 2022 2022
Financial assets:
Financial assets at FVOCI
\u2013
5.0
\u2013
5.0
\u2013
5.7
\u2013
5.7
Financial assets at FVPL
38.5
\u2013
\u2013
38.5
36.8
\u2013
\u2013
36.8
Trade and other receivables
\u2013
\u2013
606.2
606.2
\u2013
\u2013
549.5
549.5
Derivative financial instruments
1.0
\u2013
\u2013
1.0
0.3
\u2013
\u2013
0.3
Cash and cash equivalents
\u2013
\u2013
506.8
506.8
\u2013
\u2013
669.1
669.1
Total financial assets
39.5
5.0
1,113.0
1,157. 5
37.1
5.7
1,218.6
1,261.4
Financial Financial
Financial liabilities at Total Financial liabilities at Total
liabilities amortised carrying liabilities amortised carrying
Group at FVPL cost amount at FVPL cost amount
\u00a3m 2023 2023 2023 2022 2022 2022
Financial liabilities:
Borrowings
\u2013
157.2
157. 2
\u2013
159.7
159.7
Overdrafts in notional pooling arrangements
\u2013
192.3
192.3
\u2013
202.0
202.0
Lease liabilities
\u2013
254.2
254.2
\u2013
277.6
277.6
Trade and other payables
\u2013
623.6
623.6
\u2013
698.5
698.5
Derivative financial instruments
5.7
\u2013
5.7
7.7
\u2013
7.7
Total financial liabilities
5.7
1, 227.3
1,233.0
7.7
1,337. 8
1,345.5
Financial Financial
assets at Total assets at Total
amortised carrying amortised carrying
Company cost amount cost amount
\u00a3m 2023 2023 2022 2022
Financial assets:
Trade and other receivables
75.0
75.0
84.8
84.8
Cash and cash equivalents
118.9
118.9
93.6
93.6
Total financial assets
193.9
193.9
178.4
178.4
Financial Financial
liabilities at Total liabilities at Total
amortised carrying amortised carrying
Company cost amount cost amount
\u00a3m 2023 2023 2022 2022
Financial liabilities:
Lease liabilities
60.2
60.2
58.8
58.8
Trade and other payables
13.1
13.1
13.7
13.7
Total financial liabilities
73.3
73.3
72.5
72.5
18.3 Group \u2013 Financial assets at fair value through profit and loss (\u2018FVPL\u2019)
2023 2022
\u00a3m \u00a3m
Convertible loans
15.1
15.9
Instruments held in investment funds
23.4
20.9
38.5
36.8
Convertible loans relate to compulsory convertible cumulative preference shares (\u2018CCPS\u2019) and compulsory convertible debentures (\u2018CCD\u2019) issued by Savills Property Services (India) Private Limited. These loans are held at FVPL (see Note 3.8 for further details on fair value measurement). The CCPS issued in 2019 carries interest of 0.01%, these will be mandatorily converted in to Class A equity shares if certain EBITDA and revenue levels are met within the first 3 years, between 3 and 5 years the Group holds the right to convert and at the end of 10 years the loans are mandatorily convertible. The CCD issued in 2020 and 2021 carries interest of 7.2% per annum, they convert in to Class B equity shares at the expiry of 7 years or earlier if certain EBITDA and revenue targets are met and at 10 years the loans are mandatorily convertible. Refer to Note 3.8 for movement analysis of financial assets at FVPL. At 31 December 2023 the Group held conditional commitments to co-invest in a number of Savills IM funds totalling \u00a313.1m (2022: \u00a313.5m). This includes \u00a31.0m in the Asia Pacific Income and Growth Fund FCP-RAIF within the next year (2022: \u00a33.7m), \u00a32.3m in Savills IM UK Value Boxes Fund FCP-RAIF over the next two years (2022: \u00a31.8m), \u00a31.2m in DRC ERED Fund IV over the next two years (2022: \u00a32.0m), \u00a32.9m in Vestas European Strategic Allocation Logistics Fund II within the next year (2022: \u00a33.2m), \u00a31.7m in the Savills IM UK Build to Rent Fund FCP-RAIF over the next three years (2022: \u00a32.8m), \u00a32.8m in the Savills IM European Urban Logistics & Industrial Fund FCP-RAIF over the next three years (2022: \u00a3nil) and \u00a31.2m in the Savills IM Savills IM European Living Fund FCP-RAIF over the next three years (2022: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-578": { "value": "3.7 Categories of financial instruments
Financial Financial
Financial Financial assets at Total Financial Financial assets at Total
assets at assets at amortised carrying assets at assets at amortised carrying
Group FVPL FVOCI cost amount FVPL FVOCI cost amount
\u00a3m 2023 2023 2023 2023 2022 2022 2022 2022
Financial assets:
Financial assets at FVOCI
\u2013
5.0
\u2013
5.0
\u2013
5.7
\u2013
5.7
Financial assets at FVPL
38.5
\u2013
\u2013
38.5
36.8
\u2013
\u2013
36.8
Trade and other receivables
\u2013
\u2013
606.2
606.2
\u2013
\u2013
549.5
549.5
Derivative financial instruments
1.0
\u2013
\u2013
1.0
0.3
\u2013
\u2013
0.3
Cash and cash equivalents
\u2013
\u2013
506.8
506.8
\u2013
\u2013
669.1
669.1
Total financial assets
39.5
5.0
1,113.0
1,157. 5
37.1
5.7
1,218.6
1,261.4
Financial Financial
Financial liabilities at Total Financial liabilities at Total
liabilities amortised carrying liabilities amortised carrying
Group at FVPL cost amount at FVPL cost amount
\u00a3m 2023 2023 2023 2022 2022 2022
Financial liabilities:
Borrowings
\u2013
157.2
157. 2
\u2013
159.7
159.7
Overdrafts in notional pooling arrangements
\u2013
192.3
192.3
\u2013
202.0
202.0
Lease liabilities
\u2013
254.2
254.2
\u2013
277.6
277.6
Trade and other payables
\u2013
623.6
623.6
\u2013
698.5
698.5
Derivative financial instruments
5.7
\u2013
5.7
7.7
\u2013
7.7
Total financial liabilities
5.7
1, 227.3
1,233.0
7.7
1,337. 8
1,345.5
Financial Financial
assets at Total assets at Total
amortised carrying amortised carrying
Company cost amount cost amount
\u00a3m 2023 2023 2022 2022
Financial assets:
Trade and other receivables
75.0
75.0
84.8
84.8
Cash and cash equivalents
118.9
118.9
93.6
93.6
Total financial assets
193.9
193.9
178.4
178.4
Financial Financial
liabilities at Total liabilities at Total
amortised carrying amortised carrying
Company cost amount cost amount
\u00a3m 2023 2023 2022 2022
Financial liabilities:
Lease liabilities
60.2
60.2
58.8
58.8
Trade and other payables
13.1
13.1
13.7
13.7
Total financial liabilities
73.3
73.3
72.5
72.5
3.8 Fair value estimation The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December 2023:
\u00a3m
Level 2
Level 3
Total
2023
Assets
Financial assets at FVOCI
\u2013 Unlisted equity investments
\u2013
5.0
5.0
Financial assets at FVPL
\u2013
38.5
38.5
Derivative financial instruments
1.0
\u2013
1.0
Total assets
1.0
43.5
44.5
Liabilities
Derivative financial instruments
\u2013
5.7
5.7
Total liabilities
\u2013
5.7
5.7
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December 2022:
\u00a3m
Level 1
Level 2
Level 3
Total
2022
Assets
Financial assets at FVOCI
\u2013 Listed equity investments
0.8
\u2013
\u2013
0.8
\u2013 Unlisted equity investments
\u2013
\u2013
4.9
4.9
Financial assets at FVPL
\u2013
\u2013
36.8
36.8
Derivative financial instruments
\u2013
0.3
\u2013
0.3
Total assets
0.8
0.3
41.7
42.8
Liabilities
Derivative financial instruments
\u2013
1.0
6.7
7.7
Total liabilities
\u2013
1.0
6.7
7.7
Level 1 Level 1 instruments are those whose fair values are based on quoted market prices. Level 2 The fair value of derivative financial instruments relating to forward foreign exchange contracts are determined by using valuation techniques using observable market data. The fair value of derivative financial instruments is based on the market value of similar instruments with similar maturities. The gross notional principal amounts of the outstanding forward foreign exchange contracts at 31 December 2023 were \u00a3107.9m (2022: \u00a370.8m). All contracts mature within one year and are classed as current. Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and losses in the income statement. Level 3 If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Financial assets held at FVOCI (unlisted equity investments) included in Level 3 fall under two categories. The first, where cost has been determined as the best approximation of fair value. Cost is considered the best approximation of fair value in these instances either due to insufficient more recent information being available and/or there being a wide range of possible fair value measurements due to the nature of the investments and cost is considered the best estimate of fair value within the range. The second, where management have determined the fair value of the unlisted equity security based upon the latest trading performance of the investments, cash flow forecasts of the investments and applying these to a discounted cash flow valuation and/or considering evidence from recent fundraising initiatives undertaken. Financial assets held at FVPL included in Level 3 fall under two categories. The first, where the fair value of investment funds is based on underlying asset values determined by the Fund Manager\u2019s quarterly financial statements. The second, where management have determined the fair value of convertible loans based upon the latest trading performance of the equity investments and cash flow forecasts of the investments and applying these to a discounted cash flow valuation. See Note 18.3 for the terms of these loans. Deferred consideration held at fair value relates to contingent deferred consideration. The fair value of contingent deferred consideration classified as Level 3 is derived from management\u2019s best estimate of future revenue/profits of the relevant acquired business, in accordance with the contractually agreed earn-out targets. The derivative financial liabilities classified as Level 3 relate to put and call options, the fair value of which is derived from management\u2019s best estimate of the average EBITDA forecast of the relevant businesses. These include a call option on the Savills IM Holdings Limited group. Under this agreement Samsung Life has the option to increase its interest by up to 10% over the four years following the initial transaction in December 2021, depending upon the quantum and timing of the provision of capital to Savills Investment Management\u2019s investment products, the maximum being achievable if at least US$2bn of capital is committed. This option is classed as non-current. Gains and losses are recognised in operating profits in the income statement. Derivative financial liabilities also include a put and call option on the remaining 40% of the Absolute Maintenance Services Pte Limited and Solute Pte Limited businesses. Under the agreement made in 2022, after 2 years the Group has the option to purchase and the non-controlling interest holder has the option to request the Group to purchase an additional 20%, with the remaining 20% after 5 years. The fair value of this option is split between current and non-current accordingly. The loss upon recognition has been recognised in reserves. The following table presents the changes in Level 3 items for the period ended 31 December 2023:
Derivative Financial Financial
financial assets at assets at
\u00a3m instruments FVOCI FVPL
Opening balance 1 January 2023
(6.7)
4.9
36.8
Additions
(0.6)
2.2
4.6
Disposals
\u2013
(2.3)
(1.2)
Transfer to investment in associate
\u2013
(1.5)
\u2013
Conversion of loan
\u2013
1.8
\u2013
Transfer to financial assets at FVPL
\u2013
(0.1)
0.1
Settlement
0.2
\u2013
\u2013
Remeasurement
1.3
0.1
(1.0)
Exchange movement
0.1
(0.1)
(0.8)
Closing balance 31 December 2023
(5.7)
5.0
38.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-612": { "value": "3.8 Fair value estimation The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December 2023:
\u00a3m
Level 2
Level 3
Total
2023
Assets
Financial assets at FVOCI
\u2013 Unlisted equity investments
\u2013
5.0
5.0
Financial assets at FVPL
\u2013
38.5
38.5
Derivative financial instruments
1.0
\u2013
1.0
Total assets
1.0
43.5
44.5
Liabilities
Derivative financial instruments
\u2013
5.7
5.7
Total liabilities
\u2013
5.7
5.7
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December 2022:
\u00a3m
Level 1
Level 2
Level 3
Total
2022
Assets
Financial assets at FVOCI
\u2013 Listed equity investments
0.8
\u2013
\u2013
0.8
\u2013 Unlisted equity investments
\u2013
\u2013
4.9
4.9
Financial assets at FVPL
\u2013
\u2013
36.8
36.8
Derivative financial instruments
\u2013
0.3
\u2013
0.3
Total assets
0.8
0.3
41.7
42.8
Liabilities
Derivative financial instruments
\u2013
1.0
6.7
7.7
Total liabilities
\u2013
1.0
6.7
7.7
Level 1 Level 1 instruments are those whose fair values are based on quoted market prices. Level 2 The fair value of derivative financial instruments relating to forward foreign exchange contracts are determined by using valuation techniques using observable market data. The fair value of derivative financial instruments is based on the market value of similar instruments with similar maturities. The gross notional principal amounts of the outstanding forward foreign exchange contracts at 31 December 2023 were \u00a3107.9m (2022: \u00a370.8m). All contracts mature within one year and are classed as current. Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and losses in the income statement. Level 3 If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Financial assets held at FVOCI (unlisted equity investments) included in Level 3 fall under two categories. The first, where cost has been determined as the best approximation of fair value. Cost is considered the best approximation of fair value in these instances either due to insufficient more recent information being available and/or there being a wide range of possible fair value measurements due to the nature of the investments and cost is considered the best estimate of fair value within the range. The second, where management have determined the fair value of the unlisted equity security based upon the latest trading performance of the investments, cash flow forecasts of the investments and applying these to a discounted cash flow valuation and/or considering evidence from recent fundraising initiatives undertaken. Financial assets held at FVPL included in Level 3 fall under two categories. The first, where the fair value of investment funds is based on underlying asset values determined by the Fund Manager\u2019s quarterly financial statements. The second, where management have determined the fair value of convertible loans based upon the latest trading performance of the equity investments and cash flow forecasts of the investments and applying these to a discounted cash flow valuation. See Note 18.3 for the terms of these loans. Deferred consideration held at fair value relates to contingent deferred consideration. The fair value of contingent deferred consideration classified as Level 3 is derived from management\u2019s best estimate of future revenue/profits of the relevant acquired business, in accordance with the contractually agreed earn-out targets. The derivative financial liabilities classified as Level 3 relate to put and call options, the fair value of which is derived from management\u2019s best estimate of the average EBITDA forecast of the relevant businesses. These include a call option on the Savills IM Holdings Limited group. Under this agreement Samsung Life has the option to increase its interest by up to 10% over the four years following the initial transaction in December 2021, depending upon the quantum and timing of the provision of capital to Savills Investment Management\u2019s investment products, the maximum being achievable if at least US$2bn of capital is committed. This option is classed as non-current. Gains and losses are recognised in operating profits in the income statement. Derivative financial liabilities also include a put and call option on the remaining 40% of the Absolute Maintenance Services Pte Limited and Solute Pte Limited businesses. Under the agreement made in 2022, after 2 years the Group has the option to purchase and the non-controlling interest holder has the option to request the Group to purchase an additional 20%, with the remaining 20% after 5 years. The fair value of this option is split between current and non-current accordingly. The loss upon recognition has been recognised in reserves. The following table presents the changes in Level 3 items for the period ended 31 December 2023:
Derivative Financial Financial
financial assets at assets at
\u00a3m instruments FVOCI FVPL
Opening balance 1 January 2023
(6.7)
4.9
36.8
Additions
(0.6)
2.2
4.6
Disposals
\u2013
(2.3)
(1.2)
Transfer to investment in associate
\u2013
(1.5)
\u2013
Conversion of loan
\u2013
1.8
\u2013
Transfer to financial assets at FVPL
\u2013
(0.1)
0.1
Settlement
0.2
\u2013
\u2013
Remeasurement
1.3
0.1
(1.0)
Exchange movement
0.1
(0.1)
(0.8)
Closing balance 31 December 2023
(5.7)
5.0
38.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-530": { "value": "
4. Critical accounting estimates and management judgements
4.1 Accounting estimates
Estimates are continually evaluated and are based on historical experience, current market conditions and other
factors including expectations of future events that are believed to be reasonable under the circumstances. Actual
results may differ from these estimates. Changes in accounting estimates may be necessary if there are changes in
circumstances on which the estimate was based, or as a result of new information or more experience. The estimates
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year are discussed below.
(a) Defined benefit pensions
Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used
to calculate present values. These include future mortality, discount rate and inflation. Management determines these
assumptions in consultation with an independent actuary. Details of the estimates made in calculating the defined
benefit obligation are disclosed in Note 10.2.
(b) Goodwill
The Group tests goodwill for impairment on an annual basis by comparing the carrying value of these assets with
the value-in-use calculations of the relevant cash-generating unit (\u2018CGU\u2019). Within this process, the Group makes a
number of key assumptions including discount rates, terminal growth rates and forecast cash flows. The assumptions
impact the recoverability of goodwill and the requirement for impairment charges in the income statement.
Additional information is disclosed in Note 15, which highlights the critical estimates applied in the value-in-use
calculations for those CGUs that are considered most sensitive to changes in key assumptions and the sensitivity
of these critical estimates.
(c) Debtor recoverability
As described in Note 20, provisions for impairment of trade receivables have been made. In reviewing the
appropriateness of these provisions, consideration has been given to the ageing of the debt and the potential
likelihood of default, taking into account current and future economic conditions. Impairment analysis is performed by
local management using a provision matrix to measure the expected credit losses, which is based on historical credit
loss experience adjusted for forward-looking factors specific to the debtors and economic environment.
4.2 Management judgements
The following are critical judgements, apart from those involving estimations (which are dealt with separately above),
that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most
significant effect on the amounts recognised in the financial statements.
(a) Non-underlying items
The Group presents underlying profit, earnings and taxation as part of its non-GAAP measures explained in Note
2.3. These measures involve the exclusion of items that, in the judgement of the Directors, need to be disclosed
separately in order to provide additional information with respect to the Group\u2019s operational performance. The items
that are excluded are considered significant and non-operational in nature and meet the Group\u2019s criteria for exclusion
as described in Note 2.3. Further details of these items disclosed by the Directors in the reconciliation to underlying
profit are detailed in Note 8.
(b) Critical judgements in determining the lease term
In determining the lease term, management considers all facts and circumstances that create an economic incentive
to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination
options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
The judgements made impact the value of the right-of-use assets and lease liabilities recognised in the statement
of financial position upon initial recognition of a lease.
The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this
assessment and that is within the control of the lessee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-580": { "value": "
5. Revenue from contracts with customers
Revenue of \u00a32,238.0m (2022: \u00a32,298.3m) in the income statement relates solely to revenue arising from contracts
with customers.
The Group derives revenue from the transfer of services over time and at a point in time in the major product lines and
geographical regions as highlighted in the Group\u2019s segment analysis (Note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-531": { "value": "5. Revenue from contracts with customers Revenue of \u00a32,238.0m (2022: \u00a32,298.3m) in the income statement relates solely to revenue arising from contracts with customers. The Group derives revenue from the transfer of services over time and at a point in time in the major product lines and geographical regions as highlighted in the Group\u2019s segment analysis (Note 6). 5.1 Contract-related assets and liabilities The Group recognised the following revenue contract-related assets and liabilities:
2023 2022
\u00a3m \u00a3m
Asset recognised for costs incurred to obtain a contract \u2013 investment management contracts
1.8
2.4
Contract assets \u2013 consulting contracts
12.6
7.4
Accrued income (Note 20.1)
53.8
60.7
Total contract-related assets
68.2
70.5
Current
66.4
68.1
Non-current
1.8
2.4
68.2
70.5
Deferred revenue
11.9
14.0
Total contract liabilities \u2013 current
11.9
14.0
No material impairment loss on contract assets has been recognised in the current or prior year. Amortisation on investment management contract costs recognised in the income statement amounted to \u00a30.7m (2022: \u00a30.2m). All material consulting contracts are for periods of one year or less. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed. The movement in accrued income and deferred income year-on-year is a result of normal trading fluctuations and is not materially impacted by subsidiary acquisitions, foreign exchange fluctuations or changes in assumptions. 5.2 Revenue recognised in relation to contract liabilities Revenue recognised in the year that was included in the contract liability balance at the beginning of the period totalled \u00a313.7m (2022: \u00a312.9m). Revenue recognised in the year from performance obligations satisfied in previous years was not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-579": { "value": "he Group recognised the following revenue contract-related assets and liabilities:
2023 2022
\u00a3m \u00a3m
Asset recognised for costs incurred to obtain a contract \u2013 investment management contracts
1.8
2.4
Contract assets \u2013 consulting contracts
12.6
7.4
Accrued income (Note 20.1)
53.8
60.7
Total contract-related assets
68.2
70.5
Current
66.4
68.1
Non-current
1.8
2.4
68.2
70.5
Deferred revenue
11.9
14.0
Total contract liabilities \u2013 current
11.9
14.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-532": { "value": "
6. Segment analysis
Operating segments reflect internal management reporting to the Group\u2019s chief operating decision-maker, defined
as the Group Executive Board (\u2018GEB\u2019). The GEB primarily manages the business based on the geographic location in
which the Group operates, with the Investment Management business being managed separately.
The operating segments are identified as the following regions: the UK, Continental Europe and the Middle East
(\u2018CEME\u2019), Asia Pacific and North America. The Savills Investment Management business is also considered a separate
operating segment. The reportable operating segments derive their revenue primarily from property-related services.
Within the UK and Asia Pacific, both commercial and residential services are provided. Other segments are largely
commercial-based.
Refer to the Group overview on page 5 and the segmental reviews on pages 22 to 26 for further information on
revenue sources. The GEB also reviews the business with reference to the nature of the services in each region.
Therefore, the Group has presented its segment analysis below in a matrix with the primary operating segments
based on regions in which the Group operates.
The GEB assesses the performance of operating segments based on a measure of underlying profit before tax which
adjusts reported pre-tax profit by profit/(loss) on disposals, share-based payment adjustment, significant restructuring
costs, significant transaction-related costs, amortisation and impairment of intangible assets arising from business
combinations, impairment of goodwill and other items that are considered non-operational and material (fair value
gain on a transaction-related call option in the current and prior year). Segmental assets and liabilities are not
measured or reported to the GEB, but non-current assets are disclosed geographically on page 197.
The segment information provided to the GEB for revenue and underlying profit/(loss) before tax for the year ended
31 December 2023 is as follows:
Property and
Transaction Facilities Investment
Advisory Consultancy Management Management Unallocated Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
United Kingdom \u2013 commercial
100.6
227. 8
304.5
43.2
\u2013
676.1
United Kingdom \u2013 residential
171.0
43.2
51.2
\u2013
\u2013
265.4
Total United Kingdom
271.6
271.0
355.7
43.2
\u2013
941.5
CEME
114.6
76.3
96.7
54.8
\u2013
342.4
Asia Pacific \u2013 commercial
102.1
84.1
447.1
7.8
\u2013
641.1
Asia Pacific \u2013 residential
17.9
\u2013
\u2013
\u2013
\u2013
17.9
Total Asia Pacific*
120.0
84.1
447.1
7.8
\u2013
659.0
North America**
266.7
28.4
\u2013
\u2013
\u2013
295.1
Revenue
772.9
459.8
899.5
105.8
\u2013
2,238.0
Underlying profit/(loss) before tax
United Kingdom \u2013 commercial
14.0
25.4
24.5
4.8
(8.7)
60.0
United Kingdom \u2013 residential
19.4
4.3
5.9
\u2013
\u2013
29.6
Total United Kingdom
33.4
29.7
30.4
4.8
(8.7)
89.6
CEME
(20.3)
5.0
(3.8)
9.3
\u2013
(9.8)
Asia Pacific \u2013 commercial
(2.9)
1.9
22.2
0.7
\u2013
21.9
Asia Pacific \u2013 residential
1.5
\u2013
\u2013
\u2013
\u2013
1.5
Total Asia Pacific
(1.4)
1.9
22.2
0.7
\u2013
23.4
North America
(7.4)
(1.0)
\u2013
\u2013
\u2013
(8.4)
Underlying profit/(loss) before tax***
4.3
35.6
48.8
14.8
(8.7)
94.8
The segment information provided to the GEB for revenue and underlying profit/(loss) for the year ended
31 December 2022 is as follows:
Property and
Transaction Facilities Investment
Advisory Consultancy Management Management Unallocated Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
United Kingdom \u2013 commercial
118.9
202.0
278.7
53.3
\u2013
652.9
United Kingdom \u2013 residential
208.3
46.4
48.7
\u2013
\u2013
303.4
Total United Kingdom
327. 2
248.4
327.4
53.3
\u2013
956.3
CEME****
129.8
71.9
81.6
51.7
\u2013
335.0
Asia Pacific \u2013 commercial
145.3
87.4
404.9
7.8
\u2013
645.4
Asia Pacific \u2013 residential
24.3
\u2013
\u2013
\u2013
\u2013
24.3
Total Asia Pacific*
169.6
87.4
404.9
7.8
\u2013
669.7
North America**
303.5
33.8
\u2013
\u2013
\u2013
337.3
Revenue
930.1
441.5
813.9
112.8
\u2013
2,298.3
Underlying profit/(loss) before tax
United Kingdom \u2013 commercial
20.4
21.8
21.2
8.7
(16.3)
55.8
United Kingdom \u2013 residential
35.1
6.2
4.7
\u2013
\u2013
46.0
Total United Kingdom
55.5
28.0
25.9
8.7
(16.3)
101.8
CEME****
(2.7)
8.6
(0.4)
11.8
\u2013
17. 3
Asia Pacific \u2013 commercial
13.4
2.9
21.0
0.7
\u2013
38.0
Asia Pacific \u2013 residential
3.4
\u2013
\u2013
\u2013
\u2013
3.4
Total Asia Pacific
16.8
2.9
21.0
0.7
\u2013
41.4
North America
2.3
1.8
\u2013
\u2013
\u2013
4.1
Underlying profit/(loss) before tax***
71.9
41.3
46.5
21.2
(16.3)
164.6
* Revenues of \u00a3287.9m (2022: \u00a3291.8m) are attributable to the Hong Kong and Macau region.
** Revenues of \u00a3288.3m (2022: \u00a3329.2m) are attributable to the US.
*** Transaction Advisory underlying profit before tax includes depreciation of \u00a334.5m (2022: \u00a331.8m), software amortisation of \u00a32.7m (2022: \u00a32.2m) and share
of post-tax profit from joint ventures and associates of \u00a32.5m (2022: \u00a33.2m). Consultancy underlying profit before tax includes depreciation of \u00a37.6m (2022:
\u00a39.4m), software amortisation of \u00a30.7m (2022: \u00a30.7m) and share of post-tax profit from joint ventures and associates of \u00a30.1m (2022: \u00a30.3m). Property and
Facilities Management underlying profit before tax includes depreciation of \u00a318.1m (2022: \u00a316.1m), software amortisation of \u00a31.6m (2022: \u00a31.5m) and share
of post-tax profit from joint ventures and associates of \u00a37.6m (2022: \u00a38.6m). Investment Management underlying profit before tax includes depreciation
of \u00a32.6m (2022: \u00a32.1m) and software amortisation of \u00a30.5m (2022: \u00a30.5m). Included in Other underlying loss is depreciation of \u00a36.8m (2022: \u00a36.4m) and
software amortisation of \u00a30.5m (2022: \u00a32.0m).
**** Revenue (\u00a327.6m) and underlying profit (\u00a33.7m) attributable to the project management consultancy business in CEME has been reclassified from Property
and Facilities Management to Consultancy to ensure consistent presentation of this business stream with the rest of the Group.
The Unallocated segment includes costs and other expenses at holding company and subsidiary levels, which are not
directly attributable to the operating activities of the Group\u2019s business segments.
A reconciliation of underlying profit before tax to profit before tax is provided in Note 8.
Inter-segmental revenue is not material. No single customer contributed 10% or more to the Group\u2019s revenue for both
2023 and 2022.
Non-current assets by geography are set out below:
2023 2022
\u00a3m \u00a3m
Non-current assets
United Kingdom
281.4
287.1
CEME
147. 8
145.7
Asia Pacific
144.9
156.9
North America*
288.5
294.6
Total non-current assets
862.6
884.3
* Total non-current assets of \u00a3284.6m (2022: \u00a3291.8m) are attributable to the US.
Non-current assets include goodwill and intangible assets, plant, property and equipment, right-of-use assets,
contract-related assets, non-current non-financial assets, and investments in joint ventures and associates. Defined
benefit pension surplus, non-current financial assets and deferred tax assets are not included.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-533": { "value": "
7. Operating profit
7.1 Operating profit
Operating profit is stated after charging/(crediting):
Group
2023 2022
\u00a3m \u00a3m
In employee benefit expense
\u2013 Restructuring costs
12.8
0.1
\u2013 Transaction-related costs
12.8
15.4
In depreciation
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
47.6
47.2
\u2013 Depreciation of right-of-use assets \u2013 equipment and motor vehicles
3.4
2.0
In other operating expenses
\u2013 Net foreign exchange losses/(gains) (including net losses/(gains) on forward
foreign exchange contracts)
0.7
(0.7)
\u2013 Restructuring costs
1.1
\u2013
\u2013 Transaction-related costs: deferred consideration revisions
\u2013
(1.6)
\u2013 Transaction-related costs: other
1.5
1.4
\u2013 Impairment of fixed assets
\u2013
0.8
\u2013 Impairment of goodwill
3.9
\u2013
\u2013 Expense relating to short-term leases
0.8
1.0
\u2013 Expense relating to variable lease payments not included in lease liabilities
0.4
1.3
\u2013 Gain on disposal of leases (including sub-lets)
(4.3)
\u2013
In other net gains
\u2013 Dividends from financial assets held at FVOCI
Related to investments held at the end of the reporting period
\u2013
(0.1)
\u2013 Dividends from financial assets held at FVPL
(0.2)
(0.1)
\u2013 Profit on disposal of joint ventures
(0.4)
\u2013
\u2013 Fair value gain on derivative financial instrument
(1.4)
(0.1)
Other operating expenses includes \u00a3253.8m of contract costs in relation to property and facilities management
contracts (2022: \u00a3225.8m). There are no other cost categories within other operating expenses that are individually
materially significant.
7.2 Fees payable to the Company\u2019s auditors, Ernst & Young LLP, and its associates
Group
2023 2022
\u00a3m \u00a3m
Audit services
Fees payable to the Company\u2019s auditors for the audit of the parent Company
0.9
0.8
Fees payable to the Company\u2019s auditors and its associates for the audit of the
Company\u2019s subsidiaries
3.3
3.3
4.2
4.1
Audit-related assurance services
0.4
0.3
Total
4.6
4.4
Audit\u2013related assurance services relate to the work performed in connection with the Group\u2019s interim financial
statements and regulatory audits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-613": { "value": "7. Operating profit 7.1 Operating profit Operating profit is stated after charging/(crediting):
Group
2023 2022
\u00a3m \u00a3m
In employee benefit expense
\u2013 Restructuring costs
12.8
0.1
\u2013 Transaction-related costs
12.8
15.4
In depreciation
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
47.6
47.2
\u2013 Depreciation of right-of-use assets \u2013 equipment and motor vehicles
3.4
2.0
In other operating expenses
\u2013 Net foreign exchange losses/(gains) (including net losses/(gains) on forward
foreign exchange contracts)
0.7
(0.7)
\u2013 Restructuring costs
1.1
\u2013
\u2013 Transaction-related costs: deferred consideration revisions
\u2013
(1.6)
\u2013 Transaction-related costs: other
1.5
1.4
\u2013 Impairment of fixed assets
\u2013
0.8
\u2013 Impairment of goodwill
3.9
\u2013
\u2013 Expense relating to short-term leases
0.8
1.0
\u2013 Expense relating to variable lease payments not included in lease liabilities
0.4
1.3
\u2013 Gain on disposal of leases (including sub-lets)
(4.3)
\u2013
In other net gains
\u2013 Dividends from financial assets held at FVOCI
Related to investments held at the end of the reporting period
\u2013
(0.1)
\u2013 Dividends from financial assets held at FVPL
(0.2)
(0.1)
\u2013 Profit on disposal of joint ventures
(0.4)
\u2013
\u2013 Fair value gain on derivative financial instrument
(1.4)
(0.1)
Other operating expenses includes \u00a3253.8m of contract costs in relation to property and facilities management contracts (2022: \u00a3225.8m). There are no other cost categories within other operating expenses that are individually materially significant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-581": { "value": "7. Operating profit 7.1 Operating profit Operating profit is stated after charging/(crediting):
Group
2023 2022
\u00a3m \u00a3m
In employee benefit expense
\u2013 Restructuring costs
12.8
0.1
\u2013 Transaction-related costs
12.8
15.4
In depreciation
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
47.6
47.2
\u2013 Depreciation of right-of-use assets \u2013 equipment and motor vehicles
3.4
2.0
In other operating expenses
\u2013 Net foreign exchange losses/(gains) (including net losses/(gains) on forward
foreign exchange contracts)
0.7
(0.7)
\u2013 Restructuring costs
1.1
\u2013
\u2013 Transaction-related costs: deferred consideration revisions
\u2013
(1.6)
\u2013 Transaction-related costs: other
1.5
1.4
\u2013 Impairment of fixed assets
\u2013
0.8
\u2013 Impairment of goodwill
3.9
\u2013
\u2013 Expense relating to short-term leases
0.8
1.0
\u2013 Expense relating to variable lease payments not included in lease liabilities
0.4
1.3
\u2013 Gain on disposal of leases (including sub-lets)
(4.3)
\u2013
In other net gains
\u2013 Dividends from financial assets held at FVOCI
Related to investments held at the end of the reporting period
\u2013
(0.1)
\u2013 Dividends from financial assets held at FVPL
(0.2)
(0.1)
\u2013 Profit on disposal of joint ventures
(0.4)
\u2013
\u2013 Fair value gain on derivative financial instrument
(1.4)
(0.1)
Other operating expenses includes \u00a3253.8m of contract costs in relation to property and facilities management contracts (2022: \u00a3225.8m). There are no other cost categories within other operating expenses that are individually materially significant. 7.2 Fees payable to the Company\u2019s auditors, Ernst & Young LLP, and its associates
Group
2023 2022
\u00a3m \u00a3m
Audit services
Fees payable to the Company\u2019s auditors for the audit of the parent Company
0.9
0.8
Fees payable to the Company\u2019s auditors and its associates for the audit of the
Company\u2019s subsidiaries
3.3
3.3
4.2
4.1
Audit-related assurance services
0.4
0.3
Total
4.6
4.4
Audit\u2013related assurance services relate to the work performed in connection with the Group\u2019s interim financial statements and regulatory audits.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-629": { "value": "7.1 Operating profit Operating profit is stated after charging/(crediting):
Group
2023 2022
\u00a3m \u00a3m
In employee benefit expense
\u2013 Restructuring costs
12.8
0.1
\u2013 Transaction-related costs
12.8
15.4
In depreciation
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
47.6
47.2
\u2013 Depreciation of right-of-use assets \u2013 equipment and motor vehicles
3.4
2.0
In other operating expenses
\u2013 Net foreign exchange losses/(gains) (including net losses/(gains) on forward
foreign exchange contracts)
0.7
(0.7)
\u2013 Restructuring costs
1.1
\u2013
\u2013 Transaction-related costs: deferred consideration revisions
\u2013
(1.6)
\u2013 Transaction-related costs: other
1.5
1.4
\u2013 Impairment of fixed assets
\u2013
0.8
\u2013 Impairment of goodwill
3.9
\u2013
\u2013 Expense relating to short-term leases
0.8
1.0
\u2013 Expense relating to variable lease payments not included in lease liabilities
0.4
1.3
\u2013 Gain on disposal of leases (including sub-lets)
(4.3)
\u2013
In other net gains
\u2013 Dividends from financial assets held at FVOCI
Related to investments held at the end of the reporting period
\u2013
(0.1)
\u2013 Dividends from financial assets held at FVPL
(0.2)
(0.1)
\u2013 Profit on disposal of joint ventures
(0.4)
\u2013
\u2013 Fair value gain on derivative financial instrument
(1.4)
(0.1)
Other operating expenses includes \u00a3253.8m of contract costs in relation to property and facilities management contracts (2022: \u00a3225.8m). There are no other cost categories within other operating expenses that are individually materially significant. 15. Goodwill and intangible assets
Group
Investment
Customer/ and property
business management Order Computer Company
Goodwill relationships contracts backlogs Brands software Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023 restated*
505.0
44.4
59.4
3.8
4.7
45.2
662.5
10.0
Additions through business
combinations (Note 18.6)
10.4
\u2013
0.5
\u2013
\u2013
\u2013
10.9
\u2013
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
5.5
5.5
\u2013
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
(5.2)
Exchange movement
(14.2)
(0.8)
(0.7)
(0.2)
(0.1)
(0.9)
(16.9)
\u2013
At 31 December 2023
501.2
43.6
59.2
3.6
4.6
45.4
657.6
4.8
Accumulated amortisation and
impairment
At 1 January 2023
55.4
26.0
31.8
2.9
2.3
28.2
146.6
8.2
Amortisation charge for the year
\u2013
3.3
5.7
0.5
0.3
6.0
15.8
0.5
Impairment in the year
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
\u2013
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.5)
(4.5)
(5.2)
Exchange movement
(1.7)
(0.4)
(0.6)
(0.1)
(0.1)
(0.7)
(3.6)
\u2013
At 31 December 2023
57.6
28.9
36.9
3.3
2.5
29.0
158.2
3.5
Net book value
At 31 December 2023
443.6
14.7
22.3
0.3
2.1
16.4
499.4
1.3
* See Note 18.6 for details of prior period restatement", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-627": { "value": "7.1 Operating profit Operating profit is stated after charging/(crediting):
Group
2023 2022
\u00a3m \u00a3m
In employee benefit expense
\u2013 Restructuring costs
12.8
0.1
\u2013 Transaction-related costs
12.8
15.4
In depreciation
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
47.6
47.2
\u2013 Depreciation of right-of-use assets \u2013 equipment and motor vehicles
3.4
2.0
In other operating expenses
\u2013 Net foreign exchange losses/(gains) (including net losses/(gains) on forward
foreign exchange contracts)
0.7
(0.7)
\u2013 Restructuring costs
1.1
\u2013
\u2013 Transaction-related costs: deferred consideration revisions
\u2013
(1.6)
\u2013 Transaction-related costs: other
1.5
1.4
\u2013 Impairment of fixed assets
\u2013
0.8
\u2013 Impairment of goodwill
3.9
\u2013
\u2013 Expense relating to short-term leases
0.8
1.0
\u2013 Expense relating to variable lease payments not included in lease liabilities
0.4
1.3
\u2013 Gain on disposal of leases (including sub-lets)
(4.3)
\u2013
In other net gains
\u2013 Dividends from financial assets held at FVOCI
Related to investments held at the end of the reporting period
\u2013
(0.1)
\u2013 Dividends from financial assets held at FVPL
(0.2)
(0.1)
\u2013 Profit on disposal of joint ventures
(0.4)
\u2013
\u2013 Fair value gain on derivative financial instrument
(1.4)
(0.1)
Other operating expenses includes \u00a3253.8m of contract costs in relation to property and facilities management contracts (2022: \u00a3225.8m). There are no other cost categories within other operating expenses that are individually materially significant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-623": { "value": "7.1 Operating profit Operating profit is stated after charging/(crediting):
Group
2023 2022
\u00a3m \u00a3m
In employee benefit expense
\u2013 Restructuring costs
12.8
0.1
\u2013 Transaction-related costs
12.8
15.4
In depreciation
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
47.6
47.2
\u2013 Depreciation of right-of-use assets \u2013 equipment and motor vehicles
3.4
2.0
In other operating expenses
\u2013 Net foreign exchange losses/(gains) (including net losses/(gains) on forward
foreign exchange contracts)
0.7
(0.7)
\u2013 Restructuring costs
1.1
\u2013
\u2013 Transaction-related costs: deferred consideration revisions
\u2013
(1.6)
\u2013 Transaction-related costs: other
1.5
1.4
\u2013 Impairment of fixed assets
\u2013
0.8
\u2013 Impairment of goodwill
3.9
\u2013
\u2013 Expense relating to short-term leases
0.8
1.0
\u2013 Expense relating to variable lease payments not included in lease liabilities
0.4
1.3
\u2013 Gain on disposal of leases (including sub-lets)
(4.3)
\u2013
In other net gains
\u2013 Dividends from financial assets held at FVOCI
Related to investments held at the end of the reporting period
\u2013
(0.1)
\u2013 Dividends from financial assets held at FVPL
(0.2)
(0.1)
\u2013 Profit on disposal of joint ventures
(0.4)
\u2013
\u2013 Fair value gain on derivative financial instrument
(1.4)
(0.1)
Other operating expenses includes \u00a3253.8m of contract costs in relation to property and facilities management contracts (2022: \u00a3225.8m). There are no other cost categories within other operating expenses that are individually materially significant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-614": { "value": "7.2 Fees payable to the Company\u2019s auditors, Ernst & Young LLP, and its associates
Group
2023 2022
\u00a3m \u00a3m
Audit services
Fees payable to the Company\u2019s auditors for the audit of the parent Company
0.9
0.8
Fees payable to the Company\u2019s auditors and its associates for the audit of the
Company\u2019s subsidiaries
3.3
3.3
4.2
4.1
Audit-related assurance services
0.4
0.3
Total
4.6
4.4
Audit\u2013related assurance services relate to the work performed in connection with the Group\u2019s interim financial statements and regulatory audits.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-534": { "value": "8. Underlying profit before tax 2023 2022 \u00a3m \u00a3m Reported profit before tax 55.4 153.9 Adjustments: Amortisation of intangible assets arising from business combinations 9.9 9.9 Impairment of goodwill 3.9 \u2013 Share-based payment adjustment (see Note 2.3 for explanation) (1.1) (14.7) Profit on disposal of joint ventures (0.4) \u2013 Restructuring costs 13.9 0.1 Transaction-related costs 14.6 15.5 Fair value gain on transaction-related call option (1.4) (0.1) Underlying profit before tax 94.8 164.6 Impairment of goodwill in the year relates to the Indonesia cash generating unit. See Note 15 for further details. Profit on disposal recognised is primarily in relation to disposal of holdings in joint ventures in China. Restructuring costs in the current year includes the pay-out of settlement costs and the cost of a restructuring programme, which was focused principally on a small number of areas of the global business where management anticipates that market recovery will take longer to emerge. In the prior year, restructuring costs related to the ongoing IFRS 2 \u2018Share-based Payment\u2019 charge for deferred shares, with a five-year vesting period, issued in relation to the restructuring upon acquisition of Aguirre Newman SA (\u2018Aguirre Newman\u2019) in 2017. Transaction-related costs includes a \u00a312.7m charge for future consideration payments which are contingent on the continuity of recipients\u2019 employment in the future (2022: \u00a314.8m). In the current and prior year, a significant portion of the charge related to the acquisition of DRC Capital LLP (\u2018DRC\u2019) in 2021. Transaction-related costs also consist of \u00a31.5m of professional advisory transaction fees (2022: \u00a31.4m) and \u00a30.3m of interest on deferred consideration and non-current future payments in relation to business acquisitions that are linked to employment (2022: \u00a30.3m). In addition, transaction-related costs included a \u00a30.1m (2022: \u00a30.6m) charge relating to prepaid amounts issued as part of business acquisitions that are linked to continued active engagement in the business. Of these items, prepaid amounts that are linked to active engagement in the business are recorded as employee benefits expenses in the income statement, unwinding of interest is recorded as a finance cost in the income statement and all other charges/(credits) are recorded within other operating expenses. In the prior year, transaction-related costs also consist of a \u00a31.6m credit (2023: \u00a3nil) for fair value changes to contingent deferred consideration not related to continuity of employment. In the current year, a fair value gain of \u00a31.4m was recognised on the fair value measurement of the Samsung Life call option, which gives Samsung Life the right to purchase up to an additional 10% shareholding in the Savills Investment Management group subject to the quantum of capital it has invested in SIM products during the initial five-year term (2022: fair value gain of \u00a30.1m).", "dimensions": { "concept": "savillsplc:DisclosureOfUnderlyingProfitBeforeTax", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-535": { "value": "
9. Employees
9.1 Employee benefits expense
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Basic salaries and wages
853.3
780.1
13.0
11.4
Profit share and commissions
464.8
557. 3
7.4
7.9
Wages and salaries
1,318.1
1,337.4
20.4
19.3
Social security costs
109.3
103.9
3.0
2.5
Other pension costs
40.1
38.1
0.7
0.6
Share-based payments
28.8
30.4
2.5
2.9
1,496.3
1,509.8
26.6
25.3
9.2 Staff numbers
The monthly average number of employees (including Directors) for the year was:
Group
Company
2023
2022
2023
2022
United Kingdom
9,454
9,036
194
178
CEME
3,220
2,888
\u2013
\u2013
Asia Pacific
28,412
27,462
\u2013
\u2013
North America
994
945
\u2013
\u2013
42,080
40,331
194
178
The average number of UK employees (including Directors) during the year included 128 employed under fixed-term
and temporary contracts (2022: 116).
9.3 Key management compensation
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Key management
\u2013 Short-term employee benefits
15.1
17.4
3.9
4.3
\u2013 Post-employment benefits
0.1
0.1
0.1
0.1
\u2013 Share-based payments
4.2
4.9
1.8
2.1
19.4
22.4
5.8
6.5
The key management of the Group for the year ended 31 December 2023 comprised the Board of Directors and the
GEB members. The key management of the Company for the year ended 31 December 2022 comprised the Board of
Directors and the GEB members. Directors\u2019 remuneration is contained in the Remuneration Report on pages 127 to 150.
During the year, seven (2022: six) GEB members made aggregate gains totalling \u00a34.1m (2022: \u00a33.3m) on the exercise
of options under PSP, DSBP and DSP schemes (2022: PSP, DSBP and DSP schemes). For the Company, three
(2022: three) members of key management made aggregate gains totalling \u00a31.9m (2022: \u00a31.9m) on the exercise of
options under PSP and DSBP schemes (2022: PSP and DSBP schemes).
Retirement benefits under the defined benefit scheme are accruing for two (2022: two) GEB members and benefits
are accruing under a defined contribution scheme in Hong Kong for two (2022: two) GEB members. For the Company,
retirement benefits under the defined benefit scheme are accruing for one (2022: one) Executive Director.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-582": { "value": "9.3 Key management compensation
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Key management
\u2013 Short-term employee benefits
15.1
17.4
3.9
4.3
\u2013 Post-employment benefits
0.1
0.1
0.1
0.1
\u2013 Share-based payments
4.2
4.9
1.8
2.1
19.4
22.4
5.8
6.5
The key management of the Group for the year ended 31 December 2023 comprised the Board of Directors and the GEB members. The key management of the Company for the year ended 31 December 2022 comprised the Board of Directors and the GEB members. Directors\u2019 remuneration is contained in the Remuneration Report on pages 127 to 150. During the year, seven (2022: six) GEB members made aggregate gains totalling \u00a34.1m (2022: \u00a33.3m) on the exercise of options under PSP, DSBP and DSP schemes (2022: PSP, DSBP and DSP schemes). For the Company, three (2022: three) members of key management made aggregate gains totalling \u00a31.9m (2022: \u00a31.9m) on the exercise of options under PSP and DSBP schemes (2022: PSP and DSBP schemes). Retirement benefits under the defined benefit scheme are accruing for two (2022: two) GEB members and benefits are accruing under a defined contribution scheme in Hong Kong for two (2022: two) GEB members. For the Company, retirement benefits under the defined benefit scheme are accruing for one (2022: one) Executive Director.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-536": { "value": "10. Pension schemes 10.1 Defined contribution plans The Group operates the Savills UK Group Personal Pension Plan, a defined contribution scheme, a number of defined contribution individual pension plans and a Mandatory Provident Fund Scheme in Hong Kong, to which it contributes. The total pension charges in respect of these plans were \u00a340.1m (2022: \u00a338.1m). The amount outstanding as at 31 December 2023 in relation to defined contribution schemes within current trade and other payables is \u00a33.4m (2022: \u00a32.9m). 10.2 Defined benefit plans The Group operates two defined benefit plans. The Pension Plan of Savills (the \u2018UK Plan\u2019) is a UK-based plan which provided final salary pension benefits to some employees, but was closed with regard to future service-based benefit accrual with effect from 31 March 2010. From 1 April 2010, pension benefits for former employees of the UK Plan are provided through the Group\u2019s defined contribution Personal Pension Plan. The UK Plan is administered by a separate Trust that is legally separated from the Company. The Board of the pension fund is composed of six trustees. The Board of the pension fund is required by law and by its Article of Association to act in the interest of the fund and of all relevant stakeholders in the scheme. The Board of the pension fund is responsible for the investment policy with regard to the assets of the fund. The contributions are determined by an independent qualified actuary on the basis of triennial valuations. A full actuarial valuation of the UK Plan was carried out as at 31 March 2022 and has been updated to 31 December 2023 by a qualified independent actuary. In June 2023, the High Court handed down a decision (Virgin Media Limited v NTL Pension Trustees II Limited and others) which potentially has implications for the validity of amendments made by schemes, including the UK Plan, which were contracted-out on a salary-related basis between 6 April 1997 and the abolition of contracting-out in 2016. This decision has been appealed and is due to be reconsidered by the Court of Appeal in June 2024. The impact will therefore be uncertain for some time to come. Given this uncertainty, the updated valuation as at 31 December 2023 does not reflect the High Court ruling as it is currently unclear as to whether any additional liabilities might arise, and if they were to arise, how they would be reliably measured. The case is subject to appeal in 2024 and following the outcome of the appeal, management will conclude whether any subsequent actions or amendments to IAS 19 liabilities are required. The Savills Fund Management GMBH Plan (the \u2018SFM Plan\u2019) is a Germany-based plan which provides final salary benefits to six active employees and 107 former employees. The plan is closed to future service-based benefit accrual. The SFM Plan is administered by an external Trust that is legally separated from the Company. The Trust Agreement requires the trustee to maintain the plan assets in the interest of the beneficiaries of the plan and to fulfil their pension entitlements in the event of insolvency to the extent of the plan assets held. The Investment Committee of the fund, advised by expert investment managers, is responsible for the investment policy with regards to the assets of the fund. The contributions are determined based on the annual valuations of an independent qualified actuary. A full actuarial valuation of the SFM Plan was carried out as at 31 December 2023 by a qualified independent actuary. The table below outlines the Group\u2019s and Company\u2019s defined benefit pension amounts in relation to the UK Plan:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
(Liability)/asset in the statement of financial position
(0.7)
22.3
\u2013
1.2
Net interest income included in finance income
1.0
0.4
0.1
\u2013
Actuarial (loss)/gain included in other comprehensive income
(24.0)
4.5
(1.3)
0.2
Rule 23 of the governing Trust Deed and Rules of the UK Plan covers the rights upon termination of the UK Plan, which is triggered when there are no beneficiaries surviving in accordance with Rule 19. Management interprets these rules that in the event of the UK Plan winding up with no members, any surplus assets would be returned to the Company. Based on these rights, any net surplus in the scheme is recognised in full.
The amounts recognised in the statement of financial position in relation to the UK Plan are as follows:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations
(195.1)
(186.7)
(10.8)
(10.3)
Fair value of plan assets
194.4
209.0
10.8
11.5
(Liability)/asset in the statement of financial position
(0.7)
22.3
\u2013
1.2
The movement in the defined benefit asset for the UK Plan over the year is as follows:
Group
Company
Present Fair value Present Fair value
value of of plan value of of plan
obligation assets Total obligation assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(186.7)
209.0
22.3
(10.3)
11.5
1.2
Interest (expense)/income
(8.9)
9.9
1.0
(0.5)
0.6
0.1
Remeasurements:
\u2013 Loss on plan assets, excluding amounts
included in interest income
\u2013
(18.4)
(18.4)
\u2013
(1.0)
(1.0)
\u2013 Loss from change in financial
assumptions
(5.7)
\u2013
(5.7)
(0.3)
\u2013
(0.3)
\u2013 Gain from change in demographic
assumptions
1.7
\u2013
1.7
0.1
\u2013
0.1
\u2013 Experience losses
(1.6)
\u2013
(1.6)
(0.1)
\u2013
(0.1)
Benefit payments
6.1
(6.1)
\u2013
0.3
(0.3)
\u2013
At 31 December 2023
(195.1)
194.4
(0.7)
(10.8)
10.8
\u2013
Group
Company
Present Fair value Present Fair value
value of of plan value of of plan
obligation assets Total obligation assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
(301.7)
319.1
17.4
(16.6)
17.6
1.0
Interest (expense)/income
(6.0)
6.4
0.4
(0.3)
0.3
\u2013
Remeasurements:
\u2013 Loss on plan assets, excluding amounts
included in interest income
\u2013
(108.7)
(108.7)
\u2013
(6.0)
(6.0)
\u2013 Gain from change in financial
assumptions
115.9
\u2013
115.9
6.4
\u2013
6.4
\u2013 Gain from change in demographic
assumptions
9.0
\u2013
9.0
0.5
\u2013
0.5
\u2013 Experience losses
(11.7)
\u2013
(11.7)
(0.7)
\u2013
(0.7)
Benefit payments
7.8
(7.8)
\u2013
0.4
(0.4)
\u2013
At 31 December 2022
(186.7)
209.0
22.3
(10.3)
11.5
1.2
The table below outlines the Group\u2019s defined benefit pension amounts in relation to the SFM Plan:
SFM Plan
2023 2022
\u00a3m \u00a3m
Asset in the statement of financial position
3.2
3.2
Net interest income included in finance income
0.1
\u2013
Actuarial (losses)/gains included in other comprehensive income
(0.5)
2.0
Section 5.2 of the SFM Plan Trust Deed provides the Trustor (Savills Fund Management GmbH, Savills Fund Management Holding AG, and Savills Investment Management (Germany) GmbH respectively) with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities in the event of a plan wind-up. Furthermore, in the ordinary course of business neither Trustor nor Trustee have any rights to unilaterally wind up, or otherwise augment the benefits due to members of the scheme. Based on these rights, any net surplus in the scheme is recognised in full. The amounts recognised in the statement of financial position in relation to the SFM Plan are as follows:
SFM Plan
2023 2022
\u00a3m \u00a3m
Present value of funded obligations
(10.8)
(9.9)
Fair value of plan assets
14.0
13.1
Asset in the statement of financial position
3.2
3.2
The movement in the defined benefit asset for the SFM Plan over the year is as follows:
SFM Plan
Present value Fair value
of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
(9.9)
13.1
3.2
Interest (expense)/income
(0.4)
0.5
0.1
Remeasurements:
\u2013 Gain on plan assets, excluding amounts included in interest income
\u2013
0.6
0.6
\u2013 Loss from change in financial assumptions
(0.9)
\u2013
(0.9)
\u2013 Experience losses
(0.2)
\u2013
(0.2)
Employer contributions
\u2013
0.4
0.4
Benefit payments
0.4
(0.4)
\u2013
Exchange movement
0.2
(0.2)
\u2013
At 31 December 2023
(10.8)
14.0
3.2
SFM Plan
Present value Fair value
of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
(13.5)
14.2
0.7
Interest (expense)/income
(0.2)
0.2
\u2013
Remeasurements:
\u2013 Loss on plan assets, excluding amounts included in interest income
\u2013
(2.1)
(2.1)
\u2013 Gain from change in demographic assumptions
4.4
\u2013
4.4
\u2013 Experience losses
(0.3)
\u2013
(0.3)
Employer contributions
\u2013
0.5
0.5
Benefit payments
0.4
(0.4)
\u2013
Exchange movement
(0.7)
0.7
\u2013
At 31 December 2022
(9.9)
13.1
3.2
The significant actuarial assumptions were as follows:
UK Plan
SFM Plan
As at 31 December
2023
2022
2023
2022
Expected rate of salary increases
3.25%
3.25%
2.50%
2.50%
Projection of social security contribution ceiling
\u2013
\u2013
2.25%
2.25%
Rate of increase to pensions in payment
\u2013 pension promise before 1 January 1986
\u2013
\u2013
2.20%
2.20%
\u2013 pension promise after 1 January 1986
\u2013
\u2013
2.20%
2.20%
\u2013 accrued before 6 April 1997
3.00%
3.00%
\u2013
\u2013
\u2013 accrued after 5 April 1997
2.80%
3.00%
\u2013
\u2013
\u2013 accrued after 5 April 2005
2.00%
2.00%
\u2013
\u2013
Rate of increase to pensions in deferment
\u2013 accrued before 6 April 2001
5.00%
5.00%
\u2013
\u2013
\u2013 accrued after 5 April 2001
2.50%
2.60%
\u2013
\u2013
\u2013 accrued after 5 April 2009
2.50%
2.50%
\u2013
\u2013
Discount rate
4.50%
4.80%
3.55%
4.24%
Inflation assumption
3.00%
3.20%
2.20%
2.20%
Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics and
experience. These assumptions translate into an average life expectancy in years for a pensioner retiring at age 60:
UK Plan
SFM Plan
2023
2022
2023
2022
Retiring at the end of the reporting year
\u2013 Male
87.9
88.1
85.8
85.6
\u2013 Female
89.7
89.8
89.2
89.0
Retiring 20 years after the end of the reporting year
\u2013 Male
89.7
89.8
88.5
88.4
\u2013 Female
91.4
91.5
91.4
91.3
The sensitivity of the defined benefit obligations to changes in the principal assumptions is:
Impact on present value
of scheme obligations
UK Plan SFM Plan
\u00a3m \u00a3m
1% increase in discount rates
(25.1)
(1.4)
1% increase in inflation rate
12.2
1.0
1% increase in salary increase rate
0.9
0.1
1 year increase in life expectancy
6.3
0.4
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligations has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligations liability recognised in the statement of financial position. Plan assets are comprised as follows:
UK Plan
2023
2022
Quoted Unquoted Total Quoted Unquoted Total
\u00a3m \u00a3m
\u00a3m
%
\u00a3m \u00a3m
\u00a3m
%
\u2013 Government bonds
63.2
\u2013
63.2
33%
44.1
\u2013
44.1
22%
\u2013 Corporate bonds (investment grade)
2.7
\u2013
2.7
1%
2.7
\u2013
2.7
1%
\u2013 Cash and cash equivalents
15.4
\u2013
15.4
8%
32.0
\u2013
32.0
15%
Liability-driven investment (\u2018LDI\u2019)*
81.3
\u2013
81.3
42%
78.8
\u2013
78.8
38%
Investment funds
\u2013
34.6
34.6
18%
\u2013
35.5
35.5
17%
Bonds
24.7
40.8
65.5
34%
23.4
35.7
59.1
28%
Cash and cash equivalents
2.7
\u2013
2.7
1%
17.1
\u2013
17.1
8%
Asset-backed securities**
10.3
\u2013
10.3
5%
18.5
\u2013
18.5
9%
Total
119.0
75.4
194.4
100%
137.8
71.2
209.0
100%
* A portfolio of gilt and swap contracts, backed by investment grade credit instruments and LIBOR generating assets, that is designed to hedge the majority of the interest rate and inflation risks associated with the scheme\u2019s obligations. Government bonds includes fixed and index-linked gilts, less repo cash. ** A portfolio of primarily mortgage-backed securities and loans. The sensitivity of the above Plan assets is as follows:
UK Plan
Impact on
value of Plan
assets
\u00a3m
1% increase in discount rates*
(22.0)
1% increase in inflation rate
12.0
* Sensitivity to a change in government bond yields with unchanged credit spreads.
SFM Plan
2023
2022
Unquoted Unquoted
\u00a3m
%
\u00a3m
%
Investment funds
14.0
100%
13.2
100%
Total
14.0
100%
13.2
100%
No Plan assets are the Group\u2019s own financial instruments or property occupied or used by the Group. The fair values
of the above equity and debt instruments are provided by the fund managers. The fund managers use best-practice
techniques to value their holdings in investment funds, with valuations validated by an independent appraisal firm.
Where available, fair values are determined based on quoted market prices in active markets.
Although the UK Plan does not invest directly in the Group\u2019s financial instruments, it does invest in passive equity
funds, so will have some exposure to FTSE All-Share Index, hence indirectly to the Savills plc share price.
Through the defined benefit plans, the Group is exposed to a number of risks, the most significant of which are
detailed below:
(a) Asset volatility
The Plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if Plan assets
underperform this yield, this will create a deficit. The Plan holds a significant proportion of equities and funds, which
are expected to outperform corporate bonds in the long term while providing volatility and risk in the short term.
(b) Changes in bond yields
A decrease in corporate bond yields will increase the Plan\u2019s liabilities, although this will be partially offset by an
increase in the value of the Plan\u2019s bond holdings.
(c) Inflation risk
Higher inflation will lead to higher liabilities. The majority of the Plan\u2019s assets are either unaffected by or are loosely
correlated with inflation, meaning that an increase in inflation will also increase the deficit.
(d) Life expectancy
The majority of the Plan\u2019s obligations are to provide benefits for the life of the member, so increases in life expectancy
will result in an increase in the Plan\u2019s liabilities.
Expected contributions to post-employment benefit plans for the year ending 31 December 2024 are \u00a30.5m.
The Company expects to contribute \u00a3nil.
The weighted average duration of the defined benefit obligations is 15 years for the UK Plan and 16 years for the
SFM Plan.
Expected maturity analysis of the undiscounted pension benefits:
Less than Between Between Over
a year 1\u20132 years 2\u20135 years 5 years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Pension benefit payments
\u2013 UK Plan
6.3
15.7
27. 2
421.9
471.1
\u2013 SFM Plan
0.5
0.5
1.7
15.9
18.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-583": { "value": "
10.1 Defined contribution plans
The Group operates the Savills UK Group Personal Pension Plan, a defined contribution scheme, a number of defined
contribution individual pension plans and a Mandatory Provident Fund Scheme in Hong Kong, to which it contributes.
The total pension charges in respect of these plans were \u00a340.1m (2022: \u00a338.1m). The amount outstanding as at
31 December 2023 in relation to defined contribution schemes within current trade and other payables is \u00a33.4m
(2022: \u00a32.9m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-584": { "value": "
10.2 Defined benefit plans
The Group operates two defined benefit plans. The Pension Plan of Savills (the \u2018UK Plan\u2019) is a UK-based plan which
provided final salary pension benefits to some employees, but was closed with regard to future service-based benefit
accrual with effect from 31 March 2010. From 1 April 2010, pension benefits for former employees of the UK Plan are
provided through the Group\u2019s defined contribution Personal Pension Plan.
The UK Plan is administered by a separate Trust that is legally separated from the Company. The Board of the pension
fund is composed of six trustees. The Board of the pension fund is required by law and by its Article of Association
to act in the interest of the fund and of all relevant stakeholders in the scheme. The Board of the pension fund is
responsible for the investment policy with regard to the assets of the fund. The contributions are determined by an
independent qualified actuary on the basis of triennial valuations.
A full actuarial valuation of the UK Plan was carried out as at 31 March 2022 and has been updated to 31 December
2023 by a qualified independent actuary.
In June 2023, the High Court handed down a decision (Virgin Media Limited v NTL Pension Trustees II Limited and
others) which potentially has implications for the validity of amendments made by schemes, including the UK Plan,
which were contracted-out on a salary-related basis between 6 April 1997 and the abolition of contracting-out in 2016.
This decision has been appealed and is due to be reconsidered by the Court of Appeal in June 2024. The impact will
therefore be uncertain for some time to come. Given this uncertainty, the updated valuation as at 31 December 2023
does not reflect the High Court ruling as it is currently unclear as to whether any additional liabilities might arise, and
if they were to arise, how they would be reliably measured. The case is subject to appeal in 2024 and following the
outcome of the appeal, management will conclude whether any subsequent actions or amendments to IAS 19 liabilities
are required.
The Savills Fund Management GMBH Plan (the \u2018SFM Plan\u2019) is a Germany-based plan which provides final salary
benefits to six active employees and 107 former employees. The plan is closed to future service-based benefit accrual.
The SFM Plan is administered by an external Trust that is legally separated from the Company. The Trust Agreement
requires the trustee to maintain the plan assets in the interest of the beneficiaries of the plan and to fulfil their pension
entitlements in the event of insolvency to the extent of the plan assets held. The Investment Committee of the fund,
advised by expert investment managers, is responsible for the investment policy with regards to the assets of the fund.
The contributions are determined based on the annual valuations of an independent qualified actuary.
A full actuarial valuation of the SFM Plan was carried out as at 31 December 2023 by a qualified independent actuary.
The table below outlines the Group\u2019s and Company\u2019s defined benefit pension amounts in relation to the UK Plan:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
(Liability)/asset in the statement of financial position
(0.7)
22.3
\u2013
1.2
Net interest income included in finance income
1.0
0.4
0.1
\u2013
Actuarial (loss)/gain included in other comprehensive income
(24.0)
4.5
(1.3)
0.2
Rule 23 of the governing Trust Deed and Rules of the UK Plan covers the rights upon termination of the UK Plan, which
is triggered when there are no beneficiaries surviving in accordance with Rule 19. Management interprets these rules
that in the event of the UK Plan winding up with no members, any surplus assets would be returned to the Company.
Based on these rights, any net surplus in the scheme is recognised in full.
The amounts recognised in the statement of financial position in relation to the UK Plan are as follows:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligations
(195.1)
(186.7)
(10.8)
(10.3)
Fair value of plan assets
194.4
209.0
10.8
11.5
(Liability)/asset in the statement of financial position
(0.7)
22.3
\u2013
1.2
The movement in the defined benefit asset for the UK Plan over the year is as follows:
Group
Company
Present Fair value Present Fair value
value of of plan value of of plan
obligation assets Total obligation assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(186.7)
209.0
22.3
(10.3)
11.5
1.2
Interest (expense)/income
(8.9)
9.9
1.0
(0.5)
0.6
0.1
Remeasurements:
\u2013 Loss on plan assets, excluding amounts
included in interest income
\u2013
(18.4)
(18.4)
\u2013
(1.0)
(1.0)
\u2013 Loss from change in financial
assumptions
(5.7)
\u2013
(5.7)
(0.3)
\u2013
(0.3)
\u2013 Gain from change in demographic
assumptions
1.7
\u2013
1.7
0.1
\u2013
0.1
\u2013 Experience losses
(1.6)
\u2013
(1.6)
(0.1)
\u2013
(0.1)
Benefit payments
6.1
(6.1)
\u2013
0.3
(0.3)
\u2013
At 31 December 2023
(195.1)
194.4
(0.7)
(10.8)
10.8
\u2013
Group
Company
Present Fair value Present Fair value
value of of plan value of of plan
obligation assets Total obligation assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
(301.7)
319.1
17.4
(16.6)
17.6
1.0
Interest (expense)/income
(6.0)
6.4
0.4
(0.3)
0.3
\u2013
Remeasurements:
\u2013 Loss on plan assets, excluding amounts
included in interest income
\u2013
(108.7)
(108.7)
\u2013
(6.0)
(6.0)
\u2013 Gain from change in financial
assumptions
115.9
\u2013
115.9
6.4
\u2013
6.4
\u2013 Gain from change in demographic
assumptions
9.0
\u2013
9.0
0.5
\u2013
0.5
\u2013 Experience losses
(11.7)
\u2013
(11.7)
(0.7)
\u2013
(0.7)
Benefit payments
7.8
(7.8)
\u2013
0.4
(0.4)
\u2013
At 31 December 2022
(186.7)
209.0
22.3
(10.3)
11.5
1.2
The table below outlines the Group\u2019s defined benefit pension amounts in relation to the SFM Plan:
SFM Plan
2023 2022
\u00a3m \u00a3m
Asset in the statement of financial position
3.2
3.2
Net interest income included in finance income
0.1
\u2013
Actuarial (losses)/gains included in other comprehensive income
(0.5)
2.0
Section 5.2 of the SFM Plan Trust Deed provides the Trustor (Savills Fund Management GmbH, Savills Fund
Management Holding AG, and Savills Investment Management (Germany) GmbH respectively) with an unconditional
right to a refund of surplus assets assuming the full settlement of plan liabilities in the event of a plan wind-up.
Furthermore, in the ordinary course of business neither Trustor nor Trustee have any rights to unilaterally wind up,
or otherwise augment the benefits due to members of the scheme. Based on these rights, any net surplus in the
scheme is recognised in full.
The amounts recognised in the statement of financial position in relation to the SFM Plan are as follows:
SFM Plan
2023 2022
\u00a3m \u00a3m
Present value of funded obligations
(10.8)
(9.9)
Fair value of plan assets
14.0
13.1
Asset in the statement of financial position
3.2
3.2
The movement in the defined benefit asset for the SFM Plan over the year is as follows:
SFM Plan
Present value Fair value
of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
(9.9)
13.1
3.2
Interest (expense)/income
(0.4)
0.5
0.1
Remeasurements:
\u2013 Gain on plan assets, excluding amounts included in interest income
\u2013
0.6
0.6
\u2013 Loss from change in financial assumptions
(0.9)
\u2013
(0.9)
\u2013 Experience losses
(0.2)
\u2013
(0.2)
Employer contributions
\u2013
0.4
0.4
Benefit payments
0.4
(0.4)
\u2013
Exchange movement
0.2
(0.2)
\u2013
At 31 December 2023
(10.8)
14.0
3.2
SFM Plan
Present value Fair value
of obligation of plan assets Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
(13.5)
14.2
0.7
Interest (expense)/income
(0.2)
0.2
\u2013
Remeasurements:
\u2013 Loss on plan assets, excluding amounts included in interest income
\u2013
(2.1)
(2.1)
\u2013 Gain from change in demographic assumptions
4.4
\u2013
4.4
\u2013 Experience losses
(0.3)
\u2013
(0.3)
Employer contributions
\u2013
0.5
0.5
Benefit payments
0.4
(0.4)
\u2013
Exchange movement
(0.7)
0.7
\u2013
At 31 December 2022
(9.9)
13.1
3.2
The significant actuarial assumptions were as follows:
UK Plan
SFM Plan
As at 31 December
2023
2022
2023
2022
Expected rate of salary increases
3.25%
3.25%
2.50%
2.50%
Projection of social security contribution ceiling
\u2013
\u2013
2.25%
2.25%
Rate of increase to pensions in payment
\u2013 pension promise before 1 January 1986
\u2013
\u2013
2.20%
2.20%
\u2013 pension promise after 1 January 1986
\u2013
\u2013
2.20%
2.20%
\u2013 accrued before 6 April 1997
3.00%
3.00%
\u2013
\u2013
\u2013 accrued after 5 April 1997
2.80%
3.00%
\u2013
\u2013
\u2013 accrued after 5 April 2005
2.00%
2.00%
\u2013
\u2013
Rate of increase to pensions in deferment
\u2013 accrued before 6 April 2001
5.00%
5.00%
\u2013
\u2013
\u2013 accrued after 5 April 2001
2.50%
2.60%
\u2013
\u2013
\u2013 accrued after 5 April 2009
2.50%
2.50%
\u2013
\u2013
Discount rate
4.50%
4.80%
3.55%
4.24%
Inflation assumption
3.00%
3.20%
2.20%
2.20%
Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics and experience. These assumptions translate into an average life expectancy in years for a pensioner retiring at age 60:
UK Plan
SFM Plan
2023
2022
2023
2022
Retiring at the end of the reporting year
\u2013 Male
87.9
88.1
85.8
85.6
\u2013 Female
89.7
89.8
89.2
89.0
Retiring 20 years after the end of the reporting year
\u2013 Male
89.7
89.8
88.5
88.4
\u2013 Female
91.4
91.5
91.4
91.3
The sensitivity of the defined benefit obligations to changes in the principal assumptions is:
Impact on present value
of scheme obligations
UK Plan SFM Plan
\u00a3m \u00a3m
1% increase in discount rates
(25.1)
(1.4)
1% increase in inflation rate
12.2
1.0
1% increase in salary increase rate
0.9
0.1
1 year increase in life expectancy
6.3
0.4
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligations has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligations liability recognised in the statement of financial position. Plan assets are comprised as follows:
UK Plan
2023
2022
Quoted Unquoted Total Quoted Unquoted Total
\u00a3m \u00a3m
\u00a3m
%
\u00a3m \u00a3m
\u00a3m
%
\u2013 Government bonds
63.2
\u2013
63.2
33%
44.1
\u2013
44.1
22%
\u2013 Corporate bonds (investment grade)
2.7
\u2013
2.7
1%
2.7
\u2013
2.7
1%
\u2013 Cash and cash equivalents
15.4
\u2013
15.4
8%
32.0
\u2013
32.0
15%
Liability-driven investment (\u2018LDI\u2019)*
81.3
\u2013
81.3
42%
78.8
\u2013
78.8
38%
Investment funds
\u2013
34.6
34.6
18%
\u2013
35.5
35.5
17%
Bonds
24.7
40.8
65.5
34%
23.4
35.7
59.1
28%
Cash and cash equivalents
2.7
\u2013
2.7
1%
17.1
\u2013
17.1
8%
Asset-backed securities**
10.3
\u2013
10.3
5%
18.5
\u2013
18.5
9%
Total
119.0
75.4
194.4
100%
137.8
71.2
209.0
100%
* A portfolio of gilt and swap contracts, backed by investment grade credit instruments and LIBOR generating assets, that is designed to hedge the majority of the interest rate and inflation risks associated with the scheme\u2019s obligations. Government bonds includes fixed and index-linked gilts, less repo cash. ** A portfolio of primarily mortgage-backed securities and loans. The sensitivity of the above Plan assets is as follows:
UK Plan
Impact on
value of Plan
assets
\u00a3m
1% increase in discount rates*
(22.0)
1% increase in inflation rate
12.0
* Sensitivity to a change in government bond yields with unchanged credit spreads
SFM Plan
2023
2022
Unquoted Unquoted
\u00a3m
%
\u00a3m
%
Investment funds
14.0
100%
13.2
100%
Total
14.0
100%
13.2
100%
No Plan assets are the Group\u2019s own financial instruments or property occupied or used by the Group. The fair values of the above equity and debt instruments are provided by the fund managers. The fund managers use best-practice techniques to value their holdings in investment funds, with valuations validated by an independent appraisal firm. Where available, fair values are determined based on quoted market prices in active markets. Although the UK Plan does not invest directly in the Group\u2019s financial instruments, it does invest in passive equity funds, so will have some exposure to FTSE All-Share Index, hence indirectly to the Savills plc share price. Through the defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below: (a) Asset volatility The Plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if Plan assets underperform this yield, this will create a deficit. The Plan holds a significant proportion of equities and funds, which are expected to outperform corporate bonds in the long term while providing volatility and risk in the short term. (b) Changes in bond yields A decrease in corporate bond yields will increase the Plan\u2019s liabilities, although this will be partially offset by an increase in the value of the Plan\u2019s bond holdings. (c) Inflation risk Higher inflation will lead to higher liabilities. The majority of the Plan\u2019s assets are either unaffected by or are loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit. (d) Life expectancy The majority of the Plan\u2019s obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the Plan\u2019s liabilities. Expected contributions to post-employment benefit plans for the year ending 31 December 2024 are \u00a30.5m. The Company expects to contribute \u00a3nil. The weighted average duration of the defined benefit obligations is 15 years for the UK Plan and 16 years for the SFM Plan. Expected maturity analysis of the undiscounted pension benefits:
Less than Between Between Over
a year 1\u20132 years 2\u20135 years 5 years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Pension benefit payments
\u2013 UK Plan
6.3
15.7
27. 2
421.9
471.1
\u2013 SFM Plan
0.5
0.5
1.7
15.9
18.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-537": { "value": "
11. Finance income and costs
Group
2023 2022
\u00a3m \u00a3m
Bank interest receivable
49.5
13.3
Net interest on defined benefit pension assets
1.1
0.4
Finance income
50.6
13.7
Bank interest payable
(28.9)
(8.5)
Unwinding of discounts on liabilities
(0.4)
(0.5)
Finance charges on lease liabilities
(9.2)
(9.0)
Finance costs
(38.5)
(18.0)
Net finance income/(cost)
12.1
(4.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-630": { "value": "11. Finance income and costs
Group
2023 2022
\u00a3m \u00a3m
Bank interest receivable
49.5
13.3
Net interest on defined benefit pension assets
1.1
0.4
Finance income
50.6
13.7
Bank interest payable
(28.9)
(8.5)
Unwinding of discounts on liabilities
(0.4)
(0.5)
Finance charges on lease liabilities
(9.2)
(9.0)
Finance costs
(38.5)
(18.0)
Net finance income/(cost)
12.1
(4.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-628": { "value": "11. Finance income and costs
Group
2023 2022
\u00a3m \u00a3m
Bank interest receivable
49.5
13.3
Net interest on defined benefit pension assets
1.1
0.4
Finance income
50.6
13.7
Bank interest payable
(28.9)
(8.5)
Unwinding of discounts on liabilities
(0.4)
(0.5)
Finance charges on lease liabilities
(9.2)
(9.0)
Finance costs
(38.5)
(18.0)
Net finance income/(cost)
12.1
(4.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-624": { "value": "11. Finance income and costs
Group
2023 2022
\u00a3m \u00a3m
Bank interest receivable
49.5
13.3
Net interest on defined benefit pension assets
1.1
0.4
Finance income
50.6
13.7
Bank interest payable
(28.9)
(8.5)
Unwinding of discounts on liabilities
(0.4)
(0.5)
Finance charges on lease liabilities
(9.2)
(9.0)
Finance costs
(38.5)
(18.0)
Net finance income/(cost)
12.1
(4.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-615": { "value": "11. Finance income and costs
Group
2023 2022
\u00a3m \u00a3m
Bank interest receivable
49.5
13.3
Net interest on defined benefit pension assets
1.1
0.4
Finance income
50.6
13.7
Bank interest payable
(28.9)
(8.5)
Unwinding of discounts on liabilities
(0.4)
(0.5)
Finance charges on lease liabilities
(9.2)
(9.0)
Finance costs
(38.5)
(18.0)
Net finance income/(cost)
12.1
(4.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-585": { "value": "11. Finance income and costs
Group
2023 2022
\u00a3m \u00a3m
Bank interest receivable
49.5
13.3
Net interest on defined benefit pension assets
1.1
0.4
Finance income
50.6
13.7
Bank interest payable
(28.9)
(8.5)
Unwinding of discounts on liabilities
(0.4)
(0.5)
Finance charges on lease liabilities
(9.2)
(9.0)
Finance costs
(38.5)
(18.0)
Net finance income/(cost)
12.1
(4.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-538": { "value": "
12. Income tax expense
Analysis of tax expense for the year:
Group
2023 2022
\u00a3m \u00a3m
Current tax
United Kingdom:
Corporation tax on profits for the year
13.2
15.9
Adjustment in respect of prior years
0.7
2.8
13.9
18.7
Overseas tax
14.3
22.2
Adjustment in respect of prior years
(0.5)
0.9
Total current tax
27.7
41.8
Deferred tax
Representing:
United Kingdom
1.2
4.0
Effect of change in UK tax rate on deferred tax
(0.2)
(2.1)
Overseas tax
(9.1)
(6.1)
Adjustment in respect of prior years
(3.7)
(3.5)
Total deferred tax (Note 19)
(11.8)
(7.7)
Income tax expense
15.9
34.1
The tax on the Group\u2019s profit before income tax differs from the theoretical amount that would arise using the UK
weighted average tax rate of 23.5% (2022: 19%) applicable to profits of the consolidated entities as follows:
Group
2023 2022
\u00a3m \u00a3m
Profit before income tax
55.4
153.9
Tax on profit at 23.5% (2022: 19%)
13.0
29.3
Effects of:
Adjustment in respect of prior years
(3.5)
0.2
Difference in overseas tax rates
(0.3)
3.6
Utilisation of previously unprovided tax losses
(0.7)
(0.8)
Expenses and other charges not deductible for tax purposes
10.2
7.1
Non-assessable income
(0.6)
(0.6)
Tax on joint ventures and associates
(2.0)
(2.6)
Effect of change in tax rates on deferred tax
(0.2)
(2.1)
Income tax expense
15.9
34.1
The effective tax rate of the Group for the year ended 31 December 2023 is 28.7% (2022: 22.2%), which is higher
(2022: higher) than the UK weighted average applicable rate.
Detailed analysis of the impact from the application of OECD\u2019s Pillar Two Model Rules on both historical performance
and forward-looking projections is underway. As the Group does not generally operate in low tax jurisdictions, the
impact is not expected to be material.
Deferred tax has been determined using the applicable effective future tax rate that will apply in the expected period
of utilisation of the deferred tax asset or liability.
The tax credited/(charged) to other comprehensive income is as follows:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Tax on items that will not be reclassified to profit or loss
Deferred tax on remeasurement of defined benefit pension scheme
5.8
(1.5)
0.3
\u2013
Deferred tax on pension \u2013 effect of tax rate change
2.6
(2.4)
0.1
(0.1)
8.4
(3.9)
0.4
(0.1)
Tax on items relating to components of other comprehensive income
8.4
(3.9)
0.4
(0.1)
The tax credited/(charged) to reserves is as follows:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current tax on share-based payment arrangements
0.2
0.4
\u2013
0.1
Deferred tax on share-based payment arrangements
0.3
(3.0)
0.1
(0.7)
Current tax on IFRS 16 lease recognition release
0.2
0.2
0.1
0.1
Deferred tax on IFRS 16 recognition release
(0.2)
(0.2)
(0.1)
(0.1)
Deferred tax on revaluation of FVOCI investments
(0.2)
\u2013
\u2013
\u2013
Current tax on foreign exchange reserve movements
(0.2)
0.3
\u2013
\u2013
Tax on items recognised directly in reserves
0.1
(2.3)
0.1
(0.6)
19. Deferred income tax
The deferred income tax assets and liabilities at 31 December are as follows:
The movement on the deferred tax account is shown below:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
\u2013 Deferred tax asset to be recovered after more than 12 months
45.8
37.6
2.1
2.3
\u2013 Deferred tax asset to be recovered within 12 months
20.3
20.6
0.7
0.5
66.1
58.2
2.8
2.8
Deferred tax liabilities
\u2013 Deferred tax liability to be recovered after more than 12 months
(9.0)
(18.3)
(0.1)
(0.7)
\u2013 Deferred tax liability to be recovered within 12 months
(1.8)
(2.9)
(0.1)
(0.2)
(10.8)
(21.2)
(0.2)
(0.9)
Deferred tax asset \u2013 net
55.3
37.0
2.6
1.9
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January \u2013 net asset
37.0
34.9
1.9
3.3
Amount credited/(charged) to the income statement (Note 12)
11.6
5.6
0.3
(0.5)
Effect of tax rate change within the income statement (Note 12)
0.2
2.1
\u2013
\u2013
Tax credited/(charged) to other comprehensive income
\u2013 Defined benefit pension scheme \u2013 actuarial losses/(gains)
5.8
(1.5)
0.3
\u2013
\u2013 Defined benefit pension scheme \u2013 effect of UK tax rate change
2.6
(2.4)
0.1
(0.1)
Tax credited/(charged) to reserves
\u2013 Employee benefits
0.3
(3.0)
0.1
\u2013
\u2013 Revaluation of FVOCI investments
(0.2)
\u2013
\u2013
\u2013
\u2013 IFRS 16 initial lease recognition released to reserves
(0.2)
(0.2)
(0.1)
(0.8)
Additions through business combinations (Note 18.6)
(0.1)
(0.4)
\u2013
\u2013
Exchange movement
(1.7)
1.9
\u2013
\u2013
At 31 December \u2013 net asset
55.3
37.0
2.6
1.9
Deferred income tax assets have been recognised for tax loss carry-forwards and other temporary differences to the
extent that the realisation of the related tax benefit through future taxable profits is probable.
As at the reporting date the Group did not recognise deferred income tax assets of \u00a33.7m (2022: \u00a33.3m) in respect
of losses amounting to \u00a317.3m, which can be carried forward indefinitely against future taxable income (2022: \u00a315.5m,
which can be carried forward indefinitely against future taxable income).
Other
Accelerated employee Share-
capital Provisions benefit Tax Retirement based
allowances and other* obligations** losses benefits Revaluations payments Total
Deferred tax assets \u2013 Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2022
3.2
12.8
15.4
4.6
2.3
0.2
11.5
50.0
Reclassifications from/(to)
deferred tax liabilities
0.3
2.4
(1.3)
\u2013
\u2013
\u2013
\u2013
1.4
Amount (charged)/credited to
the income statement (Note 12)
(1.4)
0.9
3.9
2.4
(0.1)
\u2013
0.8
6.5
Effect of tax rate change within
the income statement (Note 12)
1.0
0.2
0.9
\u2013
\u2013
\u2013
\u2013
2.1
Amount credited to other
comprehensive income (Note 12)
\u2013
\u2013
\u2013
\u2013
(0.7)
\u2013
\u2013
(0.7)
Amount charged to reserves
(Note 12)
\u2013
(0.2)
\u2013
\u2013
\u2013
\u2013
(3.0)
(3.2)
Exchange movement
\u2013
0.7
1.1
0.3
\u2013
\u2013
\u2013
2.1
At 31 December 2022
3.1
16.8
20.0
7.3
1.5
0.2
9.3
58.2
Reclassifications from/(to)
deferred tax liabilities
\u2013
\u2013
\u2013
\u2013
(7.7)
\u2013
\u2013
(7.7)
Amount credited/(charged) to
the income statement (Note 12)
1.7
0.4
(1.7)
7.7
(0.6)
\u2013
1.7
9.2
Effect of tax rate change within
the income statement (Note 12)
\u2013
0.1
0.1
\u2013
\u2013
\u2013
\u2013
0.2
Amount credited to other
comprehensive income (Note 12)
\u2013
\u2013
\u2013
\u2013
5.8
\u2013
\u2013
5.8
Effect of tax rate change within
other comprehensive income
(Note 12)
\u2013
\u2013
\u2013
\u2013
2.6
\u2013
\u2013
2.6
Amount charged to reserves
(Note 12)
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
0.3
(0.1)
Additions through business
combinations (Note 18.6)
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
Exchange movement
(0.1)
(0.6)
(1.1)
(0.2)
\u2013
\u2013
\u2013
(2.0)
At 31 December 2023
4.7
16.4
17.3
14.8
1.6
\u2013
11.3
66.1
Set-off of deferred tax liabilities
pursuant to set-off provisions
(8.9)
Deferred tax asset at
31 December 2023 in the
Statement of Financial Position
57. 2
Deferred tax asset at 31 December
2022 in the Statement of Financial
Position (net of \u00a319.6m set-off)
38.6
Accelerated
capital Provisions Retirement Intangible
allowances and other* Benefits assets Total
Deferred tax liabilities \u2013 Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
(0.2)
(0.6)
(4. 3)
(10.0)
(15.1)
Reclassifications from/(to) deferred tax assets
\u2013
\u2013
\u2013
(1.4)
(1.4)
Tax (charged)/credited to the income statement (Note 12)
(1.0)
(0.1)
(0.2)
0.4
(0.9)
Tax charged to other comprehensive income (Note 12)
\u2013
\u2013
(0.8)
\u2013
(0.8)
Effect of tax rate change within other comprehensive
income (Note 12)
\u2013
\u2013
(2.4)
\u2013
(2.4)
Additions through business combinations
\u2013
\u2013
\u2013
(0.3)
(0.3)
Exchange movement
\u2013
(0.1)
\u2013
(0.2)
(0.3)
At 31 December 2022
(1.2)
(0.8)
(7.7)
(11.5)
(21.2)
Transfers
\u2013
(0.2)
\u2013
0.2
\u2013
Reclassifications from/(to) deferred tax assets
\u2013
\u2013
7.7
\u2013
7.7
Tax credited/(charged) to the income statement (Note 12)
0.4
(0.7)
\u2013
2.7
2.4
Exchange movement
\u2013
0.1
\u2013
0.2
0.3
At 31 December 2023
(0.8)
(1.6)
\u2013
(8.4)
10.8
Set-off of deferred tax liabilities pursuant to
set-off provisions
8.9
Deferred tax liabilities at 31 December 2023 in the
Statement of Financial Position
(1.9)
Deferred tax liabilities at 31 December 2022 in the
Statement of Financial Position (net of \u00a319.6m set-off)
(1.6)
Net deferred tax asset
At 31 December 2023
55.3
At 31 December 2022
37.0
* Provisions and Other primarily includes deferred tax assets relating to accruals and provisions for expenses not deductible until paid.
** Other Employee Benefit Obligations includes deferred tax assets relating to unpaid bonus accruals, holiday pay provisions, long service leave provisions and
other deferred compensation accruals.
Provisions Retirement Share-based
and other* benefits payments Total
Deferred tax assets \u2013 Company \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2022
1.3
\u2013
2.4
3.7
Amount credited/(charged) to the income statement (Note 12)
0.1
\u2013
(0.2)
(0.1)
Tax charged to reserves (Note 12)
(0.1)
\u2013
(0.7)
(0.8)
At 31 December 2022
1.3
\u2013
1.5
2.8
Reclassifications to deferred tax liabilities
\u2013
(0.4)
\u2013
(0.4)
Tax charged to other comprehensive income (Note 12)
\u2013
0.3
\u2013
0.3
Effect of tax rate change within other comprehensive income (Note 12)
\u2013
0.1
\u2013
0.1
Tax charged to reserves (Note 12)
(0.1)
\u2013
0.1
\u2013
At 31 December 2023
1.2
\u2013
1.6
2.8
Set\u2013off of deferred tax liabilities pursuant to set-off provisions
(0.2)
Deferred tax asset at 31 December 2023 in the Statement
of Financial Position
2.6
Deferred tax asset at 31 December 2022 in the Statement of Financial
Position (net of \u00a30.9m set-off)
1.9
Accelerated
capital Retirement
allowances Benefits Total
Deferred tax liabilities \u2013 Company \u00a3m \u00a3m \u00a3m
Balance at 1 January 2022
(0.1)
(0.3)
(0.4)
Tax charged to the income statement
(0.4)
(0.1)
(0.5)
At 31 December 2022
(0.5)
(0.4)
(0.9)
Tax charged to the income statement
0.3
\u2013
0.3
Reclassifications from deferred tax assets
\u2013
0.4
0.4
At 31 December 2023
(0.2)
\u2013
(0.2)
Set-off of deferred tax liabilities pursuant to set-off provisions
0.2
Deferred tax liabilities at 31 December 2023 in the Statement
of Financial Position
\u2013
Deferred tax liabilities at 31 December 2022 in the Statement of Financial
Position (net of \u00a30.9m set-off)
\u2013
Net deferred tax asset
At 31 December 2023
2.6
At 31 December 2022
1.9
* Provisions and Other primarily includes deferred tax assets relating to accruals and provisions for expenses not deductible until paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-539": { "value": "
13. Dividends \u2013 Group and Company
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Amounts recognised as distribution to equity holders in the year:
In respect of the previous year
Ordinary final dividend of 13.4p per share (2021: 12.75p)
18.2
17.6
18.4
17. 8
Supplemental interim dividend of 15.6p per share (2021: 15.6p)
21.2
21.6
21.5
21.8
Special dividend of \u00a3nil per share (2021: 27.05p)
\u2013
37.4
\u2013
37.8
In respect of the current year
Interim dividend of 6.9p per share (2022: 6.6p)
9.4
8.9
9.5
9.1
48.8
85.5
49.4
86.5
The Group paid \u00a32.2m (2022: \u00a30.4m) of dividends to non-controlling interests.
Under the terms of the Savills plc 1992 Employee Benefit Trust (the \u2018EBT\u2019), the Trustees have waived their dividend
entitlement for all shares held by the Trust. The dividends paid to the Rabbi Trust are eliminated upon Group
consolidation, as a result the dividends paid by the Group and the Company are not equal.
The Board recommends a final dividend of 13.9p per ordinary share (amounting to \u00a319 .0m), alongside the
supplemental interim dividend of 2.0p per ordinary share (amounting to \u00a32.7m), to be paid on 23 May 2024 to
Shareholders on the register at 12 April 2024. These financial statements do not reflect this dividend payable.
The total paid and recommended ordinary and supplemental dividend for the 2023 financial year comprises an
aggregate distribution of 22.8p per ordinary share (2022: 35.6p per ordinary share).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-586": { "value": "13.9", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-587": { "value": "19000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-588": { "value": "22.8", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-589": { "value": "35.6", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WXICGMBWHTA933", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-540": { "value": "
14. Earnings per share
14.1 Basic and diluted earnings per share
Basic earnings per share (\u2018EPS\u2019) are based on the profit attributable to owners of the Company and the weighted
average number of ordinary shares in issue during the year, excluding the weighted average number of ordinary shares
held by the EBT (2023 closing: 7,615,420 shares, 2022 closing: 6,780,308 shares) and the Rabbi Trust (2023 closing:
1,502,155 shares, 2022 closing: 1,914,869 shares).
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume
conversion of dilutive potential ordinary shares, being the share options granted to employees where the exercise
price is less than the average market price of the Company\u2019s ordinary shares during the year and where performance
conditions have been met.
The earnings and the shares used in the calculations are as follows:
2023 2023 2023 2022 2022 2022
Earnings Shares EPS Earnings Shares EPS
\u00a3m million pence \u00a3m million pence
Basic earnings per share
40.8
135.9
30.0
119.4
137.3
87.0
Effect of additional shares issuable under option
\u2013
5.8
(1.2)
\u2013
7.9
(4.8)
Diluted earnings per share
40.8
141.7
28.8
119.4
145.2
82.2
14.2 Underlying basic and diluted earnings per share
2023 2023 2023 2022 2022 2022
Earnings Shares EPS Earnings Shares EPS
\u00a3m million pence \u00a3m million pence
Basic earnings per share
40.8
135.9
30.0
119.4
137.3
87.0
Amortisation of intangible assets arising from
business combinations after tax
7.6
\u2013
5.6
7.6
\u2013
5.5
Impairment of goodwill after tax
4.0
\u2013
2.9
Share-based payment adjustment after tax
(0.6)
\u2013
(0.4)
(11.9)
\u2013
(8.7)
Profit on disposal of joint ventures after tax
(0.4)
\u2013
(0.3)
\u2013
\u2013
\u2013
Restructuring costs after tax
10.6
\u2013
7.8
0.1
\u2013
0.1
Transaction-related costs after tax
14.3
\u2013
10.5
15.3
\u2013
11.1
Fair value gain on transaction-related call option
(1.4)
\u2013
(1.0)
(0.1)
\u2013
(0.1)
Underlying basic earnings per share
74.9
135.9
55.1
130.4
137.3
94.9
Effect of additional shares issuable under option
\u2013
5.8
(2.2)
\u2013
7.9
(5.1)
Underlying diluted earnings per share
74.9
141.7
52.9
130.4
145.2
89.8
Refer to Note 8 for the gross amounts of the above adjustments and a reconciliation between reported profit before
tax and underlying profit before tax, alongside further details on each of the adjustments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-541": { "value": "
15. Goodwill and intangible assets
Group
Investment
Customer/ and property
business management Order Computer Company
Goodwill relationships contracts backlogs Brands software Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023 restated*
505.0
44.4
59.4
3.8
4.7
45.2
662.5
10.0
Additions through business
combinations (Note 18.6)
10.4
\u2013
0.5
\u2013
\u2013
\u2013
10.9
\u2013
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
5.5
5.5
\u2013
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
(5.2)
Exchange movement
(14.2)
(0.8)
(0.7)
(0.2)
(0.1)
(0.9)
(16.9)
\u2013
At 31 December 2023
501.2
43.6
59.2
3.6
4.6
45.4
657.6
4.8
Accumulated amortisation and
impairment
At 1 January 2023
55.4
26.0
31.8
2.9
2.3
28.2
146.6
8.2
Amortisation charge for the year
\u2013
3.3
5.7
0.5
0.3
6.0
15.8
0.5
Impairment in the year
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
\u2013
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.5)
(4.5)
(5.2)
Exchange movement
(1.7)
(0.4)
(0.6)
(0.1)
(0.1)
(0.7)
(3.6)
\u2013
At 31 December 2023
57.6
28.9
36.9
3.3
2.5
29.0
158.2
3.5
Net book value
At 31 December 2023
443.6
14.7
22.3
0.3
2.1
16.4
499.4
1.3
* See Note 18.6 for details of prior period restatement.
During the year, goodwill and intangible assets were tested for impairment in accordance with IAS 36. An impairment
charge of \u00a33.9m was recognised against the Indonesia CGU as a result of the impact of current economic conditions
on the short-term outlook of the business (2022: no impairments recognised). The impairment charge has been
allocated against the Transaction Advisory (\u00a33.5m) and Consultancy (\u00a30.4m) segments. The remaining carrying
value of goodwill in relation to the Indonesia CGU as at 31 December 2023 is \u00a32.0m.
The carrying amount of intangible assets with indefinite useful lives totals \u00a32.0m as at 31 December 2023
(2022: \u00a32.0m), which consists of investment management contracts in relation to open-ended funds.
Investment and property management contracts includes the investment management contract asset identified on
the acquisition of DRC in May 2021. This intangible asset is amortised over six years, with the amortisation period
ending in May 2027. The carrying value of this intangible asset as at 31 December 2023 totals \u00a310.0m (2022: \u00a313.0m).
All intangible amortisation charges in the year are disclosed on the face of the income statement.
The Company\u2019s intangible assets consist of computer software only.
Group
Investment
Customer/ and property
Goodwill business management Order Computer Company
restated* relationships contracts backlogs Brands software Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
463.8
40.8
58.7
3.5
4.6
38.4
609.8
10.0
Additions through business
combinations restated*
13.6
1.9
1.1
\u2013
\u2013
0.5
17.1
\u2013
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
7.0
7.0
\u2013
Disposals
\u2013
\u2013
(1.1)
\u2013
\u2013
(1.9)
(3.0)
\u2013
Exchange movement
27.6
1.7
0.7
0.3
0.1
1.2
31.6
\u2013
At 31 December 2022 restated*
505.0
44.4
59.4
3.8
4.7
45.2
662.5
10.0
Accumulated amortisation and
impairment
At 1 January 2022
52.2
22.0
26.6
2.1
1.8
20.9
125.6
6.2
Amortisation charge for the year
\u2013
3.3
5.6
0.6
0.4
7.0
16.9
2.0
Disposals
\u2013
\u2013
(1.1)
\u2013
\u2013
(0.6)
(1.7)
\u2013
Exchange movement
3.2
0.7
0.7
0.2
0.1
0.9
5.8
\u2013
At 31 December 2022
55.4
26.0
31.8
2.9
2.3
28.2
146.6
8.2
Net book value
At 31 December 2022 restated*
449.6
18.4
27.6
0.9
2.4
17.0
515.9
1.8
* See Note 18.6 for details of prior period restatement.
Goodwill and indefinite life intangible assets are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identified
according to country of operation and business segment. In most cases, the CGU is an individual subsidiary or
operation. Where there are multiple CGUs in a country, these CGUs have been grouped to an extent which represent
the lowest level at which goodwill is internally monitored and tested for impairment annually. A segment-level
summary of the allocation of goodwill and indefinite useful life intangible assets is presented below:
Indefinite
Property and life
Transaction Facilities Investment intangible
Advisory Consultancy Management Management Total Goodwill assets*
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
34.3
13.6
30.9
32.2
111.0
109.0
2.0
CEME
62.3
19.3
20.8
4.7
107.1
107.1
\u2013
Asia Pacific
16.3
5.2
38.6
1.4
61.5
61.5
\u2013
North America
156.3
9.7
\u2013
\u2013
166.0
166.0
\u2013
Total goodwill and indefinite life
intangible assets
269.2
47.8
90.3
38.3
445.6
443.6
2.0
Indefinite
Property and life
Transaction Facilities Investment intangible
Advisory Consultancy Management Management Total Goodwill assets*
2022 restated** \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
29.3
12.9
30.9
32.2
105.3
103.3
2.0
CEME
60.2
19.6
21.1
4.8
105.7
105.7
\u2013
Asia Pacific
20.6
5.9
38.0
1.4
65.9
65.9
\u2013
North America
164.5
10.2
\u2013
\u2013
174.7
174.7
\u2013
Total goodwill and indefinite life
intangible assets
274.6
48.6
90.0
38.4
451.6
449.6
2.0
* Indefinite life intangible assets relate to investment management contracts.
** See Note 18.6 for details of prior period restatement.
15.1 Method of impairment testing
Goodwill values have been tested for impairment by comparing them against the \u2018value-in-use\u2019 in perpetuity of the
relevant CGU group. The value-in-use calculations were based on projected cash flows, derived from latest financial
budgets and strategic plans covering a five-year period, prepared by management and approved by the Board. Cash
flows beyond this are extrapolated using perpetuity growth rates. These projected cash flows were discounted at CGU
specific, risk adjusted, discount rates to calculate their net present value.
15.2 Key assumptions
The calculation of value-in-use is most sensitive to the following assumptions:
(a) CGU specific operating assumptions
CGU specific operating assumptions are applicable to the forecasted cash flows for the years 2024 to 2028 and
relate to revenue forecasts and underlying profit margins in each of the operating CGUs. The value ascribed to each
assumption will vary between CGUs as the forecasts are built up from the underlying business units within each
CGU group.
(b) Discount rate
Future cash flows are discounted using a pre-tax discount rate that reflects current market assessments of the
time value of money. The discount rate used in each CGU is adjusted for the risk specific to the asset, including the
countries in which cash flow will be generated, for which the future cash flow estimates have not been adjusted. The
pre-tax discount rates have been derived using a post-tax weighted average cost of capital (\u2018WACC\u2019) methodology.
Key inputs to the WACC calculation are the risk-free rate, the equity market risk premium, beta, the average
borrowing rate (cost of debt) and the country risk specific risk premium.
The risk-adjusted discount range of rates used in each region for impairment testing are as follows:
2023 2022
Discount rate Discount rate
range range
United Kingdom
12.4%
12.0%
Continental Europe
10.6% \u2013 14.7%
11.3% \u2013 16.0%
Asia Pacific
10.4% \u2013 15.1%
10.9% \u2013 16.5%
North America
11.7% \u2013 12.1%
12.3% \u2013 12.5%
Middle East
14.0%
14.6%
(c) Perpetuity growth rates
To forecast beyond the five years covered by detailed forecasts, a terminal value was calculated, using perpetuity
growth rates. The rates are based on management\u2019s estimate of long-term growth rates in the countries in which the
Group operates. The perpetuity growth rates used in each region for impairment testing are as follows:
2023 2022
Long-term Long-term
growth rate growth rate
range range
United Kingdom
1.5%
1.7%
Continental Europe
0.9% \u2013 3.1%
1.1% \u2013 3.3%
Asia Pacific
0.4% \u2013 6.8%
0.8% \u2013 6.8%
North America
1.7% \u2013 2.1%
1.7% \u2013 1.9%
Middle East
4.3%
2.9%
15.3 Sensitivity to changes in assumptions
The Indonesia CGU was impaired during the year and therefore the remaining carrying value of goodwill of \u00a32.0m is
considered at risk of further impairment if there are changes in key assumptions in the value-in-use model. The key
assumption applied to the Indonesia CGU relates to the average revenue growth (15.7%) over the five-year forecast
period. Goodwill would be fully impaired if the average revenue growth decreased to 11.5% (assuming variable costs
changed in proportion to the change in revenue).
Management have determined that there has been no impairment to the other CGUs within the Group. This
assessment is a reflection of best estimates in arriving at value-in-use, future growth rates and the discount rate
applied to cash flow projections.
The US and Australia CGUs were identified as the material CGUs that are considered to be sensitive to changes in
key assumptions, but for which no impairment charge was considered to be required at 31 December 2023.
The key assumption applied to the US CGU relates to the average underlying profit margin of 5.7% and average
revenue growth of 13.0% over the five-year forecast period. The headroom in the value-in-use model for this CGU
of \u00a3171.2m (66%) would be reduced to nil if the average underlying profit margin decreased to 2.8% (assuming no
change in revenue assumptions) or the average revenue growth decreased to 8.7% (assuming variable costs changed
in proportion to the change in revenue). In the Australian CGU the key assumptions relate to the average underlying
profit margin of 4.2% and average revenue growth of 3.7% over the five-year forecast period. The headroom in the
value-in-use model for this CGU of \u00a310.1m (36%) would be reduced to nil if the average underlying profit margin
decreased to 2.9% (assuming no change in revenue assumptions) or the average revenue growth decreased to
2.9% (assuming variable costs changed in proportion to the change in revenue).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-616": { "value": "15. Goodwill and intangible assets
Group
Investment
Customer/ and property
business management Order Computer Company
Goodwill relationships contracts backlogs Brands software Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023 restated*
505.0
44.4
59.4
3.8
4.7
45.2
662.5
10.0
Additions through business
combinations (Note 18.6)
10.4
\u2013
0.5
\u2013
\u2013
\u2013
10.9
\u2013
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
5.5
5.5
\u2013
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
(5.2)
Exchange movement
(14.2)
(0.8)
(0.7)
(0.2)
(0.1)
(0.9)
(16.9)
\u2013
At 31 December 2023
501.2
43.6
59.2
3.6
4.6
45.4
657.6
4.8
Accumulated amortisation and
impairment
At 1 January 2023
55.4
26.0
31.8
2.9
2.3
28.2
146.6
8.2
Amortisation charge for the year
\u2013
3.3
5.7
0.5
0.3
6.0
15.8
0.5
Impairment in the year
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
\u2013
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.5)
(4.5)
(5.2)
Exchange movement
(1.7)
(0.4)
(0.6)
(0.1)
(0.1)
(0.7)
(3.6)
\u2013
At 31 December 2023
57.6
28.9
36.9
3.3
2.5
29.0
158.2
3.5
Net book value
At 31 December 2023
443.6
14.7
22.3
0.3
2.1
16.4
499.4
1.3
* See Note 18.6 for details of prior period restatement. During the year, goodwill and intangible assets were tested for impairment in accordance with IAS 36. An impairment charge of \u00a33.9m was recognised against the Indonesia CGU as a result of the impact of current economic conditions on the short-term outlook of the business (2022: no impairments recognised). The impairment charge has been allocated against the Transaction Advisory (\u00a33.5m) and Consultancy (\u00a30.4m) segments. The remaining carrying value of goodwill in relation to the Indonesia CGU as at 31 December 2023 is \u00a32.0m. The carrying amount of intangible assets with indefinite useful lives totals \u00a32.0m as at 31 December 2023 (2022: \u00a32.0m), which consists of investment management contracts in relation to open-ended funds. Investment and property management contracts includes the investment management contract asset identified on the acquisition of DRC in May 2021. This intangible asset is amortised over six years, with the amortisation period ending in May 2027. The carrying value of this intangible asset as at 31 December 2023 totals \u00a310.0m (2022: \u00a313.0m). All intangible amortisation charges in the year are disclosed on the face of the income statement. The Company\u2019s intangible assets consist of computer software only.
Group
Investment
Customer/ and property
Goodwill business management Order Computer Company
restated* relationships contracts backlogs Brands software Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
463.8
40.8
58.7
3.5
4.6
38.4
609.8
10.0
Additions through business
combinations restated*
13.6
1.9
1.1
\u2013
\u2013
0.5
17.1
\u2013
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
7.0
7.0
\u2013
Disposals
\u2013
\u2013
(1.1)
\u2013
\u2013
(1.9)
(3.0)
\u2013
Exchange movement
27.6
1.7
0.7
0.3
0.1
1.2
31.6
\u2013
At 31 December 2022 restated*
505.0
44.4
59.4
3.8
4.7
45.2
662.5
10.0
Accumulated amortisation and
impairment
At 1 January 2022
52.2
22.0
26.6
2.1
1.8
20.9
125.6
6.2
Amortisation charge for the year
\u2013
3.3
5.6
0.6
0.4
7.0
16.9
2.0
Disposals
\u2013
\u2013
(1.1)
\u2013
\u2013
(0.6)
(1.7)
\u2013
Exchange movement
3.2
0.7
0.7
0.2
0.1
0.9
5.8
\u2013
At 31 December 2022
55.4
26.0
31.8
2.9
2.3
28.2
146.6
8.2
Net book value
At 31 December 2022 restated*
449.6
18.4
27.6
0.9
2.4
17.0
515.9
1.8
* See Note 18.6 for details of prior period restatement. Goodwill and indefinite life intangible assets are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identified according to country of operation and business segment. In most cases, the CGU is an individual subsidiary or operation. Where there are multiple CGUs in a country, these CGUs have been grouped to an extent which represent the lowest level at which goodwill is internally monitored and tested for impairment annually. A segment-level summary of the allocation of goodwill and indefinite useful life intangible assets is presented below:
Indefinite
Property and life
Transaction Facilities Investment intangible
Advisory Consultancy Management Management Total Goodwill assets*
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
34.3
13.6
30.9
32.2
111.0
109.0
2.0
CEME
62.3
19.3
20.8
4.7
107.1
107.1
\u2013
Asia Pacific
16.3
5.2
38.6
1.4
61.5
61.5
\u2013
North America
156.3
9.7
\u2013
\u2013
166.0
166.0
\u2013
Total goodwill and indefinite life
intangible assets
269.2
47.8
90.3
38.3
445.6
443.6
2.0
Indefinite
Property and life
Transaction Facilities Investment intangible
Advisory Consultancy Management Management Total Goodwill assets*
2022 restated** \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
29.3
12.9
30.9
32.2
105.3
103.3
2.0
CEME
60.2
19.6
21.1
4.8
105.7
105.7
\u2013
Asia Pacific
20.6
5.9
38.0
1.4
65.9
65.9
\u2013
North America
164.5
10.2
\u2013
\u2013
174.7
174.7
\u2013
Total goodwill and indefinite life
intangible assets
274.6
48.6
90.0
38.4
451.6
449.6
2.0
* Indefinite life intangible assets relate to investment management contracts. ** See Note 18.6 for details of prior period restatement. 15.1 Method of impairment testing Goodwill values have been tested for impairment by comparing them against the \u2018value-in-use\u2019 in perpetuity of the relevant CGU group. The value-in-use calculations were based on projected cash flows, derived from latest financial budgets and strategic plans covering a five-year period, prepared by management and approved by the Board. Cash flows beyond this are extrapolated using perpetuity growth rates. These projected cash flows were discounted at CGU specific, risk adjusted, discount rates to calculate their net present value. 15.2 Key assumptions The calculation of value-in-use is most sensitive to the following assumptions: (a) CGU specific operating assumptions CGU specific operating assumptions are applicable to the forecasted cash flows for the years 2024 to 2028 and relate to revenue forecasts and underlying profit margins in each of the operating CGUs. The value ascribed to each assumption will vary between CGUs as the forecasts are built up from the underlying business units within each CGU group. (b) Discount rate Future cash flows are discounted using a pre-tax discount rate that reflects current market assessments of the time value of money. The discount rate used in each CGU is adjusted for the risk specific to the asset, including the countries in which cash flow will be generated, for which the future cash flow estimates have not been adjusted. The pre-tax discount rates have been derived using a post-tax weighted average cost of capital (\u2018WACC\u2019) methodology. Key inputs to the WACC calculation are the risk-free rate, the equity market risk premium, beta, the average borrowing rate (cost of debt) and the country risk specific risk premium. The risk-adjusted discount range of rates used in each region for impairment testing are as follows:
2023 2022
Discount rate Discount rate
range range
United Kingdom
12.4%
12.0%
Continental Europe
10.6% \u2013 14.7%
11.3% \u2013 16.0%
Asia Pacific
10.4% \u2013 15.1%
10.9% \u2013 16.5%
North America
11.7% \u2013 12.1%
12.3% \u2013 12.5%
Middle East
14.0%
14.6%
(c) Perpetuity growth rates To forecast beyond the five years covered by detailed forecasts, a terminal value was calculated, using perpetuity growth rates. The rates are based on management\u2019s estimate of long-term growth rates in the countries in which the Group operates. The perpetuity growth rates used in each region for impairment testing are as follows:
2023 2022
Long-term Long-term
growth rate growth rate
range range
United Kingdom
1.5%
1.7%
Continental Europe
0.9% \u2013 3.1%
1.1% \u2013 3.3%
Asia Pacific
0.4% \u2013 6.8%
0.8% \u2013 6.8%
North America
1.7% \u2013 2.1%
1.7% \u2013 1.9%
Middle East
4.3%
2.9%
15.3 Sensitivity to changes in assumptions The Indonesia CGU was impaired during the year and therefore the remaining carrying value of goodwill of \u00a32.0m is considered at risk of further impairment if there are changes in key assumptions in the value-in-use model. The key assumption applied to the Indonesia CGU relates to the average revenue growth (15.7%) over the five-year forecast period. Goodwill would be fully impaired if the average revenue growth decreased to 11.5% (assuming variable costs changed in proportion to the change in revenue). Management have determined that there has been no impairment to the other CGUs within the Group. This assessment is a reflection of best estimates in arriving at value-in-use, future growth rates and the discount rate applied to cash flow projections. The US and Australia CGUs were identified as the material CGUs that are considered to be sensitive to changes in key assumptions, but for which no impairment charge was considered to be required at 31 December 2023. The key assumption applied to the US CGU relates to the average underlying profit margin of 5.7% and average revenue growth of 13.0% over the five-year forecast period. The headroom in the value-in-use model for this CGU of \u00a3171.2m (66%) would be reduced to nil if the average underlying profit margin decreased to 2.8% (assuming no change in revenue assumptions) or the average revenue growth decreased to 8.7% (assuming variable costs changed in proportion to the change in revenue). In the Australian CGU the key assumptions relate to the average underlying profit margin of 4.2% and average revenue growth of 3.7% over the five-year forecast period. The headroom in the value-in-use model for this CGU of \u00a310.1m (36%) would be reduced to nil if the average underlying profit margin decreased to 2.9% (assuming no change in revenue assumptions) or the average revenue growth decreased to 2.9% (assuming variable costs changed in proportion to the change in revenue).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-590": { "value": "15. Goodwill and intangible assets
Group
Investment
Customer/ and property
business management Order Computer Company
Goodwill relationships contracts backlogs Brands software Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023 restated*
505.0
44.4
59.4
3.8
4.7
45.2
662.5
10.0
Additions through business
combinations (Note 18.6)
10.4
\u2013
0.5
\u2013
\u2013
\u2013
10.9
\u2013
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
5.5
5.5
\u2013
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
(5.2)
Exchange movement
(14.2)
(0.8)
(0.7)
(0.2)
(0.1)
(0.9)
(16.9)
\u2013
At 31 December 2023
501.2
43.6
59.2
3.6
4.6
45.4
657.6
4.8
Accumulated amortisation and
impairment
At 1 January 2023
55.4
26.0
31.8
2.9
2.3
28.2
146.6
8.2
Amortisation charge for the year
\u2013
3.3
5.7
0.5
0.3
6.0
15.8
0.5
Impairment in the year
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
\u2013
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.5)
(4.5)
(5.2)
Exchange movement
(1.7)
(0.4)
(0.6)
(0.1)
(0.1)
(0.7)
(3.6)
\u2013
At 31 December 2023
57.6
28.9
36.9
3.3
2.5
29.0
158.2
3.5
Net book value
At 31 December 2023
443.6
14.7
22.3
0.3
2.1
16.4
499.4
1.3
* See Note 18.6 for details of prior period restatement. During the year, goodwill and intangible assets were tested for impairment in accordance with IAS 36. An impairment charge of \u00a33.9m was recognised against the Indonesia CGU as a result of the impact of current economic conditions on the short-term outlook of the business (2022: no impairments recognised). The impairment charge has been allocated against the Transaction Advisory (\u00a33.5m) and Consultancy (\u00a30.4m) segments. The remaining carrying value of goodwill in relation to the Indonesia CGU as at 31 December 2023 is \u00a32.0m. The carrying amount of intangible assets with indefinite useful lives totals \u00a32.0m as at 31 December 2023 (2022: \u00a32.0m), which consists of investment management contracts in relation to open-ended funds. Investment and property management contracts includes the investment management contract asset identified on the acquisition of DRC in May 2021. This intangible asset is amortised over six years, with the amortisation period ending in May 2027. The carrying value of this intangible asset as at 31 December 2023 totals \u00a310.0m (2022: \u00a313.0m). All intangible amortisation charges in the year are disclosed on the face of the income statement. The Company\u2019s intangible assets consist of computer software only.
Group
Investment
Customer/ and property
Goodwill business management Order Computer Company
restated* relationships contracts backlogs Brands software Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
463.8
40.8
58.7
3.5
4.6
38.4
609.8
10.0
Additions through business
combinations restated*
13.6
1.9
1.1
\u2013
\u2013
0.5
17.1
\u2013
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
7.0
7.0
\u2013
Disposals
\u2013
\u2013
(1.1)
\u2013
\u2013
(1.9)
(3.0)
\u2013
Exchange movement
27.6
1.7
0.7
0.3
0.1
1.2
31.6
\u2013
At 31 December 2022 restated*
505.0
44.4
59.4
3.8
4.7
45.2
662.5
10.0
Accumulated amortisation and
impairment
At 1 January 2022
52.2
22.0
26.6
2.1
1.8
20.9
125.6
6.2
Amortisation charge for the year
\u2013
3.3
5.6
0.6
0.4
7.0
16.9
2.0
Disposals
\u2013
\u2013
(1.1)
\u2013
\u2013
(0.6)
(1.7)
\u2013
Exchange movement
3.2
0.7
0.7
0.2
0.1
0.9
5.8
\u2013
At 31 December 2022
55.4
26.0
31.8
2.9
2.3
28.2
146.6
8.2
Net book value
At 31 December 2022 restated*
449.6
18.4
27.6
0.9
2.4
17.0
515.9
1.8
* See Note 18.6 for details of prior period restatement. Goodwill and indefinite life intangible assets are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identified according to country of operation and business segment. In most cases, the CGU is an individual subsidiary or operation. Where there are multiple CGUs in a country, these CGUs have been grouped to an extent which represent the lowest level at which goodwill is internally monitored and tested for impairment annually. A segment-level summary of the allocation of goodwill and indefinite useful life intangible assets is presented below:
Indefinite
Property and life
Transaction Facilities Investment intangible
Advisory Consultancy Management Management Total Goodwill assets*
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
34.3
13.6
30.9
32.2
111.0
109.0
2.0
CEME
62.3
19.3
20.8
4.7
107.1
107.1
\u2013
Asia Pacific
16.3
5.2
38.6
1.4
61.5
61.5
\u2013
North America
156.3
9.7
\u2013
\u2013
166.0
166.0
\u2013
Total goodwill and indefinite life
intangible assets
269.2
47.8
90.3
38.3
445.6
443.6
2.0
Indefinite
Property and life
Transaction Facilities Investment intangible
Advisory Consultancy Management Management Total Goodwill assets*
2022 restated** \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
29.3
12.9
30.9
32.2
105.3
103.3
2.0
CEME
60.2
19.6
21.1
4.8
105.7
105.7
\u2013
Asia Pacific
20.6
5.9
38.0
1.4
65.9
65.9
\u2013
North America
164.5
10.2
\u2013
\u2013
174.7
174.7
\u2013
Total goodwill and indefinite life
intangible assets
274.6
48.6
90.0
38.4
451.6
449.6
2.0
* Indefinite life intangible assets relate to investment management contracts. ** See Note 18.6 for details of prior period restatement. 15.1 Method of impairment testing Goodwill values have been tested for impairment by comparing them against the \u2018value-in-use\u2019 in perpetuity of the relevant CGU group. The value-in-use calculations were based on projected cash flows, derived from latest financial budgets and strategic plans covering a five-year period, prepared by management and approved by the Board. Cash flows beyond this are extrapolated using perpetuity growth rates. These projected cash flows were discounted at CGU specific, risk adjusted, discount rates to calculate their net present value. 15.2 Key assumptions The calculation of value-in-use is most sensitive to the following assumptions: (a) CGU specific operating assumptions CGU specific operating assumptions are applicable to the forecasted cash flows for the years 2024 to 2028 and relate to revenue forecasts and underlying profit margins in each of the operating CGUs. The value ascribed to each assumption will vary between CGUs as the forecasts are built up from the underlying business units within each CGU group. (b) Discount rate Future cash flows are discounted using a pre-tax discount rate that reflects current market assessments of the time value of money. The discount rate used in each CGU is adjusted for the risk specific to the asset, including the countries in which cash flow will be generated, for which the future cash flow estimates have not been adjusted. The pre-tax discount rates have been derived using a post-tax weighted average cost of capital (\u2018WACC\u2019) methodology. Key inputs to the WACC calculation are the risk-free rate, the equity market risk premium, beta, the average borrowing rate (cost of debt) and the country risk specific risk premium. The risk-adjusted discount range of rates used in each region for impairment testing are as follows:
2023 2022
Discount rate Discount rate
range range
United Kingdom
12.4%
12.0%
Continental Europe
10.6% \u2013 14.7%
11.3% \u2013 16.0%
Asia Pacific
10.4% \u2013 15.1%
10.9% \u2013 16.5%
North America
11.7% \u2013 12.1%
12.3% \u2013 12.5%
Middle East
14.0%
14.6%
(c) Perpetuity growth rates To forecast beyond the five years covered by detailed forecasts, a terminal value was calculated, using perpetuity growth rates. The rates are based on management\u2019s estimate of long-term growth rates in the countries in which the Group operates. The perpetuity growth rates used in each region for impairment testing are as follows:
2023 2022
Long-term Long-term
growth rate growth rate
range range
United Kingdom
1.5%
1.7%
Continental Europe
0.9% \u2013 3.1%
1.1% \u2013 3.3%
Asia Pacific
0.4% \u2013 6.8%
0.8% \u2013 6.8%
North America
1.7% \u2013 2.1%
1.7% \u2013 1.9%
Middle East
4.3%
2.9%
15.3 Sensitivity to changes in assumptions The Indonesia CGU was impaired during the year and therefore the remaining carrying value of goodwill of \u00a32.0m is considered at risk of further impairment if there are changes in key assumptions in the value-in-use model. The key assumption applied to the Indonesia CGU relates to the average revenue growth (15.7%) over the five-year forecast period. Goodwill would be fully impaired if the average revenue growth decreased to 11.5% (assuming variable costs changed in proportion to the change in revenue). Management have determined that there has been no impairment to the other CGUs within the Group. This assessment is a reflection of best estimates in arriving at value-in-use, future growth rates and the discount rate applied to cash flow projections. The US and Australia CGUs were identified as the material CGUs that are considered to be sensitive to changes in key assumptions, but for which no impairment charge was considered to be required at 31 December 2023. The key assumption applied to the US CGU relates to the average underlying profit margin of 5.7% and average revenue growth of 13.0% over the five-year forecast period. The headroom in the value-in-use model for this CGU of \u00a3171.2m (66%) would be reduced to nil if the average underlying profit margin decreased to 2.8% (assuming no change in revenue assumptions) or the average revenue growth decreased to 8.7% (assuming variable costs changed in proportion to the change in revenue). In the Australian CGU the key assumptions relate to the average underlying profit margin of 4.2% and average revenue growth of 3.7% over the five-year forecast period. The headroom in the value-in-use model for this CGU of \u00a310.1m (36%) would be reduced to nil if the average underlying profit margin decreased to 2.9% (assuming no change in revenue assumptions) or the average revenue growth decreased to 2.9% (assuming variable costs changed in proportion to the change in revenue).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-625": { "value": "During the year, goodwill and intangible assets were tested for impairment in accordance with IAS 36. An impairment charge of \u00a33.9m was recognised against the Indonesia CGU as a result of the impact of current economic conditions on the short-term outlook of the business (2022: no impairments recognised). The impairment charge has been allocated against the Transaction Advisory (\u00a33.5m) and Consultancy (\u00a30.4m) segments. The remaining carrying value of goodwill in relation to the Indonesia CGU as at 31 December 2023 is \u00a32.0m.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-542": { "value": "
16. Property, plant and equipment
Equipment
Freehold Leasehold and motor
property improvements vehicles Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
0.1
104.8
86.7
191.6
Additions through business combinations (Note 18.6)
\u2013
0.1
0.2
0.3
Additions
\u2013
8.9
8.5
17.4
Reclassification to equipment and motor vehicles
\u2013
(1.2)
1.2
\u2013
Reclassification to right-of-use-assets
\u2013
\u2013
(0.3)
(0.3)
Disposals
(0.1)
(6.0)
(10.6)
(16.7)
Exchange movement
\u2013
(2.3)
(2.8)
(5.1)
At 31 December 2023
\u2013
104.3
82.9
187. 2
Accumulated depreciation and impairment
At 1 January 2023
\u2013
58.0
56.6
114.6
Charge for the year
\u2013
9.0
9.6
18.6
Disposals
\u2013
(2.4)
(8.9)
(11.3)
Exchange movement
\u2013
(1.0)
(1.8)
(2.8)
At 31 December 2023
\u2013
63.6
55.5
119.1
Net book value
At 31 December 2023
\u2013
40.7
27.4
68.1
Equipment
Freehold Leasehold and motor
property improvements vehicles Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
0.1
91.9
71.2
163.2
Additions
\u2013
6.1
13.7
19.8
Additions through business combinations
\u2013
3.4
2.0
5.4
Reclassification to equipment and motor vehicles
\u2013
(0.7)
0.7
\u2013
Disposals
\u2013
(0.2)
(4 .9)
(5.1)
Exchange movement
\u2013
4.3
4.0
8.3
At 31 December 2022
0.1
104.8
86.7
191.6
Accumulated depreciation and impairment
At 1 January 2022
\u2013
47.4
49.5
96.9
Charge for the year
\u2013
7. 8
8.8
16.6
Impairment
\u2013
0.8
\u2013
0.8
Disposals
\u2013
\u2013
(4.7)
(4 .7)
Exchange movement
\u2013
2.0
3.0
5.0
At 31 December 2022
\u2013
58.0
56.6
114.6
Net book value
At 31 December 2022
0.1
46.8
30.1
77.0
Freehold
property Equipment Total
Company \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
0.1
10.4
10.5
Additions
\u2013
1.1
1.1
Disposals
(0.1)
(0.4)
(0.5)
At 31 December 2023
\u2013
11.1
11.1
Accumulated depreciation and impairment
At 1 January 2023
\u2013
7.1
7.1
Charge for the year
\u2013
1.5
1.5
Disposals
\u2013
(0.4)
(0.4)
At 31 December 2023
\u2013
8.2
8.2
Net book value
At 31 December 2023
\u2013
2.9
2.9
Freehold
property Equipment Total
Company \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
0.1
8.9
9.0
Additions
\u2013
1.5
1.5
At 31 December 2022
0.1
10.4
10.5
Accumulated depreciation and impairment
At 1 January 2022
\u2013
5.7
5.7
Charge for the year
\u2013
1.4
1.4
At 31 December 2022
\u2013
7.1
7.1
Net book value
At 31 December 2022
0.1
3.3
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-543": { "value": "
17. Right-of-use assets
The statement of financial position shows the following amounts relating to right-of-use assets:
Equipment Total
Leasehold and motor right-of-use
properties vehicles assets
Group \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
368.6
8.5
377.1
Additions
28.0
4.2
32.2
Additions through business combinations (Note 18.6)
0.5
\u2013
0.5
Lease modifications
8.5
\u2013
8.5
Transfers
(3.6)
3.9
0.3
Disposals (including disposals relating to sub-lets*)
(25.1)
(1.7)
(26.8)
Exchange movement
(10.3)
(0.2)
(10.5)
At 31 December 2023
366.6
14.7
381.3
Accumulated depreciation and impairment
At 1 January 2023
148.4
4.9
153.3
Charge for the year
47.6
3.4
51.0
Disposals (including disposals relating to sub-lets*)
(14.6)
(1.8)
(16.4)
Transfers
(1.0)
1.0
\u2013
Exchange movement
(4.7)
(0.2)
(4.9)
At 31 December 2023
175.7
7. 3
183.0
Net book value
At 31 December 2023
190.9
7.4
198.3
* Upon de-recognition of the right-of-use asset in relation to sub-let space, a net investment in a sublease has been recognised as an asset on the Group
Statement of Financial Position (\u00a312.3m). The difference between this net investment, the carrying value of the right-of-use asset disposed of (\u00a38.3m),
has been recognised as a \u00a34.0m gain on disposal in the Group\u2019s profit and loss in the year ended 31 December 2023. The lease liability in relation to the
head lease is retained in the Group\u2019s Statement of Financial Position.
Equipment Total
Leasehold and motor right-of-use
properties vehicles assets
Group \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
338.4
10.0
348.4
Additions
29.2
1.7
30.9
Additions through business combinations
2.7
\u2013
2.7
Disposals/lease modifications
(18.6)
(3.6)
(22.2)
Exchange movement
16.9
0.4
17.3
At 31 December 2022
368.6
8.5
377.1
Accumulated depreciation and impairment
At 1 January 2022
110.4
5.4
115.8
Charge for the year
47. 2
2.0
49.2
Disposals/lease modifications
(15.4)
(2.8)
(18.2)
Exchange movement
6.2
0.3
6.5
At 31 December 2022
148.4
4.9
153.3
Net book value
At 31 December 2022
220.2
3.6
223.8
Right-of-use
assets \u2013
Leasehold
Properties
Company \u00a3m
Cost
At 1 January 2023
55.8
Additions
7.5
Disposals
(1.1)
At 31 December 2023
62.2
Accumulated depreciation and impairment
At 1 January 2023
15.8
Charge for the year
4.7
Disposals
(0.1)
At 31 December 2023
20.4
Net book value
At 31 December 2023
41.8
Right-of-use
assets \u2013
Leasehold
Properties
Company \u00a3m
Cost
At 1 January 2022
64.9
Additions
0.7
Disposal relating to sub-let*
(9.8)
At 31 December 2022
55.8
Accumulated depreciation and impairment
At 1 January 2022
15.5
Charge for the year
5.0
Disposal relating to sub-let*
(4.7 )
At 31 December 2022
15.8
Net book value
At 31 December 2022
40.0
* Upon de-recognition of the right-of-use asset in relation to the sub-let space, a net investment in a sublease has been recognised as an asset on the Company
Statement of Financial Position (\u00a38.1m). The difference between this net investment and the carrying value of the right-of-use asset disposed of (\u00a35.1m) has been
recognised as a \u00a33.0m gain on disposal in the Company\u2019s profit and loss in the year ended 31 December 2022. The lease liability in relation to the head lease is
retained in the Company\u2019s Statement of Financial Position.
Refer to Note 25 for further information on the Group\u2019s leases.
25. Lease liabilities
The statement of financial position shows the following amount relating to lease liabilities:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
277.6
285.0
58.8
64.5
Additions
32.2
31.7
7.5
\u2013
Lease modifications
8.5
\u2013
\u2013
\u2013
Additions through business combinations (Note 18.6)
0.4
2.7
\u2013
\u2013
Transfers from accruals
0.3
\u2013
\u2013
\u2013
Disposal of leases
(2.6)
(4.4)
\u2013
\u2013
Repayments of lease liabilities
(63.9)
(60.5)
(8.2)
(7.7 )
Unwinding of discount
9.2
9.0
2.1
2.0
Exchange movement
(7. 5)
14.1
\u2013
\u2013
Closing amount as at 31 December
254.2
277.6
60.2
58.8
Current
52.9
53.2
6.0
5.2
Non-current
201.3
224.4
54.2
53.6
For the Group, cash outflows with respect to leases, which includes short-term, low-value and variable lease payments,
totalled \u00a365.1m (2022: \u00a362.8m). Refer to Note 7.1 for information on the amount charged to the income statement with
respect to short-term, low-value and variable lease payments.
For the Company, cash outflows with respect to leases, which includes short-term lease payments, totalled \u00a38.6m
(2022: \u00a38.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-591": { "value": "17. Right-of-use assets The statement of financial position shows the following amounts relating to right-of-use assets:
Equipment Total
Leasehold and motor right-of-use
properties vehicles assets
Group \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
368.6
8.5
377.1
Additions
28.0
4.2
32.2
Additions through business combinations (Note 18.6)
0.5
\u2013
0.5
Lease modifications
8.5
\u2013
8.5
Transfers
(3.6)
3.9
0.3
Disposals (including disposals relating to sub-lets*)
(25.1)
(1.7)
(26.8)
Exchange movement
(10.3)
(0.2)
(10.5)
At 31 December 2023
366.6
14.7
381.3
Accumulated depreciation and impairment
At 1 January 2023
148.4
4.9
153.3
Charge for the year
47.6
3.4
51.0
Disposals (including disposals relating to sub-lets*)
(14.6)
(1.8)
(16.4)
Transfers
(1.0)
1.0
\u2013
Exchange movement
(4.7)
(0.2)
(4.9)
At 31 December 2023
175.7
7. 3
183.0
Net book value
At 31 December 2023
190.9
7.4
198.3
* Upon de-recognition of the right-of-use asset in relation to sub-let space, a net investment in a sublease has been recognised as an asset on the Group Statement of Financial Position (\u00a312.3m). The difference between this net investment, the carrying value of the right-of-use asset disposed of (\u00a38.3m), has been recognised as a \u00a34.0m gain on disposal in the Group\u2019s profit and loss in the year ended 31 December 2023. The lease liability in relation to the head lease is retained in the Group\u2019s Statement of Financial Position.
Equipment Total
Leasehold and motor right-of-use
properties vehicles assets
Group \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
338.4
10.0
348.4
Additions
29.2
1.7
30.9
Additions through business combinations
2.7
\u2013
2.7
Disposals/lease modifications
(18.6)
(3.6)
(22.2)
Exchange movement
16.9
0.4
17.3
At 31 December 2022
368.6
8.5
377.1
Accumulated depreciation and impairment
At 1 January 2022
110.4
5.4
115.8
Charge for the year
47. 2
2.0
49.2
Disposals/lease modifications
(15.4)
(2.8)
(18.2)
Exchange movement
6.2
0.3
6.5
At 31 December 2022
148.4
4.9
153.3
Net book value
At 31 December 2022
220.2
3.6
223.8
Right-of-use
assets \u2013
Leasehold
Properties
Company \u00a3m
Cost
At 1 January 2023
55.8
Additions
7.5
Disposals
(1.1)
At 31 December 2023
62.2
Accumulated depreciation and impairment
At 1 January 2023
15.8
Charge for the year
4.7
Disposals
(0.1)
At 31 December 2023
20.4
Net book value
At 31 December 2023
41.8
Right-of-use
assets \u2013
Leasehold
Properties
Company \u00a3m
Cost
At 1 January 2022
64.9
Additions
0.7
Disposal relating to sub-let*
(9.8)
At 31 December 2022
55.8
Accumulated depreciation and impairment
At 1 January 2022
15.5
Charge for the year
5.0
Disposal relating to sub-let*
(4.7 )
At 31 December 2022
15.8
Net book value
At 31 December 2022
40.0
* Upon de-recognition of the right-of-use asset in relation to the sub-let space, a net investment in a sublease has been recognised as an asset on the Company Statement of Financial Position (\u00a38.1m). The difference between this net investment and the carrying value of the right-of-use asset disposed of (\u00a35.1m) has been recognised as a \u00a33.0m gain on disposal in the Company\u2019s profit and loss in the year ended 31 December 2022. The lease liability in relation to the head lease is retained in the Company\u2019s Statement of Financial Position. Refer to Note 25 for further information on the Group\u2019s leases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-544": { "value": "
18. Investments and transactions
18.1 Group \u2013 Investments in joint ventures and associates
Joint ventures
Associates
Investment
(including
Investment loans) Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January 2023
11.0
2.5
0.4
2.9
Additions
0.5
\u2013
3.2
3.2
Disposals
(0.3)
\u2013
\u2013
\u2013
Exchange movement
(0.6)
\u2013
\u2013
\u2013
At 31 December 2023
10.6
2.5
3.6
6.1
Share of profit
At 1 January 2023
18.5
4.6
\u2013
4.6
Group\u2019s share of profit from continuing operations
7.7
2.5
\u2013
2.5
Dividends received
(8.6)
(1.4)
\u2013
(1.4)
Exchange movement
(0.9)
(0.2)
\u2013
(0.2)
At 31 December 2023
16.7
5.5
\u2013
5.5
Total
At 31 December 2023
27.3
8.0
3.6
11.6
Joint ventures
Associates
Investment Investment Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January 2022
9.7
2.3
0.4
2.7
Additions
0.4
\u2013
\u2013
\u2013
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
1.0
0.2
\u2013
0.2
At 31 December 2022
11.0
2.5
0.4
2.9
Share of profit
At 1 January 2022
15.5
4.9
\u2013
4.9
Group\u2019s share of profit from continuing operations
8.8
3.3
\u2013
3.3
Dividends received
(7.1)
(4 . 2)
\u2013
(4.2)
Exchange movement
1.3
0.6
\u2013
0.6
At 31 December 2022
18.5
4.6
\u2013
4.6
Total
At 31 December 2022
29.5
7.1
0.4
7.5
On 31 December 2023, the Group converted loans to additional equity in Vucity Limited. This investment was
previously classified as a FVOCI investment (see Note 18.2). Following the loan conversion, the Group\u2019s equity
investment in Vucity Limited increased to 30.39% resulting in the treatment of this investment as an associate,
with \u00a33.2m recognised as an addition in the year.
In the opinion of the Directors, the Group does not have any joint ventures or associates that are individually
material to the results of the Group.
The Group has one joint venture and two associates with net liabilities as at 31 December 2023 (2022: one associate),
restricting the ability of these entities to transfer funds to its Shareholders in the form of dividends. The joint ventures
and associates have no significant liabilities to which the Group is exposed, nor has the Group any significant
contingent liabilities or capital commitments in relation to its interests in the joint ventures and associates.
18.2 Group \u2013 Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019)
Financial assets at FVOCI comprise the following individual equity investments:
2023 2022
\u00a3m \u00a3m
Listed securities
OnTheMarket plc
\u2013
0.8
Unlisted securities
Vucity Limited
\u2013
1.8
Andor Holdco Limited
1.7
\u2013
Income Analytics Limited
1.2
0.7
YOPA Property Limited
\u2013
\u2013
Daishin GK Canal
\u2013
0.7
Thirdfort Limited
0.3
0.3
Home Click Pte Limited
0.2
0.2
Other smaller investments
1.6
1.2
5.0
5.7
During the year, the Group disposed of its investments in YOPA Property Limited, Daishin GK Canal and OnTheMarket
plc. Upon disposal, amounts in the revaluation reserve relating to these investments have been recycled to retained
earnings. The Group acquired shareholdings in Andor Holdco Limited (the parent company of YOPA Property Limited)
and increased its shareholding in Vucity Limited, with this investment subsequently being treated as an associate
(refer to Note 18.1).
In the prior year, the Group revalued its investments in YOPA Property Limited and Vucity Limited in light of current
trading performance, and economic conditions, reducing the carrying values by \u00a37.5m and \u00a32.9m respectively. All
changes in fair value have been recognised through other comprehensive income.
Equity investments at FVOCI are denominated in the following currencies:
2023 2022
\u00a3m \u00a3m
Sterling
3.4
3.8
Japanese yen
0.6
1.0
Other
1.0
0.9
5.0
5.7
Refer to Note 3.8 for information about methods and assumptions used in determining fair value.
18.3 Group \u2013 Financial assets at fair value through profit and loss (\u2018FVPL\u2019)
2023 2022
\u00a3m \u00a3m
Convertible loans
15.1
15.9
Instruments held in investment funds
23.4
20.9
38.5
36.8
Convertible loans relate to compulsory convertible cumulative preference shares (\u2018CCPS\u2019) and compulsory convertible debentures (\u2018CCD\u2019) issued by Savills Property Services (India) Private Limited. These loans are held at FVPL (see Note 3.8 for further details on fair value measurement). The CCPS issued in 2019 carries interest of 0.01%, these will be mandatorily converted in to Class A equity shares if certain EBITDA and revenue levels are met within the first 3 years, between 3 and 5 years the Group holds the right to convert and at the end of 10 years the loans are mandatorily convertible. The CCD issued in 2020 and 2021 carries interest of 7.2% per annum, they convert in to Class B equity shares at the expiry of 7 years or earlier if certain EBITDA and revenue targets are met and at 10 years the loans are mandatorily convertible. Refer to Note 3.8 for movement analysis of financial assets at FVPL. At 31 December 2023 the Group held conditional commitments to co-invest in a number of Savills IM funds totalling \u00a313.1m (2022: \u00a313.5m). This includes \u00a31.0m in the Asia Pacific Income and Growth Fund FCP-RAIF within the next year (2022: \u00a33.7m), \u00a32.3m in Savills IM UK Value Boxes Fund FCP-RAIF over the next two years (2022: \u00a31.8m), \u00a31.2m in DRC ERED Fund IV over the next two years (2022: \u00a32.0m), \u00a32.9m in Vestas European Strategic Allocation Logistics Fund II within the next year (2022: \u00a33.2m), \u00a31.7m in the Savills IM UK Build to Rent Fund FCP-RAIF over the next three years (2022: \u00a32.8m), \u00a32.8m in the Savills IM European Urban Logistics & Industrial Fund FCP-RAIF over the next three years (2022: \u00a3nil) and \u00a31.2m in the Savills IM Savills IM European Living Fund FCP-RAIF over the next three years (2022: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-592": { "value": "18. Investments and transactions 18.1 Group \u2013 Investments in joint ventures and associates
Joint ventures
Associates
Investment
(including
Investment loans) Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January 2023
11.0
2.5
0.4
2.9
Additions
0.5
\u2013
3.2
3.2
Disposals
(0.3)
\u2013
\u2013
\u2013
Exchange movement
(0.6)
\u2013
\u2013
\u2013
At 31 December 2023
10.6
2.5
3.6
6.1
Share of profit
At 1 January 2023
18.5
4.6
\u2013
4.6
Group\u2019s share of profit from continuing operations
7.7
2.5
\u2013
2.5
Dividends received
(8.6)
(1.4)
\u2013
(1.4)
Exchange movement
(0.9)
(0.2)
\u2013
(0.2)
At 31 December 2023
16.7
5.5
\u2013
5.5
Total
At 31 December 2023
27.3
8.0
3.6
11.6
Joint ventures
Associates
Investment Investment Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January 2022
9.7
2.3
0.4
2.7
Additions
0.4
\u2013
\u2013
\u2013
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
1.0
0.2
\u2013
0.2
At 31 December 2022
11.0
2.5
0.4
2.9
Share of profit
At 1 January 2022
15.5
4.9
\u2013
4.9
Group\u2019s share of profit from continuing operations
8.8
3.3
\u2013
3.3
Dividends received
(7.1)
(4 . 2)
\u2013
(4.2)
Exchange movement
1.3
0.6
\u2013
0.6
At 31 December 2022
18.5
4.6
\u2013
4.6
Total
At 31 December 2022
29.5
7.1
0.4
7.5
On 31 December 2023, the Group converted loans to additional equity in Vucity Limited. This investment was previously classified as a FVOCI investment (see Note 18.2). Following the loan conversion, the Group\u2019s equity investment in Vucity Limited increased to 30.39% resulting in the treatment of this investment as an associate, with \u00a33.2m recognised as an addition in the year. In the opinion of the Directors, the Group does not have any joint ventures or associates that are individually material to the results of the Group. The Group has one joint venture and two associates with net liabilities as at 31 December 2023 (2022: one associate), restricting the ability of these entities to transfer funds to its Shareholders in the form of dividends. The joint ventures and associates have no significant liabilities to which the Group is exposed, nor has the Group any significant contingent liabilities or capital commitments in relation to its interests in the joint ventures and associates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-617": { "value": "18.1 Group \u2013 Investments in joint ventures and associates
Joint ventures
Associates
Investment
(including
Investment loans) Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January 2023
11.0
2.5
0.4
2.9
Additions
0.5
\u2013
3.2
3.2
Disposals
(0.3)
\u2013
\u2013
\u2013
Exchange movement
(0.6)
\u2013
\u2013
\u2013
At 31 December 2023
10.6
2.5
3.6
6.1
Share of profit
At 1 January 2023
18.5
4.6
\u2013
4.6
Group\u2019s share of profit from continuing operations
7.7
2.5
\u2013
2.5
Dividends received
(8.6)
(1.4)
\u2013
(1.4)
Exchange movement
(0.9)
(0.2)
\u2013
(0.2)
At 31 December 2023
16.7
5.5
\u2013
5.5
Total
At 31 December 2023
27.3
8.0
3.6
11.6
Joint ventures
Associates
Investment Investment Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January 2022
9.7
2.3
0.4
2.7
Additions
0.4
\u2013
\u2013
\u2013
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
1.0
0.2
\u2013
0.2
At 31 December 2022
11.0
2.5
0.4
2.9
Share of profit
At 1 January 2022
15.5
4.9
\u2013
4.9
Group\u2019s share of profit from continuing operations
8.8
3.3
\u2013
3.3
Dividends received
(7.1)
(4 . 2)
\u2013
(4.2)
Exchange movement
1.3
0.6
\u2013
0.6
At 31 December 2022
18.5
4.6
\u2013
4.6
Total
At 31 December 2022
29.5
7.1
0.4
7.5
On 31 December 2023, the Group converted loans to additional equity in Vucity Limited. This investment was previously classified as a FVOCI investment (see Note 18.2). Following the loan conversion, the Group\u2019s equity investment in Vucity Limited increased to 30.39% resulting in the treatment of this investment as an associate, with \u00a33.2m recognised as an addition in the year. In the opinion of the Directors, the Group does not have any joint ventures or associates that are individually material to the results of the Group. The Group has one joint venture and two associates with net liabilities as at 31 December 2023 (2022: one associate), restricting the ability of these entities to transfer funds to its Shareholders in the form of dividends. The joint ventures and associates have no significant liabilities to which the Group is exposed, nor has the Group any significant contingent liabilities or capital commitments in relation to its interests in the joint ventures and associates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "value": "18.2 Group \u2013 Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) Financial assets at FVOCI comprise the following individual equity investments:
2023 2022
\u00a3m \u00a3m
Listed securities
OnTheMarket plc
\u2013
0.8
Unlisted securities
Vucity Limited
\u2013
1.8
Andor Holdco Limited
1.7
\u2013
Income Analytics Limited
1.2
0.7
YOPA Property Limited
\u2013
\u2013
Daishin GK Canal
\u2013
0.7
Thirdfort Limited
0.3
0.3
Home Click Pte Limited
0.2
0.2
Other smaller investments
1.6
1.2
5.0
5.7
During the year, the Group disposed of its investments in YOPA Property Limited, Daishin GK Canal and OnTheMarket plc. Upon disposal, amounts in the revaluation reserve relating to these investments have been recycled to retained earnings. The Group acquired shareholdings in Andor Holdco Limited (the parent company of YOPA Property Limited) and increased its shareholding in Vucity Limited, with this investment subsequently being treated as an associate (refer to Note 18.1). In the prior year, the Group revalued its investments in YOPA Property Limited and Vucity Limited in light of current trading performance, and economic conditions, reducing the carrying values by \u00a37.5m and \u00a32.9m respectively. All changes in fair value have been recognised through other comprehensive income. Equity investments at FVOCI are denominated in the following currencies:
2023 2022
\u00a3m \u00a3m
Sterling
3.4
3.8
Japanese yen
0.6
1.0
Other
1.0
0.9
5.0
5.7
Refer to Note 3.8 for information about methods and assumptions used in determining fair value.
18.3 Group \u2013 Financial assets at fair value through profit and loss (\u2018FVPL\u2019)
2023 2022
\u00a3m \u00a3m
Convertible loans
15.1
15.9
Instruments held in investment funds
23.4
20.9
38.5
36.8
Convertible loans relate to compulsory convertible cumulative preference shares (\u2018CCPS\u2019) and compulsory
convertible debentures (\u2018CCD\u2019) issued by Savills Property Services (India) Private Limited. These loans are held at
FVPL (see Note 3.8 for further details on fair value measurement). The CCPS issued in 2019 carries interest of 0.01%,
these will be mandatorily converted in to Class A equity shares if certain EBITDA and revenue levels are met within
the first 3 years, between 3 and 5 years the Group holds the right to convert and at the end of 10 years the loans are
mandatorily convertible. The CCD issued in 2020 and 2021 carries interest of 7.2% per annum, they convert in to Class
B equity shares at the expiry of 7 years or earlier if certain EBITDA and revenue targets are met and at 10 years the
loans are mandatorily convertible.
Refer to Note 3.8 for movement analysis of financial assets at FVPL.
At 31 December 2023 the Group held conditional commitments to co-invest in a number of Savills IM funds totalling
\u00a313.1m (2022: \u00a313.5m). This includes \u00a31.0m in the Asia Pacific Income and Growth Fund FCP-RAIF within the next year
(2022: \u00a33.7m), \u00a32.3m in Savills IM UK Value Boxes Fund FCP-RAIF over the next two years (2022: \u00a31.8m), \u00a31.2m in
DRC ERED Fund IV over the next two years (2022: \u00a32.0m), \u00a32.9m in Vestas European Strategic Allocation Logistics
Fund II within the next year (2022: \u00a33.2m), \u00a31.7m in the Savills IM UK Build to Rent Fund FCP-RAIF over the next three
years (2022: \u00a32.8m), \u00a32.8m in the Savills IM European Urban Logistics & Industrial Fund FCP-RAIF over the next three
years (2022: \u00a3nil) and \u00a31.2m in the Savills IM Savills IM European Living Fund FCP-RAIF over the next three years
(2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-594": { "value": "
18.5 Non-controlling interests
Material non-controlling interests
The total non-controlling interest at the end of the year is \u00a334.9m (2022: \u00a337.2m). The majority of non-controlling
interests in respect of the Group\u2019s subsidiaries where the Group does not own a holding of 100% are not considered
to be individually material, with the exception of the 25% non-controlling interest held by Samsung Life in the Savills
IM Group (31 December 2023: \u00a333.5m, 31 December 2022: \u00a333.7m). The loss after tax allocated to the non-controlling
interest of the Savills IM Group for the year ended 31 December 2023 was \u00a31.9m (31 December 2022: \u00a30.2m profit
after tax).
31 December 31 December
2023 2022
Savills IM Group \u00a3m \u00a3m
Non-current assets
106.8
110.0
Current assets
113.7
105.3
Current liabilities
(69.6)
(47.0)
Non-current liabilities
(16.8)
(33.5)
Net assets
134.1
134.8
Revenue
105.8
112.7
(Loss)/profit after tax
(7.4)
1.1
A reconciliation of non-controlling interest is as follows:
Non-
controlling
Savills IM interest in Other non- Total non-
Group net Savills IM controlling controlling
assets Group interests Interests
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2023
134.8
33.7
3.5
37.2
(Loss)/income for the year
(7.4)
(1.9)
0.6
(1.3)
Other comprehensive loss:
Remeasurement of defined benefit pension scheme
(0.5)
(0.1)
\u2013
(0.1)
Tax on items taken to other comprehensive income
0.1
\u2013
\u2013
\u2013
Currency translation differences
(1.5)
(0.4)
(0.3)
(0.7)
Total comprehensive (loss)/income for the year
(9.3)
(2.4)
0.3
(2.1)
Employee share option scheme: value of services provided
1.7
0.4
\u2013
0.4
Dividends
\u2013
\u2013
(2.2)
(2.2)
Transfer between reserves:
\u2013 Issue of deferred shares
10.1
2.6
\u2013
2.6
\u2013 EBT contributions to Savills plc
(3.2)
(0.8)
\u2013
(0.8)
\u2013 Other, including employee share option scheme
\u2013
\u2013
(0.2)
(0.2)
Balance at 31 December 2023
134.1
33.5
1.4
34.9
Non-
controlling
Savills IM interest in Other non- Total non-
Group net Savills IM controlling controlling
assets Group interests Interests
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2022
112.7
28.2
1.0
29.2
Profit for the year
1.1
0.2
0.2
0.4
Other comprehensive income/(loss):
Remeasurement of defined benefit pension scheme
2.1
0.5
\u2013
0.5
Tax on items taken to other comprehensive income
(0.6)
(0.2)
\u2014
(0.2)
Currency translation differences
2.3
0.6
\u2013
0.6
Total comprehensive income for the year
4.9
1.1
0.2
1.3
Employee share option scheme: value of services provided
3.0
0.8
\u2013
0.8
Dividends
\u2013
\u2013
(0.4)
(0.4)
Transfer between reserves:
\u2013 Issue of deferred shares
16.0
4.0
\u2013
4.0
\u2013 EBT contributions to Savills plc
(1.8)
(0.4)
\u2013
(0.4)
Additions through business combinations
\u2013
\u2013
2.7
2.7
Balance at 31 December 2022
134.8
33.7
3.5
37.2
Transactions in the previous year
In the prior year, the Group acquired 60% of the equity interest in PT CB Advisory, 70% of the equity interest in PT
Cakrawala Baswara Cemerlang and 60% of the equity interest in PT Cakrawala Baswara Indonesia. The Group also
acquired 60% of the equity interest in Absolute Maintenance Services Pte Limited and Solute Pte Limited and Simply
Affordable Homes LLP.
In 2021, the Group disposed of 25% of the shares in the Savills IM Group. In 2022, a further \u00a30.7m of profit in relation
to this transaction was recognised in retained earnings following finalisation of costs and recycling of foreign exchange
reserves to retained earnings. The Group also received the remaining \u00a37.9m of consideration receivable with respect to
this transaction and paid a further \u00a30.2m in costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-545": { "value": "18.6 Acquisitions of subsidiaries The fair values of the assets acquired and liabilities assumed as part of the Group\u2019s acquisitions in the year are provisional and will be finalised within 12 months of the acquisition date. These are summarised below:
Provisional fair value to the Group
Nash Bond Others Total
\u00a3m \u00a3m \u00a3m
Non-current assets:
Property, plant and equipment
0.1
0.2
0.3
Right-of-use asset
\u2013
0.5
0.5
Intangible assets
\u2013
0.5
0.5
Trade and other receivables
\u2013
0.1
0.1
Current assets:
Contract assets
\u2013
0.3
0.3
Trade and other receivables
0.5
0.7
1.2
Income tax receivable
0.1
\u2013
0.1
Cash and cash equivalents
2.3
2.5
4.8
Current liabilities:
Lease liabilities
\u2013
(0.1)
(0.1)
Trade and other payables
(1.0)
(1.5)
(2.5)
Income tax liabilities
\u2013
(0.1)
(0.1)
Employee benefit obligations
\u2013
(0.1)
(0.1)
Non-current liabilities:
Lease liabilities
\u2013
(0.3)
(0.3)
Deferred tax liabilities
\u2013
(0.2)
(0.2)
Net assets acquired
2.0
2.5
4.5
Goodwill (provisional)
5.0
5.4
10.4
Purchase consideration
7.0
7. 9
14.9
Consideration satisfied by:
Cash paid
7.0
6.5
13.5
Deferred consideration < 1 year
\u2013
0.5
0.5
Deferred consideration > 1 year
\u2013
0.9
0.9
7.0
7. 9
14.9
Nash Bond Limited (\u2018Nash Bond\u2019) On 27 November 2023, the Group acquired 100% of the equity interest in Nash Bond, a leading retail agency and lease consultancy business based in the UK. The acquisition enhances the strength of the Central London retail business to take advantage of the recovering retail market. Total acquisition consideration is provisionally determined at \u00a37.0m, all of which was settled on completion. Acquisition-related costs of \u00a30.5m have been expensed as incurred to the income statement and classified within other operating expenses. Goodwill of \u00a35.0m has been determined. Goodwill is attributable to the experience and expertise of key staff members and is not expected to be deductible for tax purposes. The acquired business contributed revenue of \u00a30.1m and profit of \u00a30.1m to the Group for the period from the date of acquisition to 31 December 2023. Had the acquisition been made at the beginning of the financial year, revenue would have been \u00a34.7m and a profit of \u00a30.5m would have been recognised. The fair value of trade and other receivables is \u00a30.5m, \u00a30.4m of which relates to trade receivables. The gross contractual amount for trade receivables is \u00a30.4m, all of which is expected to be collectible
Other acquisitions
On 6 January 2023, the Group acquired 100% of the equity interest in Automotive Property Consultancy Holdings
Limited, a specialist property consultancy company dedicated to the franchised motor retail sector in the United
Kingdom. On 31 March 2023, the Group acquired 51% of the equity interest in BeLiving SRL (subsequently renamed
Savills Residential Italy SRL), a real estate company specialising in residential sales and rentals in Italy. On 31 May
2023, the Group also acquired 100% of the equity of Predibisa, Sociedade de Media\u00e7\u0101o Imobili\u00e1ria, Lda., a residential
and commercial real estate company based in Porto, Portugal. In addition, on 1 August 2023, the Group acquired a
55% equity interest in Site 8 Pty Limited, a retail property agency in Australia (subsequently renamed Savills Retail
Management Pty Limited).
Cash consideration for these transactions amounted to \u00a36.5m. The remainder of the acquisition consideration relates
to deferred consideration of \u00a31.4m payable, of which \u00a30.5m is payable within one year of the reporting date.
Goodwill of \u00a35.4m has been provisionally determined. Goodwill is attributable to the experience and expertise of key
staff and strong industry reputation and is not expected to be deductible for tax purposes.
Acquisition-related costs of \u00a30.6m have been expensed as incurred to the income statement and classified within
other operating expenses.
The acquired businesses contributed revenue of \u00a35.7m and a profit of \u00a30.4m to the Group for the period from
acquisition to 31 December 2023. Had the acquisitions been made at the beginning of the financial year, revenue
would have been \u00a37.7m and the profit would have been \u00a30.5m. The impact on the Group\u2019s overall revenue and profits
is not material.
The fair value of trade and other receivables acquired is \u00a30.7m, \u00a30.6m of which relates to trade receivables. The gross
contractual amount for trade receivables is \u00a30.6m, all of which is expected to be collectible.
2022 acquisitions and prior year restatement
In the year ended 31 December 2022 the Group acquired a 60% equity interest in Absolute Maintenance Services
Pte Limited and Solute Pte Limited (\u2018AMS\u2019), 100% equity interest in Pitmore 1 Limited, a 60% equity interest in Simply
Affordable Homes LLP, 100% of the equity interest in BrickByte GmbH, 100% of SRS Lease Administration LLC, a 60%
equity interest in PT CB Advisory, 70% of the equity interest in PT Cakrawala Baswara Cemerlang and a 60% equity
interest in PT Cakrawala Baswara Indonesia. The Group also acquired the trade and assets of Cureoscity Limited,
James A Baker and the trade and assets of a property management company based in Poland.
During the current year, provisional fair values relating to the acquisition of AMS were finalised, resulting in an increase
to goodwill of \u00a30.2m and a corresponding increase in deferred consideration payable. This adjustment is considered a
measurement period adjustment in accordance with IFRS 3 and as a result the 31 December 2022 comparatives have
been restated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-595": { "value": "19. Deferred income tax The deferred income tax assets and liabilities at 31 December are as follows: The movement on the deferred tax account is shown below:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
\u2013 Deferred tax asset to be recovered after more than 12 months
45.8
37.6
2.1
2.3
\u2013 Deferred tax asset to be recovered within 12 months
20.3
20.6
0.7
0.5
66.1
58.2
2.8
2.8
Deferred tax liabilities
\u2013 Deferred tax liability to be recovered after more than 12 months
(9.0)
(18.3)
(0.1)
(0.7)
\u2013 Deferred tax liability to be recovered within 12 months
(1.8)
(2.9)
(0.1)
(0.2)
(10.8)
(21.2)
(0.2)
(0.9)
Deferred tax asset \u2013 net
55.3
37.0
2.6
1.9
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January \u2013 net asset
37.0
34.9
1.9
3.3
Amount credited/(charged) to the income statement (Note 12)
11.6
5.6
0.3
(0.5)
Effect of tax rate change within the income statement (Note 12)
0.2
2.1
\u2013
\u2013
Tax credited/(charged) to other comprehensive income
\u2013 Defined benefit pension scheme \u2013 actuarial losses/(gains)
5.8
(1.5)
0.3
\u2013
\u2013 Defined benefit pension scheme \u2013 effect of UK tax rate change
2.6
(2.4)
0.1
(0.1)
Tax credited/(charged) to reserves
\u2013 Employee benefits
0.3
(3.0)
0.1
\u2013
\u2013 Revaluation of FVOCI investments
(0.2)
\u2013
\u2013
\u2013
\u2013 IFRS 16 initial lease recognition released to reserves
(0.2)
(0.2)
(0.1)
(0.8)
Additions through business combinations (Note 18.6)
(0.1)
(0.4)
\u2013
\u2013
Exchange movement
(1.7)
1.9
\u2013
\u2013
At 31 December \u2013 net asset
55.3
37.0
2.6
1.9
Deferred income tax assets have been recognised for tax loss carry-forwards and other temporary differences to the extent that the realisation of the related tax benefit through future taxable profits is probable. As at the reporting date the Group did not recognise deferred income tax assets of \u00a33.7m (2022: \u00a33.3m) in respect of losses amounting to \u00a317.3m, which can be carried forward indefinitely against future taxable income (2022: \u00a315.5m, which can be carried forward indefinitely against future taxable income).
Other
Accelerated employee Share-
capital Provisions benefit Tax Retirement based
allowances and other* obligations** losses benefits Revaluations payments Total
Deferred tax assets \u2013 Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2022
3.2
12.8
15.4
4.6
2.3
0.2
11.5
50.0
Reclassifications from/(to)
deferred tax liabilities
0.3
2.4
(1.3)
\u2013
\u2013
\u2013
\u2013
1.4
Amount (charged)/credited to
the income statement (Note 12)
(1.4)
0.9
3.9
2.4
(0.1)
\u2013
0.8
6.5
Effect of tax rate change within
the income statement (Note 12)
1.0
0.2
0.9
\u2013
\u2013
\u2013
\u2013
2.1
Amount credited to other
comprehensive income (Note 12)
\u2013
\u2013
\u2013
\u2013
(0.7)
\u2013
\u2013
(0.7)
Amount charged to reserves
(Note 12)
\u2013
(0.2)
\u2013
\u2013
\u2013
\u2013
(3.0)
(3.2)
Exchange movement
\u2013
0.7
1.1
0.3
\u2013
\u2013
\u2013
2.1
At 31 December 2022
3.1
16.8
20.0
7.3
1.5
0.2
9.3
58.2
Reclassifications from/(to)
deferred tax liabilities
\u2013
\u2013
\u2013
\u2013
(7.7)
\u2013
\u2013
(7.7)
Amount credited/(charged) to
the income statement (Note 12)
1.7
0.4
(1.7)
7.7
(0.6)
\u2013
1.7
9.2
Effect of tax rate change within
the income statement (Note 12)
\u2013
0.1
0.1
\u2013
\u2013
\u2013
\u2013
0.2
Amount credited to other
comprehensive income (Note 12)
\u2013
\u2013
\u2013
\u2013
5.8
\u2013
\u2013
5.8
Effect of tax rate change within
other comprehensive income
(Note 12)
\u2013
\u2013
\u2013
\u2013
2.6
\u2013
\u2013
2.6
Amount charged to reserves
(Note 12)
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
0.3
(0.1)
Additions through business
combinations (Note 18.6)
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
Exchange movement
(0.1)
(0.6)
(1.1)
(0.2)
\u2013
\u2013
\u2013
(2.0)
At 31 December 2023
4.7
16.4
17.3
14.8
1.6
\u2013
11.3
66.1
Set-off of deferred tax liabilities
pursuant to set-off provisions
(8.9)
Deferred tax asset at
31 December 2023 in the
Statement of Financial Position
57. 2
Deferred tax asset at 31 December
2022 in the Statement of Financial
Position (net of \u00a319.6m set-off)
38.6
Accelerated
capital Provisions Retirement Intangible
allowances and other* Benefits assets Total
Deferred tax liabilities \u2013 Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
(0.2)
(0.6)
(4. 3)
(10.0)
(15.1)
Reclassifications from/(to) deferred tax assets
\u2013
\u2013
\u2013
(1.4)
(1.4)
Tax (charged)/credited to the income statement (Note 12)
(1.0)
(0.1)
(0.2)
0.4
(0.9)
Tax charged to other comprehensive income (Note 12)
\u2013
\u2013
(0.8)
\u2013
(0.8)
Effect of tax rate change within other comprehensive
income (Note 12)
\u2013
\u2013
(2.4)
\u2013
(2.4)
Additions through business combinations
\u2013
\u2013
\u2013
(0.3)
(0.3)
Exchange movement
\u2013
(0.1)
\u2013
(0.2)
(0.3)
At 31 December 2022
(1.2)
(0.8)
(7.7)
(11.5)
(21.2)
Transfers
\u2013
(0.2)
\u2013
0.2
\u2013
Reclassifications from/(to) deferred tax assets
\u2013
\u2013
7.7
\u2013
7.7
Tax credited/(charged) to the income statement (Note 12)
0.4
(0.7)
\u2013
2.7
2.4
Exchange movement
\u2013
0.1
\u2013
0.2
0.3
At 31 December 2023
(0.8)
(1.6)
\u2013
(8.4)
10.8
Set-off of deferred tax liabilities pursuant to
set-off provisions
8.9
Deferred tax liabilities at 31 December 2023 in the
Statement of Financial Position
(1.9)
Deferred tax liabilities at 31 December 2022 in the
Statement of Financial Position (net of \u00a319.6m set-off)
(1.6)
Net deferred tax asset
At 31 December 2023
55.3
At 31 December 2022
37.0
* Provisions and Other primarily includes deferred tax assets relating to accruals and provisions for expenses not deductible until paid. ** Other Employee Benefit Obligations includes deferred tax assets relating to unpaid bonus accruals, holiday pay provisions, long service leave provisions and other deferred compensation accruals.
Provisions Retirement Share-based
and other* benefits payments Total
Deferred tax assets \u2013 Company \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2022
1.3
\u2013
2.4
3.7
Amount credited/(charged) to the income statement (Note 12)
0.1
\u2013
(0.2)
(0.1)
Tax charged to reserves (Note 12)
(0.1)
\u2013
(0.7)
(0.8)
At 31 December 2022
1.3
\u2013
1.5
2.8
Reclassifications to deferred tax liabilities
\u2013
(0.4)
\u2013
(0.4)
Tax charged to other comprehensive income (Note 12)
\u2013
0.3
\u2013
0.3
Effect of tax rate change within other comprehensive income (Note 12)
\u2013
0.1
\u2013
0.1
Tax charged to reserves (Note 12)
(0.1)
\u2013
0.1
\u2013
At 31 December 2023
1.2
\u2013
1.6
2.8
Set\u2013off of deferred tax liabilities pursuant to set-off provisions
(0.2)
Deferred tax asset at 31 December 2023 in the Statement
of Financial Position
2.6
Deferred tax asset at 31 December 2022 in the Statement of Financial
Position (net of \u00a30.9m set-off)
1.9
Accelerated
capital Retirement
allowances Benefits Total
Deferred tax liabilities \u2013 Company \u00a3m \u00a3m \u00a3m
Balance at 1 January 2022
(0.1)
(0.3)
(0.4)
Tax charged to the income statement
(0.4)
(0.1)
(0.5)
At 31 December 2022
(0.5)
(0.4)
(0.9)
Tax charged to the income statement
0.3
\u2013
0.3
Reclassifications from deferred tax assets
\u2013
0.4
0.4
At 31 December 2023
(0.2)
\u2013
(0.2)
Set-off of deferred tax liabilities pursuant to set-off provisions
0.2
Deferred tax liabilities at 31 December 2023 in the Statement
of Financial Position
\u2013
Deferred tax liabilities at 31 December 2022 in the Statement of Financial
Position (net of \u00a30.9m set-off)
\u2013
Net deferred tax asset
At 31 December 2023
2.6
At 31 December 2022
1.9
* Provisions and Other primarily includes deferred tax assets relating to accruals and provisions for expenses not deductible until paid.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-546": { "value": "
20. Trade and other receivables
20.1 Trade and other receivables \u2013 current
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
495.7
502.5
\u2013
\u2013
Less: loss allowance/impairment of receivables provision
(19.6)
(24.1)
\u2013
\u2013
Trade receivables \u2013 net
476.1
478.4
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
65.7
76.2
Other receivables
72.0
57.8
2.4
1.5
Prepayments
54.5
46.2
7.0
3.7
Accrued income
53.8
60.7
\u2013
\u2013
656.4
643.1
75.1
81.4
The carrying value of trade and other receivables is approximate to their fair value.
Group
There is no concentration of credit risk with respect to trade and other receivables as the Group has a large number of
clients internationally dispersed with no individual client owing a significant amount. The credit quality of receivables is
managed at a local subsidiary level on a regular basis. The maximum exposure to credit risk at the reporting date is the
carrying value of each class of receivables mentioned above. The Group does not hold any collateral as security.
Other receivables relate primarily to employee loans, rental deposits, accrued interest income, client funds and loans
due from other parties. Loans due from other parties include loans of \u00a30.1m receivable from joint ventures (2022:
\u00a30.2m) and loans of \u00a30.6m receivable from associates (2022: \u00a31.7m). In the prior year, loans due from other parties
also included loans of \u00a30.9m issued to entities that the Group recognise as equity investments held at FVOCI.
Accrued income is expected to be settled within 12 months of the year end date.
The carrying amounts of the Group\u2019s gross trade receivables are denominated in the following currencies:
Group
2023 2022
\u00a3m \u00a3m
Sterling
212.6
194.8
Euro
82.2
89.2
Hong Kong dollar
40.6
49.5
US dollar
55.5
59.8
Australian dollar
24.2
24.1
Chinese renminbi
34.1
44.2
Other*
46.5
40.9
495.7
502.5
* Other currencies include Czech koruna, United Arab Emirates dirham, Bahraini dinar, Egyptian pound, Omani rial, Saudi riyal, South Korean won, Singapore dollar,
Japanese yen, New Zealand dollar, Indonesian rupiah, Philippine peso, Malaysian ringgit, Macau pataca, New Taiwan dollar, Thailand baht, Polish zloty, Swedish
krona, Indian rupee, New Zealand dollar, Vietnamese dong and Canadian dollar.
Company
Amounts owed by subsidiary undertakings to the Company include \u00a330.0m of intercompany loans (2022: \u00a352.3m).
With the exception of intercompany loans, amounts owed by subsidiary undertakings to the Company are unsecured,
interest-free and generally cleared within the month. Intercompany loans are unsecured and repayable on demand.
The intercompany loan balance as at 31 December 2023 attracts an arms-length rate of interest, charged at a market
rate determined by the aggregation of average daily SONIA, 12-month IBOR reform published credit adjustment
spread and 1%. The loans are classified as current as repayment is expected within 12 months of the reporting date.
Amounts owed by subsidiary undertakings do not contain material allowances for impairment.
20.2 Impairment of trade and other receivables
Group
With the exception of trade receivables, the other classes within trade and other receivables do not contain material
allowances for impairment. Accrued income and contract assets are measured net of lifetime expected credit losses
using a provision matrix similar to trade receivables.
With respect to trade receivables, an allowance for impairment is made based on historical credit loss experience
adjusted for forward-looking factors specific to the debtors and economic environment, as evidence of a likely
reduction in the recoverability of the cash flows. Local management have assessed the expected credit losses for trade
receivables in the current geopolitical and economic environment and the expected loss rates have been reviewed
based on their judgement as to the impact on their trade receivables portfolio. In addition, certain customers have
been identified as having a significantly elevated risk and have been provided for on a specific basis. Overall, the
expected loss rate on trade receivables has decreased to 4.0% (31 December 2022: 4.8%) reflecting improvements
in the ageing profile of the Group\u2019s trade receivables.
The loss allowance provision for trade receivables as at 31 December 2023 and 31 December 2022 was determined
as follows:
More than More than More than More than
30 days 60 days 90 days 180 days
31 December 2023
Current
past due past due past due
past due
Total
Expected loss rate
0.3%
0.5%
2.1%
6.4%
45.9%
4.0%
Gross carrying amount (\u00a3m)
364.5
43.6
24.3
28.2
35.1
495.7
Loss allowance provision (\u00a3m)
(1.0)
(0.2)
(0.5)
(1.8)
(16.1)
(19.6)
More than More than More than More than
30 days 60 days 90 days 180 days
31 December 2022
Current
past due past due past due
past due
Total
Expected loss rate
0.2%
0.2%
1.0%
4.6%
46.9%
4.8%
Gross carrying amount (\u00a3m)
346.2
49.3
30.3
30.4
46.3
502.5
Loss allowance provision (\u00a3m)
(0.6)
(0.1)
(0.3)
(1.4)
(21.7)
(24.1)
The loss allowance provision for trade receivables as at 31 December reconciles to the opening loss allowance
provision as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
(24.1)
(30.3)
Decrease/(increase) in loss allowance recognised in the income statement during the period
(0.7)
2.1
Receivables written off during the year as uncollectible
3.9
4.3
Transfers
\u2013
1.2
Foreign exchange
1.3
(1.4)
At 31 December
(19.6)
(24.1)
A 1% increase in the expected loss rate in each ageing category would increase the loss allowance provision by \u00a35.0m.
Company
Trade and other receivables do not contain material allowances for impairment.
20.3 Trade and other receivables \u2013 non-current
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
10.4
6.5
\u2013
\u2013
Other receivables
9.8
6.3
\u2013
\u2013
Other assets
38.8
24.3
\u2013
\u2013
Net investment in sub lease (Note 20.4)
10.3
0.4
6.9
7.1
69.3
37. 5
6.9
7.1
The carrying value of the above receivables are approximate to their fair value.
Group
Other assets relate to signing-on bonuses that are amortised to the income statement over the relevant contractual
clawback period.
Other receivables include loans of \u00a31.3m receivable from associates (2022: \u00a3nil), \u00a31.4m of loans issued to entities
that the Group recognises as financial assets held at FVOCI (2022: \u00a31.8m) and insurance receivable assets of \u00a37.0m
(2022: \u00a33.7m).
20.4 Net investment in subleases
The Group subleases office space. Sublease receivables (net investment in sub lease) amount to \u00a312.3m as at
31 December 2023 (31 December 2022: \u00a30.6m), split between non-current of \u00a310.3m and current of \u00a32.0m
(31 December 2022: non-current \u00a30.4m, current \u00a30.2m). The current balance is included in other receivables.
The Company subleases office space to a subsidiary of the Group. Sublease receivables (net investment in sublease)
amount to \u00a37.9m as at 31 December 2023 (31 December 2022: \u00a38.0m), split between non-current of \u00a36.9m and current
of \u00a31.0m (31 December 2022: non-current \u00a37.1m, current \u00a30.9m). The current balance is included in other receivables.
The future lease payments receivable are as follows:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Less than a year
2.0
0.2
1.0
0.9
Between 1 and 2 years
1.8
0.2
1.0
0.9
Between 2 and 3 years
1.6
0.2
1.0
0.9
Between 3 and 4 years
1.6
\u2013
1.0
0.9
Between 4 and 5 years
1.6
\u2013
1.0
0.9
Over 5 years
4.6
\u2013
4.1
4.7
Total undiscounted cash flows
13.2
0.6
9.1
9.2
Discounting
(0.9)
\u2013
(1.2)
(1.2)
Carrying value of net investment in sublease
12.3
0.6
7.9
8.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-626": { "value": "20. Trade and other receivables 20.1 Trade and other receivables \u2013 current
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
495.7
502.5
\u2013
\u2013
Less: loss allowance/impairment of receivables provision
(19.6)
(24.1)
\u2013
\u2013
Trade receivables \u2013 net
476.1
478.4
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
65.7
76.2
Other receivables
72.0
57.8
2.4
1.5
Prepayments
54.5
46.2
7.0
3.7
Accrued income
53.8
60.7
\u2013
\u2013
656.4
643.1
75.1
81.4
The carrying value of trade and other receivables is approximate to their fair value. Group There is no concentration of credit risk with respect to trade and other receivables as the Group has a large number of clients internationally dispersed with no individual client owing a significant amount. The credit quality of receivables is managed at a local subsidiary level on a regular basis. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. The Group does not hold any collateral as security. Other receivables relate primarily to employee loans, rental deposits, accrued interest income, client funds and loans due from other parties. Loans due from other parties include loans of \u00a30.1m receivable from joint ventures (2022: \u00a30.2m) and loans of \u00a30.6m receivable from associates (2022: \u00a31.7m). In the prior year, loans due from other parties also included loans of \u00a30.9m issued to entities that the Group recognise as equity investments held at FVOCI. Accrued income is expected to be settled within 12 months of the year end date. The carrying amounts of the Group\u2019s gross trade receivables are denominated in the following currencies:
Group
2023 2022
\u00a3m \u00a3m
Sterling
212.6
194.8
Euro
82.2
89.2
Hong Kong dollar
40.6
49.5
US dollar
55.5
59.8
Australian dollar
24.2
24.1
Chinese renminbi
34.1
44.2
Other*
46.5
40.9
495.7
502.5
* Other currencies include Czech koruna, United Arab Emirates dirham, Bahraini dinar, Egyptian pound, Omani rial, Saudi riyal, South Korean won, Singapore dollar, Japanese yen, New Zealand dollar, Indonesian rupiah, Philippine peso, Malaysian ringgit, Macau pataca, New Taiwan dollar, Thailand baht, Polish zloty, Swedish krona, Indian rupee, New Zealand dollar, Vietnamese dong and Canadian dollar. Company Amounts owed by subsidiary undertakings to the Company include \u00a330.0m of intercompany loans (2022: \u00a352.3m). With the exception of intercompany loans, amounts owed by subsidiary undertakings to the Company are unsecured, interest-free and generally cleared within the month. Intercompany loans are unsecured and repayable on demand. The intercompany loan balance as at 31 December 2023 attracts an arms-length rate of interest, charged at a market rate determined by the aggregation of average daily SONIA, 12-month IBOR reform published credit adjustment spread and 1%. The loans are classified as current as repayment is expected within 12 months of the reporting date. Amounts owed by subsidiary undertakings do not contain material allowances for impairment. 20.2 Impairment of trade and other receivables Group With the exception of trade receivables, the other classes within trade and other receivables do not contain material allowances for impairment. Accrued income and contract assets are measured net of lifetime expected credit losses using a provision matrix similar to trade receivables. With respect to trade receivables, an allowance for impairment is made based on historical credit loss experience adjusted for forward-looking factors specific to the debtors and economic environment, as evidence of a likely reduction in the recoverability of the cash flows. Local management have assessed the expected credit losses for trade receivables in the current geopolitical and economic environment and the expected loss rates have been reviewed based on their judgement as to the impact on their trade receivables portfolio. In addition, certain customers have been identified as having a significantly elevated risk and have been provided for on a specific basis. Overall, the expected loss rate on trade receivables has decreased to 4.0% (31 December 2022: 4.8%) reflecting improvements in the ageing profile of the Group\u2019s trade receivables. The loss allowance provision for trade receivables as at 31 December 2023 and 31 December 2022 was determined as follows:
More than More than More than More than
30 days 60 days 90 days 180 days
31 December 2023
Current
past due past due past due
past due
Total
Expected loss rate
0.3%
0.5%
2.1%
6.4%
45.9%
4.0%
Gross carrying amount (\u00a3m)
364.5
43.6
24.3
28.2
35.1
495.7
Loss allowance provision (\u00a3m)
(1.0)
(0.2)
(0.5)
(1.8)
(16.1)
(19.6)
More than More than More than More than
30 days 60 days 90 days 180 days
31 December 2022
Current
past due past due past due
past due
Total
Expected loss rate
0.2%
0.2%
1.0%
4.6%
46.9%
4.8%
Gross carrying amount (\u00a3m)
346.2
49.3
30.3
30.4
46.3
502.5
Loss allowance provision (\u00a3m)
(0.6)
(0.1)
(0.3)
(1.4)
(21.7)
(24.1)
The loss allowance provision for trade receivables as at 31 December reconciles to the opening loss allowance provision as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
(24.1)
(30.3)
Decrease/(increase) in loss allowance recognised in the income statement during the period
(0.7)
2.1
Receivables written off during the year as uncollectible
3.9
4.3
Transfers
\u2013
1.2
Foreign exchange
1.3
(1.4)
At 31 December
(19.6)
(24.1)
A 1% increase in the expected loss rate in each ageing category would increase the loss allowance provision by \u00a35.0m. Company Trade and other receivables do not contain material allowances for impairment. 20.3 Trade and other receivables \u2013 non-current
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
10.4
6.5
\u2013
\u2013
Other receivables
9.8
6.3
\u2013
\u2013
Other assets
38.8
24.3
\u2013
\u2013
Net investment in sub lease (Note 20.4)
10.3
0.4
6.9
7.1
69.3
37. 5
6.9
7.1
The carrying value of the above receivables are approximate to their fair value. Group Other assets relate to signing-on bonuses that are amortised to the income statement over the relevant contractual clawback period. Other receivables include loans of \u00a31.3m receivable from associates (2022: \u00a3nil), \u00a31.4m of loans issued to entities that the Group recognises as financial assets held at FVOCI (2022: \u00a31.8m) and insurance receivable assets of \u00a37.0m (2022: \u00a33.7m). 20.4 Net investment in subleases The Group subleases office space. Sublease receivables (net investment in sub lease) amount to \u00a312.3m as at 31 December 2023 (31 December 2022: \u00a30.6m), split between non-current of \u00a310.3m and current of \u00a32.0m (31 December 2022: non-current \u00a30.4m, current \u00a30.2m). The current balance is included in other receivables. The Company subleases office space to a subsidiary of the Group. Sublease receivables (net investment in sublease) amount to \u00a37.9m as at 31 December 2023 (31 December 2022: \u00a38.0m), split between non-current of \u00a36.9m and current of \u00a31.0m (31 December 2022: non-current \u00a37.1m, current \u00a30.9m). The current balance is included in other receivables. The future lease payments receivable are as follows:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Less than a year
2.0
0.2
1.0
0.9
Between 1 and 2 years
1.8
0.2
1.0
0.9
Between 2 and 3 years
1.6
0.2
1.0
0.9
Between 3 and 4 years
1.6
\u2013
1.0
0.9
Between 4 and 5 years
1.6
\u2013
1.0
0.9
Over 5 years
4.6
\u2013
4.1
4.7
Total undiscounted cash flows
13.2
0.6
9.1
9.2
Discounting
(0.9)
\u2013
(1.2)
(1.2)
Carrying value of net investment in sublease
12.3
0.6
7.9
8.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-618": { "value": "20. Trade and other receivables 20.1 Trade and other receivables \u2013 current
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
495.7
502.5
\u2013
\u2013
Less: loss allowance/impairment of receivables provision
(19.6)
(24.1)
\u2013
\u2013
Trade receivables \u2013 net
476.1
478.4
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
65.7
76.2
Other receivables
72.0
57.8
2.4
1.5
Prepayments
54.5
46.2
7.0
3.7
Accrued income
53.8
60.7
\u2013
\u2013
656.4
643.1
75.1
81.4
The carrying value of trade and other receivables is approximate to their fair value. Group There is no concentration of credit risk with respect to trade and other receivables as the Group has a large number of clients internationally dispersed with no individual client owing a significant amount. The credit quality of receivables is managed at a local subsidiary level on a regular basis. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above. The Group does not hold any collateral as security. Other receivables relate primarily to employee loans, rental deposits, accrued interest income, client funds and loans due from other parties. Loans due from other parties include loans of \u00a30.1m receivable from joint ventures (2022: \u00a30.2m) and loans of \u00a30.6m receivable from associates (2022: \u00a31.7m). In the prior year, loans due from other parties also included loans of \u00a30.9m issued to entities that the Group recognise as equity investments held at FVOCI. Accrued income is expected to be settled within 12 months of the year end date. The carrying amounts of the Group\u2019s gross trade receivables are denominated in the following currencies:
Group
2023 2022
\u00a3m \u00a3m
Sterling
212.6
194.8
Euro
82.2
89.2
Hong Kong dollar
40.6
49.5
US dollar
55.5
59.8
Australian dollar
24.2
24.1
Chinese renminbi
34.1
44.2
Other*
46.5
40.9
495.7
502.5
* Other currencies include Czech koruna, United Arab Emirates dirham, Bahraini dinar, Egyptian pound, Omani rial, Saudi riyal, South Korean won, Singapore dollar, Japanese yen, New Zealand dollar, Indonesian rupiah, Philippine peso, Malaysian ringgit, Macau pataca, New Taiwan dollar, Thailand baht, Polish zloty, Swedish krona, Indian rupee, New Zealand dollar, Vietnamese dong and Canadian dollar. Company Amounts owed by subsidiary undertakings to the Company include \u00a330.0m of intercompany loans (2022: \u00a352.3m). With the exception of intercompany loans, amounts owed by subsidiary undertakings to the Company are unsecured, interest-free and generally cleared within the month. Intercompany loans are unsecured and repayable on demand. The intercompany loan balance as at 31 December 2023 attracts an arms-length rate of interest, charged at a market rate determined by the aggregation of average daily SONIA, 12-month IBOR reform published credit adjustment spread and 1%. The loans are classified as current as repayment is expected within 12 months of the reporting date. Amounts owed by subsidiary undertakings do not contain material allowances for impairment. 20.2 Impairment of trade and other receivables Group With the exception of trade receivables, the other classes within trade and other receivables do not contain material allowances for impairment. Accrued income and contract assets are measured net of lifetime expected credit losses using a provision matrix similar to trade receivables. With respect to trade receivables, an allowance for impairment is made based on historical credit loss experience adjusted for forward-looking factors specific to the debtors and economic environment, as evidence of a likely reduction in the recoverability of the cash flows. Local management have assessed the expected credit losses for trade receivables in the current geopolitical and economic environment and the expected loss rates have been reviewed based on their judgement as to the impact on their trade receivables portfolio. In addition, certain customers have been identified as having a significantly elevated risk and have been provided for on a specific basis. Overall, the expected loss rate on trade receivables has decreased to 4.0% (31 December 2022: 4.8%) reflecting improvements in the ageing profile of the Group\u2019s trade receivables. The loss allowance provision for trade receivables as at 31 December 2023 and 31 December 2022 was determined as follows:
More than More than More than More than
30 days 60 days 90 days 180 days
31 December 2023
Current
past due past due past due
past due
Total
Expected loss rate
0.3%
0.5%
2.1%
6.4%
45.9%
4.0%
Gross carrying amount (\u00a3m)
364.5
43.6
24.3
28.2
35.1
495.7
Loss allowance provision (\u00a3m)
(1.0)
(0.2)
(0.5)
(1.8)
(16.1)
(19.6)
More than More than More than More than
30 days 60 days 90 days 180 days
31 December 2022
Current
past due past due past due
past due
Total
Expected loss rate
0.2%
0.2%
1.0%
4.6%
46.9%
4.8%
Gross carrying amount (\u00a3m)
346.2
49.3
30.3
30.4
46.3
502.5
Loss allowance provision (\u00a3m)
(0.6)
(0.1)
(0.3)
(1.4)
(21.7)
(24.1)
The loss allowance provision for trade receivables as at 31 December reconciles to the opening loss allowance provision as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
(24.1)
(30.3)
Decrease/(increase) in loss allowance recognised in the income statement during the period
(0.7)
2.1
Receivables written off during the year as uncollectible
3.9
4.3
Transfers
\u2013
1.2
Foreign exchange
1.3
(1.4)
At 31 December
(19.6)
(24.1)
A 1% increase in the expected loss rate in each ageing category would increase the loss allowance provision by \u00a35.0m. Company Trade and other receivables do not contain material allowances for impairment. 20.3 Trade and other receivables \u2013 non-current
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
10.4
6.5
\u2013
\u2013
Other receivables
9.8
6.3
\u2013
\u2013
Other assets
38.8
24.3
\u2013
\u2013
Net investment in sub lease (Note 20.4)
10.3
0.4
6.9
7.1
69.3
37. 5
6.9
7.1
The carrying value of the above receivables are approximate to their fair value. Group Other assets relate to signing-on bonuses that are amortised to the income statement over the relevant contractual clawback period. Other receivables include loans of \u00a31.3m receivable from associates (2022: \u00a3nil), \u00a31.4m of loans issued to entities that the Group recognises as financial assets held at FVOCI (2022: \u00a31.8m) and insurance receivable assets of \u00a37.0m (2022: \u00a33.7m). 20.4 Net investment in subleases The Group subleases office space. Sublease receivables (net investment in sub lease) amount to \u00a312.3m as at 31 December 2023 (31 December 2022: \u00a30.6m), split between non-current of \u00a310.3m and current of \u00a32.0m (31 December 2022: non-current \u00a30.4m, current \u00a30.2m). The current balance is included in other receivables. The Company subleases office space to a subsidiary of the Group. Sublease receivables (net investment in sublease) amount to \u00a37.9m as at 31 December 2023 (31 December 2022: \u00a38.0m), split between non-current of \u00a36.9m and current of \u00a31.0m (31 December 2022: non-current \u00a37.1m, current \u00a30.9m). The current balance is included in other receivables. The future lease payments receivable are as follows:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Less than a year
2.0
0.2
1.0
0.9
Between 1 and 2 years
1.8
0.2
1.0
0.9
Between 2 and 3 years
1.6
0.2
1.0
0.9
Between 3 and 4 years
1.6
\u2013
1.0
0.9
Between 4 and 5 years
1.6
\u2013
1.0
0.9
Over 5 years
4.6
\u2013
4.1
4.7
Total undiscounted cash flows
13.2
0.6
9.1
9.2
Discounting
(0.9)
\u2013
(1.2)
(1.2)
Carrying value of net investment in sublease
12.3
0.6
7.9
8.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-596": { "value": "
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
495.7
502.5
\u2013
\u2013
Less: loss allowance/impairment of receivables provision
(19.6)
(24.1)
\u2013
\u2013
Trade receivables \u2013 net
476.1
478.4
\u2013
\u2013
Amounts owed by subsidiary undertakings
\u2013
\u2013
65.7
76.2
Other receivables
72.0
57.8
2.4
1.5
Prepayments
54.5
46.2
7.0
3.7
Accrued income
53.8
60.7
\u2013
\u2013
656.4
643.1
75.1
81.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-597": { "value": "20.2 Impairment of trade and other receivables Group With the exception of trade receivables, the other classes within trade and other receivables do not contain material allowances for impairment. Accrued income and contract assets are measured net of lifetime expected credit losses using a provision matrix similar to trade receivables. With respect to trade receivables, an allowance for impairment is made based on historical credit loss experience adjusted for forward-looking factors specific to the debtors and economic environment, as evidence of a likely reduction in the recoverability of the cash flows. Local management have assessed the expected credit losses for trade receivables in the current geopolitical and economic environment and the expected loss rates have been reviewed based on their judgement as to the impact on their trade receivables portfolio. In addition, certain customers have been identified as having a significantly elevated risk and have been provided for on a specific basis. Overall, the expected loss rate on trade receivables has decreased to 4.0% (31 December 2022: 4.8%) reflecting improvements in the ageing profile of the Group\u2019s trade receivables. The loss allowance provision for trade receivables as at 31 December 2023 and 31 December 2022 was determined as follows:
More than More than More than More than
30 days 60 days 90 days 180 days
31 December 2023
Current
past due past due past due
past due
Total
Expected loss rate
0.3%
0.5%
2.1%
6.4%
45.9%
4.0%
Gross carrying amount (\u00a3m)
364.5
43.6
24.3
28.2
35.1
495.7
Loss allowance provision (\u00a3m)
(1.0)
(0.2)
(0.5)
(1.8)
(16.1)
(19.6)
More than More than More than More than
30 days 60 days 90 days 180 days
31 December 2022
Current
past due past due past due
past due
Total
Expected loss rate
0.2%
0.2%
1.0%
4.6%
46.9%
4.8%
Gross carrying amount (\u00a3m)
346.2
49.3
30.3
30.4
46.3
502.5
Loss allowance provision (\u00a3m)
(0.6)
(0.1)
(0.3)
(1.4)
(21.7)
(24.1)
The loss allowance provision for trade receivables as at 31 December reconciles to the opening loss allowance provision as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
(24.1)
(30.3)
Decrease/(increase) in loss allowance recognised in the income statement during the period
(0.7)
2.1
Receivables written off during the year as uncollectible
3.9
4.3
Transfers
\u2013
1.2
Foreign exchange
1.3
(1.4)
At 31 December
(19.6)
(24.1)
A 1% increase in the expected loss rate in each ageing category would increase the loss allowance provision by \u00a35.0m. Company Trade and other receivables do not contain material allowances for impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-598": { "value": "20.3 Trade and other receivables \u2013 non-current
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
10.4
6.5
\u2013
\u2013
Other receivables
9.8
6.3
\u2013
\u2013
Other assets
38.8
24.3
\u2013
\u2013
Net investment in sub lease (Note 20.4)
10.3
0.4
6.9
7.1
69.3
37. 5
6.9
7.1
Other assets relate to signing-on bonuses that are amortised to the income statement over the relevant contractual clawback period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-547": { "value": "
21. Cash and cash equivalents
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
416.5
556.7
118.9
93.6
Short-term bank deposits
90.3
112.4
\u2013
\u2013
506.8
669.1
118.9
93.6
The carrying value of cash and cash equivalents approximates their fair value.
The effective interest rate on short-term bank deposits as at 31 December 2023 was 4.86% (2022: 3.97%); these
deposits have an average maturity of 29 days (2022: 25 days).
Cash subject to restrictions in Asia Pacific amounts to \u00a334.3m (2022: \u00a325.6m) which is cash pledged to banks in
relation to property management contracts and cash remittance restrictions in certain countries. These amounts are
accessible by the Group and are consolidated within the Group\u2019s cash and cash equivalents.
Cash and cash equivalents are denominated in the following currencies:
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling
224.0
331.3
118.7
93.5
Hong Kong dollar
96.4
112.3
\u2013
\u2013
Euro
55.6
80.2
0.1
0.1
Chinese renminbi
40.0
36.9
\u2013
\u2013
US dollar
11.0
13.8
\u2013
\u2013
Japanese yen
12.9
22.9
\u2013
\u2013
Australian dollar
7.7
10.6
0.1
\u2013
South Korean won
9.1
11.1
\u2013
\u2013
Singapore dollar
11.3
13.4
\u2013
\u2013
Other currencies*
38.8
36.6
\u2013
\u2013
506.8
669.1
118.9
93.6
* Other currencies include United Arab Emirates dirham, Omani rial, Egyptian pound, Saudi riyal, Bahrain dinar, Canadian dollar, Czech koruna, New Taiwan dollar,
Macau pataca, Thai baht, Vietnamese dong, New Zealand dollar, Indonesian rupiah, Philippine peso, Danish krone, Polish zloty, Swiss franc and Swedish krona.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-599": { "value": "Cash subject to restrictions in Asia Pacific amounts to \u00a334.3m (2022: \u00a325.6m) which is cash pledged to banks in relation to property management contracts and cash remittance restrictions in certain countries. These amounts are accessible by the Group and are consolidated within the Group\u2019s cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-548": { "value": "22. Notional pooling arrangement \u2013 Group For internal cash management purposes, the Group maintains a notional cash pooling arrangement with Barclays Bank PLC, whereby credit and debit cash balances for the participating bank accounts are notionally offset. There is no overdraft cost or charge associated with any pooled overdraft that is fully offset by pooled credit cash balances. As at 31 December 2023, the notional cash pooling arrangement included cash balances of \u00a3193.3m presented in cash and cash equivalents (December 2022: \u00a3205.0m) and overdrafts of \u00a3192.3m (31 December 2022: \u00a3202.0m) presented in current liabilities. This represents as at 31 December 2023 surplus pooled credit cash balances of \u00a31.0m (31 December 2022: surplus pooled credit cash \u00a33.0m). For the purpose of the Statement of Cash Flows, cash and cash equivalents net of overdrafts comprise the following: 31 December 31 December 2023 2022 \u00a3m \u00a3m Cash and cash equivalents (see Note 21) 506.8 669.1 Overdrafts in notional pooling arrangement (192.3) (202.0) Bank overdrafts (see Note 24) (4.2) (2.8) 310.3 464.3", "dimensions": { "concept": "savillsplc:DisclosureOfNotionalPoolingArrangement", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-549": { "value": "
23. Trade and other payables
23.1 Trade and other payables \u2013 current
Group
Company
2022
2023 restated* 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Deferred consideration (Note 23.3)
1.1
2.5
\u2013
\u2013
Trade payables
107.4
108.9
1.1
1.1
Amounts owed to subsidiary undertakings
\u2013
\u2013
0.2
\u2013
Other taxation and social security
65.5
64.8
1.3
1.2
Other payables
57.2
67.1
\u2013
\u2013
Accruals
450.9
501.2
12.0
12.6
682.1
74 4.5
14.6
14.9
* See Note 18.6 for details on the prior period restatement.
The carrying value of trade and other payables is approximate to their fair value.
Group
The Group\u2019s accruals include bonus and commission accruals of \u00a3275.9m (2022: \u00a3337.9m) and accruals relating
to deferred and contingent business acquisition payments that are linked to employment conditions of \u00a327.5m
(2022: \u00a35.1m). The Group\u2019s other payables include amounts owed to employees with respect to commissions of
\u00a318.5m (2022: \u00a328.4m), amounts owed to clients with respect to cash held on their behalf of \u00a324.1m (2022: \u00a326.3m)
and loans payable to associates of \u00a30.2m (2022: \u00a3nil).
Company
Amounts due to subsidiary undertakings are unsecured, interest-free and repayable on demand.
The Company\u2019s accruals include bonus and commission accruals of \u00a39.1m (2022: \u00a39.8m).
23.2 Other payables \u2013 non-current
2023 2022
\u00a3m \u00a3m
Deferred consideration (Note 23.4)
1.4
0.8
Accruals \u2013 relating to deferred and contingent business acquisition payments linked
to employment conditions
3.6
18.0
Other payables
5.4
3.1
10.4
21.9
The carrying value of the above payables are approximate to their fair value.
23.3 Deferred consideration \u2013 current
2023
2022
Non-
Non- contingent Total
contingent Total Contingent restated* restated*
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2.5
2.5
\u2013
3.4
3.4
Reclassification from non-current deferred
consideration (Note 23.4)
0.3
0.3
1.7
0.2
1.9
Additions through business combinations (Note 18.6)
0.5
0.5
\u2013
2.0
2.0
Interest unwind
\u2013
\u2013
\u2013
0.1
0.1
Deferred consideration paid
(2.1)
(2.1)
\u2013
(3.3)
(3.3)
Released to the income statement
\u2013
\u2013
(1.6)
\u2013
(1.6)
Exchange movement
(0.1)
(0.1)
(0.1)
0.1
\u2013
At 31 December
1.1
1.1
\u2013
2.5
2.5
* See Note 18.6 for details on the prior period restatement. Deferred consideration relates to deferred business acquisition payments not linked to continuing employment. 23.4 Deferred consideration \u2013 non-current
2023
2022
Non- Non-
Contingent contingent Total Contingent contingent Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
\u2013
0.8
0.8
1.5
0.9
2.4
Reclassification to current deferred
consideration (Note 23.3)
\u2013
(0.3)
(0.3)
(1.7)
(0.2)
(1.9)
Additions through business combinations
(Note 18.6)
0.7
0.2
0.9
\u2013
\u2013
\u2013
Interest unwind
\u2013
0.1
0.1
\u2013
\u2013
\u2013
Exchange movement
\u2013
(0.1)
(0.1)
0.2
0.1
0.3
At 31 December
0.7
0.7
1.4
\u2013
0.8
0.8
Deferred consideration relates to deferred business acquisition payments not linked to continuing employment.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-619": { "value": "23. Trade and other payables 23.1 Trade and other payables \u2013 current
Group
Company
2022
2023 restated* 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Deferred consideration (Note 23.3)
1.1
2.5
\u2013
\u2013
Trade payables
107.4
108.9
1.1
1.1
Amounts owed to subsidiary undertakings
\u2013
\u2013
0.2
\u2013
Other taxation and social security
65.5
64.8
1.3
1.2
Other payables
57.2
67.1
\u2013
\u2013
Accruals
450.9
501.2
12.0
12.6
682.1
74 4.5
14.6
14.9
* See Note 18.6 for details on the prior period restatement. The carrying value of trade and other payables is approximate to their fair value. Group The Group\u2019s accruals include bonus and commission accruals of \u00a3275.9m (2022: \u00a3337.9m) and accruals relating to deferred and contingent business acquisition payments that are linked to employment conditions of \u00a327.5m (2022: \u00a35.1m). The Group\u2019s other payables include amounts owed to employees with respect to commissions of \u00a318.5m (2022: \u00a328.4m), amounts owed to clients with respect to cash held on their behalf of \u00a324.1m (2022: \u00a326.3m) and loans payable to associates of \u00a30.2m (2022: \u00a3nil). Company Amounts due to subsidiary undertakings are unsecured, interest-free and repayable on demand. The Company\u2019s accruals include bonus and commission accruals of \u00a39.1m (2022: \u00a39.8m). 23.2 Other payables \u2013 non-current
2023 2022
\u00a3m \u00a3m
Deferred consideration (Note 23.4)
1.4
0.8
Accruals \u2013 relating to deferred and contingent business acquisition payments linked
to employment conditions
3.6
18.0
Other payables
5.4
3.1
10.4
21.9
The carrying value of the above payables are approximate to their fair value.
23.3 Deferred consideration \u2013 current
2023
2022
Non-
Non- contingent Total
contingent Total Contingent restated* restated*
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2.5
2.5
\u2013
3.4
3.4
Reclassification from non-current deferred
consideration (Note 23.4)
0.3
0.3
1.7
0.2
1.9
Additions through business combinations (Note 18.6)
0.5
0.5
\u2013
2.0
2.0
Interest unwind
\u2013
\u2013
\u2013
0.1
0.1
Deferred consideration paid
(2.1)
(2.1)
\u2013
(3.3)
(3.3)
Released to the income statement
\u2013
\u2013
(1.6)
\u2013
(1.6)
Exchange movement
(0.1)
(0.1)
(0.1)
0.1
\u2013
At 31 December
1.1
1.1
\u2013
2.5
2.5
* See Note 18.6 for details on the prior period restatement.
Deferred consideration relates to deferred business acquisition payments not linked to continuing employment.
23.4 Deferred consideration \u2013 non-current
2023
2022
Non- Non-
Contingent contingent Total Contingent contingent Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
\u2013
0.8
0.8
1.5
0.9
2.4
Reclassification to current deferred
consideration (Note 23.3)
\u2013
(0.3)
(0.3)
(1.7)
(0.2)
(1.9)
Additions through business combinations
(Note 18.6)
0.7
0.2
0.9
\u2013
\u2013
\u2013
Interest unwind
\u2013
0.1
0.1
\u2013
\u2013
\u2013
Exchange movement
\u2013
(0.1)
(0.1)
0.2
0.1
0.3
At 31 December
0.7
0.7
1.4
\u2013
0.8
0.8
Deferred consideration relates to deferred business acquisition payments not linked to continuing employment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-600": { "value": "23.1 Trade and other payables \u2013 current
Group
Company
2022
2023 restated* 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Deferred consideration (Note 23.3)
1.1
2.5
\u2013
\u2013
Trade payables
107.4
108.9
1.1
1.1
Amounts owed to subsidiary undertakings
\u2013
\u2013
0.2
\u2013
Other taxation and social security
65.5
64.8
1.3
1.2
Other payables
57.2
67.1
\u2013
\u2013
Accruals
450.9
501.2
12.0
12.6
682.1
74 4.5
14.6
14.9
* See Note 18.6 for details on the prior period restatement. The carrying value of trade and other payables is approximate to their fair value. Group The Group\u2019s accruals include bonus and commission accruals of \u00a3275.9m (2022: \u00a3337.9m) and accruals relating to deferred and contingent business acquisition payments that are linked to employment conditions of \u00a327.5m (2022: \u00a35.1m). The Group\u2019s other payables include amounts owed to employees with respect to commissions of \u00a318.5m (2022: \u00a328.4m), amounts owed to clients with respect to cash held on their behalf of \u00a324.1m (2022: \u00a326.3m) and loans payable to associates of \u00a30.2m (2022: \u00a3nil). Company Amounts due to subsidiary undertakings are unsecured, interest-free and repayable on demand. The Company\u2019s accruals include bonus and commission accruals of \u00a39.1m (2022: \u00a39.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-601": { "value": "23.2 Other payables \u2013 non-current
2023 2022
\u00a3m \u00a3m
Deferred consideration (Note 23.4)
1.4
0.8
Accruals \u2013 relating to deferred and contingent business acquisition payments linked
to employment conditions
3.6
18.0
Other payables
5.4
3.1
10.4
21.9
The carrying value of the above payables are approximate to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-550": { "value": "
24. Borrowings
2023 2022
\u00a3m \u00a3m
Current
Bank overdrafts
4.2
2.8
Unsecured bank loans due within one year or on demand
3.0
4.0
Loan notes due within one year or on demand
0.7
3.8
7.9
10.6
Non-current
Unsecured bank loans
0.1
0.5
Loan notes
150.0
150.0
Transaction costs (issuance of loan notes and RCF arrangement fees)
(0.8)
(1.4)
149.3
149.1
157.2
159.7
The Company does not have any borrowings as at 31 December 2023 and 31 December 2022.
The Group holds a \u00a3360.0m multi-currency revolving credit facility (\u2018RCF\u2019), which includes an additional \u00a390.0m
accordion facility, expiring in June 2026. As at 31 December 2023 none (2022: none) of the RCF was drawn.
The unsecured bank loans reflect a \u00a30.9m working capital loan in Thailand, which is repayable on demand and
denominated in Thailand baht (2022: \u00a30.9m), a \u00a31.4m working capital loan in Indonesia which is repayable on demand
and denominated in Indonesian rupiah (2022: \u00a30.3m) and \u00a30.8m of loans in Singapore, denominated in Singapore
dollar (2022: \u00a33.3m). The loans in Singapore include a \u00a30.1m bank loan maturing within one year, a \u00a30.3m factoring
facility maturing within one year and a \u00a30.4m bridging loan, \u00a30.3m expiring within one year and the remainder
expiring in 2025.
The loan notes due within one year or on demand reflect working capital loans in Singapore, which are repayable
within one year or on demand and denominated in Singapore dollars. These loans are payable to a non-controlling
interest holder in one of the Group\u2019s subsidiaries.
Non-current loan notes reflect the \u00a3150.0m of long-term debt held by the Group through the issuance of 7, 10 and 12
year fixed-rate private note placements in the US institutional market, which were issued in June 2018.
Movements in borrowings are analysed as follows:
Group
2023 2022
\u00a3m \u00a3m
Opening amount as at 1 January
159.7
150.5
Additional borrowings, net of transaction costs paid (including overdraft movement)*
107.2
10.8
Repayments of borrowings
(109.9)
(5.6)
Addition through business combination
\u2013
3.2
Amortisation of transaction costs
0.6
0.6
Foreign exchange
(0.4)
0.2
Closing amount as at 31 December
157.2
159.7
* 2023 includes a \u00a31.5m increase in overdraft balances within additional borrowings. 2022 includes \u00a31.5m increase in overdraft balances and \u00a30.3m of transaction
costs paid within additional borrowings.
The carrying value of the Group\u2019s borrowings exposed to interest rate changes at the reporting date is:
Group
2023 2022
\u00a3m \u00a3m
Less than 1 year
6.9
7.7
6.9
7.7
The Group\u2019s remaining borrowings are fixed rate instruments and therefore excluded from the above analysis.
The effective interest rates at the reporting date were as follows:
Group
2023 2022
% %
Bank overdrafts
5.96
4.38
Bank loans
6.95
3.72
Loan notes
3.15
3.16
The carrying amounts of borrowings are materially approximate to their fair value, with the exception of the Group\u2019s
long-term fixed rate private note placements. The fair value of these loan notes as at 31 December 2023 is \u00a3135.6m
(31 December 2022: \u00a3131.5m). The difference between the fair value and the book value is not recognised in the
reported results for the year. The fair value has been calculated based upon a discounted cash flow valuation utilising
observable market rates of borrowing that are comparable to the remaining length of the loan notes. The valuation
technique falls within Level 2 of the fair value hierarchy in IFRS 13.
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
Group
2023 2022
\u00a3m \u00a3m
Sterling
153.4
151.2
Indonesian rupiah
1.4
\u2013
Singapore dollar
1.5
7.1
Other
0.9
1.4
157.2
159.7
The Group has the following undrawn borrowing facilities:
Group
2023
2022
Fixed Floating Total Fixed Floating Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expiring within 1 year or on demand
3.0
58.8
61.8
1.1
64.9
66.0
Expiring between 1 and 5 years
0.2
360.0
360.2
0.2
360.0
360.2
3.2
418.8
422.0
1.3
424.9
426.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-602": { "value": "
2023 2022
\u00a3m \u00a3m
Current
Bank overdrafts
4.2
2.8
Unsecured bank loans due within one year or on demand
3.0
4.0
Loan notes due within one year or on demand
0.7
3.8
7.9
10.6
Non-current
Unsecured bank loans
0.1
0.5
Loan notes
150.0
150.0
Transaction costs (issuance of loan notes and RCF arrangement fees)
(0.8)
(1.4)
149.3
149.1
157.2
159.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-551": { "value": "
26. Provisions
26.1 Provisions
Professional
indemnity Dilapidation Restructuring Other Group
claims provisions provision provisions total Company
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
12.5
10.9
0.3
6.1
29.8
2.4
Provided during the year
8.7
2.3
13.5
4.3
28.8
0.1
Transfer from accruals
\u2013
0.2
\u2013
\u2013
0.2
\u2013
Utilised during the year
(6.8)
\u2013
(4.5)
(1.1)
(12.4)
\u2013
Released during the year
(1.7)
(0.2)
(0.3)
(2.7)
(4.9)
\u2013
Exchange movement
(0.1)
(0.2)
\u2013
(0.1)
(0.4)
\u2013
Closing amount as at 31 December 2023
12.6
13.0
9.0
6.5
41.1
2.5
Current
1.6
1.7
9.0
4.9
17.2
\u2013
Non-current
11.0
11.3
\u2013
1.6
23.9
2.5
Professional
indemnity Dilapidation Restructuring Other Group
claims provisions provision provisions total Company
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current
1.6
2.6
0.3
4.7
9.2
\u2013
Non-current
10.9
8.3
\u2013
1.4
20.6
2.4
Total
12.5
10.9
0.3
6.1
29.8
2.4
(a) Professional indemnity claims
These arise from various legal actions, proceedings and other claims that are pending against the Group and are based
on management\u2019s best estimates of the most likely outcome, taking into account the opinions of legal counsel. The
nature of the amounts provided in respect of legal actions, proceedings and other claims is such that the extent and
timing of cash flows can be difficult to estimate and the ultimate liability may vary from the amounts provided. The
non-current portion of these provisions is expected to be utilised within the next two to five years.
A separate receivable from insurers in relation to professional indemnity claims is recognised to the extent it is virtually
certain of being received. The provision and insurance asset are presented in the accounts as follows:
2023 2022
Group \u00a3m \u00a3m
Provisions \u2013 current
1.6
1.6
Provisions \u2013 non-current
11.0
10.9
Trade and other receivables \u2013 non-current
(7.0)
(3.7)
5.6
8.8
(b) Dilapidation provisions
The Group is required to perform dilapidation repairs and in certain instances restore properties to agreed specifications
prior to the properties being vacated at the end of their lease term. These amounts are based on management\u2019s best
estimates of repair and restoration costs at a future date and therefore a degree of uncertainty exists over the value
of future cash outflows, given that these are subject to repair and restoration cost price fluctuations and the extent
of repairs to be completed at the end of the lease term. The majority of the non-current portion of these provisions
is expected to be utilised within the next two to 14 years.
(c) Restructuring provision
This provision comprises primarily termination payments to employees affected by restructuring.
(d) Other provisions
Other provisions includes obligations relating to sales tax payable and other claims against the Group (not related to
professional indemnity claims). These amounts are based on reasonable estimates, taking into account the opinions
of subject matter experts and legal counsel. Other provisions also includes provisions for loss-making contracts
in Singapore, with the provision based on management\u2019s estimated losses over the length of the contract. The
non-current portion of these provisions is expected to be utilised within the next two to five years.
26.2 Employee benefit obligations
In addition to the defined benefit obligations pension scheme disclosed in Note 10.2, the following are included in
employee benefit obligations:
Total
Group \u00a3m
At 1 January 2023
42.9
Provided during the year
9.0
Additions through business combinations (Note 18.6)
0.1
Actuarial movement on employee benefit schemes
0.1
Utilised during the year
(6.2)
Exchange movement
(1.9)
At 31 December 2023
44.0
The above provisions relate to holiday pay and long service leave in the UK, Asia Pacific, Continental Europe and the
Middle East. Profit shares are included within accruals (Note 23).
The Company had \u00a30.2m of employee benefit obligations as at 31 December 2023 (2022: \u00a30.2m), relating to holiday
pay and long service leave.
The above employee benefit obligations have been analysed between current and non-current as follows:
Group
2023 2022
\u00a3m \u00a3m
Current
18.5
17.7
Non-current
25.5
25.2
44.0
42.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-603": { "value": "26.1 Provisions
Professional
indemnity Dilapidation Restructuring Other Group
claims provisions provision provisions total Company
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
12.5
10.9
0.3
6.1
29.8
2.4
Provided during the year
8.7
2.3
13.5
4.3
28.8
0.1
Transfer from accruals
\u2013
0.2
\u2013
\u2013
0.2
\u2013
Utilised during the year
(6.8)
\u2013
(4.5)
(1.1)
(12.4)
\u2013
Released during the year
(1.7)
(0.2)
(0.3)
(2.7)
(4.9)
\u2013
Exchange movement
(0.1)
(0.2)
\u2013
(0.1)
(0.4)
\u2013
Closing amount as at 31 December 2023
12.6
13.0
9.0
6.5
41.1
2.5
Current
1.6
1.7
9.0
4.9
17.2
\u2013
Non-current
11.0
11.3
\u2013
1.6
23.9
2.5
Professional
indemnity Dilapidation Restructuring Other Group
claims provisions provision provisions total Company
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current
1.6
2.6
0.3
4.7
9.2
\u2013
Non-current
10.9
8.3
\u2013
1.4
20.6
2.4
Total
12.5
10.9
0.3
6.1
29.8
2.4
(d) Other provisions Other provisions includes obligations relating to sales tax payable and other claims against the Group (not related to professional indemnity claims). These amounts are based on reasonable estimates, taking into account the opinions of subject matter experts and legal counsel. Other provisions also includes provisions for loss-making contracts in Singapore, with the provision based on management\u2019s estimated losses over the length of the contract. The non-current portion of these provisions is expected to be utilised within the next two to five years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-552": { "value": "
27. Share capital and premium \u2013 Group and Company
2023 2022 2023 2022
Authorised and allotted Number of shares* Number of shares* \u00a3m \u00a3m
Ordinary shares of 2.5p each:
Authorised
202,000,000
202,000,000
5.1
5.1
Issued, called up and fully paid
144,389,919
144,353,048
3.6
3.6
Movement in issued, called-up and fully paid share capital:
2023
2022
Share Share Share Share
Number capital premium Number capital premium
of shares* \u00a3m \u00a3m of shares* \u00a3m \u00a3m
At 1 January
144,353,048
3.6
104.9
144,203,211
3.6
104.4
Issued to direct participants on exercise
of options under the Sharesave Scheme
4,322
\u2013
\u2013
68,739
\u2013
0.5
Issued to direct participants under the
Performance Share Plan
32,549
\u2013
\u2013
81,098
\u2013
\u2013
At 31 December
144,389,919
3.6
104.9
144,353,048
3.6
104.9
* Number of shares are stated before the impact of the shares held by the EBT and Rabbi Trust.
Each issued, called-up and fully paid ordinary share of 2.5p is a voting share in the capital of the Company, is entitled
to participate in the profits of the Company and on winding-up is entitled to participate in the assets of the Company.
At the Annual General Meeting (\u2018AGM\u2019) held on 17 May 2023, the Shareholders gave the Company authority, subject
to stated conditions, to purchase for cancellation up to 14,435,333 of its own ordinary shares (AGM held on 12 May
2022: 14,423,136). Such authority remains valid until the conclusion of the next AGM or 16 August 2024, whichever
is the earlier.
As at 31 December 2023, the EBT held 7,615,420 shares (2022: 6,780,308 shares) and the Rabbi Trust held 1,502,155
shares (2022: 1,914,869). These shares are held by the Group as \u2018treasury shares\u2019. Any voting or other similar decisions
relating to these shares are taken by the trustees of the EBT and the Rabbi Trust, who may take account of any
recommendation of the Company. The EBT waives all of its dividend entitlement. For further details of the EBT and
the Rabbi Trust refer to Note 2.22. A reconciliation of the movement in treasury shares for the year ended 31 December
is shown below:
31 December 31 December
Number of treasury shares 2023 2022
At 1 January
8,695,177
6,084,503
Shares acquired
2,844,065
4,894,511
Shares reissued
(2,421,667)
(2,283,837)
At 31 December
9,117,575
8,695,177
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-553": { "value": "
28. Share-based payment
The Group operates four equity-settled share-based payment arrangements, namely the Sharesave Scheme, the
Performance Share Plan (\u2018PSP\u2019), the Deferred Share Plan (\u2018DSP\u2019) and the Deferred Share Bonus Plan (\u2018DSBP\u2019). The
Group recognised total expenses relating to equity-settled share-based payment transactions of \u00a328.8m in 2023
(2022: \u00a330.4m). Of the total share-based payments charge, \u00a31.3m (2022: \u00a30.2m) relates to the Sharesave Scheme,
\u00a310.3m (2022: \u00a311.1m) relates to the DSP, \u00a316.9m (2022: \u00a318.5m) relates to the DSBP and \u00a30.3m (2022: \u00a30.6m) relates
to the PSP.
The Company recognised total expenses relating to equity-settled share-based payment transactions of \u00a32.4m in 2023
(2022: \u00a32.9m). Of the total share-based payments charge, \u00a32.0m (2022: \u00a32.3m) relates to the DSBP, \u00a30.1m relates to
the Sharesave Scheme and \u00a30.3m (2022: \u00a30.6m) relates to the PSP.
Refer to the Remuneration Report for details of the PSP, pages 147 to 149. Refer to the Directors\u2019 Report for details of
the Sharesave Scheme, page 154. The DSBP has been established to provide employees with an element of the annual
performance-related profit share which is deferred and awarded as shares in Savills plc. DSBP awards have a deferral
period of between three and five years. The DSP provides certain employees with an award over Savills plc shares for
purposes including recruitment and retention. Current awards under the DSP have a deferral period of between one
and seven years. In addition to continued employment, DSP awards may be granted with performance conditions
attaching, primarily relating to financial targets.
28.1 Movements in share schemes
Sharesave PSP DSP DSBP
2023 number of awards (\u2018000) awards awards awards awards
Outstanding at 1 January
2,290
543
3,682
5,520
Granted
\u2013
141
1,366
2,399
Exercised
(4)
(33)
(1,171)
(1,058)
Cancelled
(92)
\u2013
\u2013
\u2013
Forfeited/lapsed
(103)
(10)
(107)
(200)
Outstanding at 31 December
2,091
641
3,770
6,661
Exercisable at 31 December
Weighted average exercise price for awards outstanding at the
beginning of the year, exercised in the year and forfeited/lapsed
in the year (pence)
757.0
\u2013
\u2013
\u2013
Weighted average exercise price for awards granted and
outstanding at end of the year (pence)
757.0
\u2013
\u2013
\u2013
Weighted average remaining contractual life (years)
1.8
2.4
1.9
1.9
Weighted average share price at the date of exercise for awards
exercised in the year (pence)
890.8
976.6
927.7
962.6
Sharesave PSP DSP DSBP
2022 number of awards (\u2018000) awards awards awards awards
Outstanding at 1 January
102
635
3,304
3,926
Granted
2,304
122
1,606
2,714
Exercised
(69)
(71)
(1,107)
(1,034)
Cancelled
(12)
\u2013
\u2013
\u2013
Forfeited/lapsed
(35)
(143)
(121)
(86)
Outstanding at 31 December
2,290
543
3,682
5,520
Exercisable at 31 December
Weighted average exercise price for awards outstanding at the
beginning of the year, exercised in the year and forfeited/lapsed
in the year (pence)
640.0
\u2013
\u2013
\u2013
Weighted average exercise price for awards granted and outstanding
at end of the year (pence)
757.0
\u2013
\u2013
\u2013
Weighted average remaining contractual life (years)
2.8
2.7
1.7
2.0
Weighted average share price at the date of exercise for awards
exercised in the year (pence)
1,214.0
1,095.3
1,053.0
1,082.0
28.2 Fair value of options
For all the DSP and DSBP schemes the fair value of awards is the closing share price before award date. The Actuarial
Binomial model of actuaries Lane Clark & Peacock LLP is used to fair value awards granted under the PSP and
Sharesave schemes.
The key inputs to determine the fair value of the awards granted under the PSP scheme during 2023 are shown below.
Performance Share Plan: Awards in the year ended 31 December 2023
21 April 2023
Share price at grant date (pence)
980.0
Risk-free rate
3.7%
Volatility of Savills plc share price
33% per annum
Employee turnover
Zero
The expected volatility is measured over the three years prior to the date of grant to match the vesting period of the
award. The risk-free rate is the yield on a zero coupon UK government bond at each grant date, with term based on
the expected life of the option or award.
The fair values of options granted in the period are shown below.
Grant
Grant date
Deferred period
Fair value pence
DSBP 2023
21 April 2023
3 \u2013 4 years
952.0
DSBP 2023
31 May 2023
4 years
907. 5
DSP 2023
21 April 2023
1 \u2013 5 years
952.0
DSP 2023
18 September 2023
3 \u2013 4 years
929.0
DSP 2023
31 May 2023
1 \u2013 7 years
907.5
DSP 2023
30 September
1 \u2013 5 years
865.6
DSP 2023
6 November 2023
1 \u2013 5 years
835.5
PSP 2023 (EPS/ROCE)
21 April 2023
5 years
977.5
PSP 2023 (TSR)
21 April 2023
5 years
580.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-554": { "value": "
29. Share premium, retained earnings and other reserves
The share premium account represents the premium on shares issued. This reserve is non-distributable.
The share-based payments reserve is used to recognise the value of equity-settled share-based payments provided to
employees, including key management personnel, as part of their remuneration. Refer to Note 28 for further details of
these plans.
Treasury shares represents the cost of shares in Savills plc purchased in the market and held in trust to satisfy the
exercise of share options.
The capital reserve includes mandatory minimum required capital reserves for certain regulated entities within the
Investment Management business. These reserves are restricted with respect to dividend payments and distributions
and are required to be treated separately to regular retained earnings.
The capital redemption reserve includes the nominal value of shares bought back by the Company. This reserve
is non-distributable.
The merger relief reserve arose from the acquisition of Studley Inc (2014 acquisition) and records the premium value
of the shares issued as part of the consideration for the acquisition of this business. This reserve is non-distributable.
The foreign exchange reserve primarily records exchange differences arising from the translation of the balance sheets
of foreign currency denominated subsidiaries.
The revaluation reserve primarily records fair value movements on the Group\u2019s equity investments held at FVOCI
(see Note 18.2). This reserve is non-distributable.
Attributable to owners of the parent
Share- Capital
based Profit Total redemption Merger Foreign Total
payments Treasury and loss retained and capital relief exchange Revaluation other
reserve shares account* earnings* reserve reserve reserve reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2023
51.7
(91.9)
587.0
546.8
2.2
34.9
98.5
(22.8)
112.8
Profit attributable to owners
of the Company
\u2013
\u2013
40.8
40.8
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive (loss)/
income
\u2013
\u2013
(16.2)
(16.2)
\u2013
\u2013
(26.6)
0.6
(26.0)
Employee share option
scheme:
\u2013 Value of services provided
28.8
\u2013
\u2013
28.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Tax on employee share
option schemes
0.5
\u2013
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options
(21.2)
25.6
(4.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options: tax
on employee share option
schemes
(0.2)
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Tax on items taken to
reserves
\u2013
\u2013
(0.4)
(0.4)
\u2013
\u2013
\u2013
\u2013
\u2013
Purchase of treasury shares
\u2013
(26.3)
\u2013
(26.3)
\u2013
\u2013
\u2013
\u2013
\u2013
Dividends
\u2013
\u2013
(48.8)
(48.8)
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer between reserves
0.7
\u2013
(10.4)
(9.7)
(3.0)
3.0
\u2013
7.7
7.7
Fair value of derivative
financial instrument
\u2013
\u2013
(0.6)
(0.6)
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at
31 December 2023
60.3
(92.6)
547.8
515.5
(0.8)
37.9
71.9
(14.5)
94.5
* Included within profit and loss account is tax on items taken directly to equity (Note 12) as disclosed above.
Attributable to owners of the parent
Share- Capital
based Profit Total redemption Merger Foreign Total
payments Treasury and loss retained and capital relief exchange Revaluation Other
reserve shares account* earnings* reserve reserve reserve reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2022
48.3
(68.8)
560.5
540.0
2.0
34.9
51.6
(12.3)
76.2
Profit attributable to owners
of the Company
\u2013
\u2013
119.4
119.4
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive
income/(loss)
\u2013
\u2013
2.4
2.4
0.2
\u2013
47. 3
(10.9)
36.6
Employee share option
scheme:
\u2013 Value of services provided
29.6
\u2013
\u2013
29.6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Tax on employee share
option schemes
(2.6)
\u2013
\u2013
(2.6)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options
(21.0)
25.9
(4.9)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Exercise of options: tax
on employee share option
schemes
(2.6)
\u2013
2.6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Tax on items taken to
reserves
\u2013
\u2013
0.3
0.3
Purchase of treasury shares
\u2013
(49.0)
\u2013
(49.0)
\u2013
\u2013
\u2013
\u2013
\u2013
Dividends
\u2013
\u2013
(85.5)
(85.5)
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer between reserves
\u2013
\u2013
(4.0)
(4.0)
\u2013
\u2013
\u2013
0.4
0.4
Fair value of derivative
financial instrument
\u2013
\u2013
(4.5)
(4.5)
\u2013
\u2013
\u2013
\u2013
\u2013
Transactions with
non-controlling interests
\u2013
\u2013
0.7
0.7
\u2013
\u2013
(0.4)
\u2013
(0.4)
Balance at 31 December 2022
51.7
(91.9)
587.0
546.8
2.2
34.9
98.5
(22.8)
112.8
* Included within profit and loss account is tax on items taken directly to equity (Note 12) as disclosed above", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-620": { "value": "Treasury shares represents the cost of shares in Savills plc purchased in the market and held in trust to satisfy the exercise of share options. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-555": { "value": "
30. Contingent liabilities
The Group is involved in a number of disputes in the ordinary course of business. Provision is made in the financial
statements for all claims where costs can be estimated reliably and settlement is probable, refer to Note 26 for
further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-604": { "value": "30. Contingent liabilities The Group is involved in a number of disputes in the ordinary course of business. Provision is made in the financial statements for all claims where costs can be estimated reliably and settlement is probable, refer to Note 26 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-556": { "value": "
31. Cash generated from operations
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Profit for the year
39.5
119.8
66.1
78.8
Adjustments for:
Income tax (Note 12)
15.9
34.1
(2.7)
(2.3)
Depreciation (Note 16 and 17)
69.6
65.8
6.2
6.4
Amortisation of intangible assets (Note 15)
15.8
16.9
0.5
2.0
Fair value gain on derivative financial instrument and FVPL investments
(2.1)
(0.1)
\u2013
\u2013
(Gain)/loss on disposal of property, plant and equipment, intangible
assets and leases
(4.0)
1.1
0.3
(3.0)
Impairment of property, plant and equipment and goodwill
3.9
0.8
\u2013
\u2013
Net finance (income)/cost (Note 11)
(12.1)
4.3
(5.2)
\u2013
Share of post-tax profit from joint ventures and associates (Note 18.1)
(10.2)
(12.1)
\u2013
\u2013
Dividends from other parties
(0.2)
(0.2)
\u2013
\u2013
Increase/(decrease) in employee and retirement obligations
2.5
2.6
\u2013
(0.1)
Exchange movement and fair value movements on financial
instruments in operating activities
0.5
0.6
\u2013
\u2013
Increase/(decrease) in provisions
11.2
(4.7)
\u2013
\u2013
Increase in insurance reimbursement asset
(3.4)
\u2013
\u2013
\u2013
Dividend income from subsidiary
\u2013
\u2013
(75.0)
(79.5)
Non-operational income \u2013 excess distribution from subsidiary with
respect to share-based payment funding
\u2013
\u2013
\u2013
(9.8)
Charge for share-based compensation (Note 28)
28.8
30.4
2.4
2.9
Operating cash flows before movements in working capital
155.7
259.3
(7.4)
(4.6)
(Increase)/decrease in trade and other receivables and contract assets
(45.5)
(7.3)
(14.3)
6.1
Decrease in trade and other payables and contract liabilities
(61.0)
(41.1)
(0.3)
(8.3)
Cash generated from/(used in) operations
49.2
210.9
(22.0)
(6.8)
Foreign exchange movements resulted in a \u00a320.1m decrease in current and non-current trade and other
receivables (2022: \u00a337.3m increase) and a \u00a321.3m decrease in current and non-current trade and other payables
(2022: \u00a343.8m increase).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-557": { "value": "
32. Analysis of liabilities arising from financing activities
Non-cash
movements Movements
recognised through
in the Other business
At Cash Income non-cash combinations Exchange At
Group 1 January flows Statement movements and disposals movement 31 December
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
(4.5)
1.0
\u2013
\u2013
\u2013
0.4
(3.1)
Loan notes
(153.8)
3.2
\u2013
\u2013
\u2013
(0.1)
(150.7)
Transaction costs
1.4
\u2013
(0.6)
\u2013
\u2013
\u2013
0.8
Lease liabilities
(277.6)
63.9
(9.2)
(38.4)
(0.5)
7.5
(254.3)
Liabilities arising from
financing activities
(434.5)
68.1
(9.8)
(38.4)
(0.5)
7. 8
(407.3)
Non-cash
movements Movements
recognised through
in the Other business
At Cash Income non-cash combinations Exchange At
Group 1 January flows Statement movements and disposals movement 31 December
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
(0.9)
(0.3)
\u2013
\u2013
(3.2)
(0.1)
(4. 5)
Loan notes
(150.0)
(3.8)
\u2013
\u2013
\u2013
\u2013
(153.8)
Transaction costs
1.6
0.4
(0.6)
\u2013
\u2013
\u2013
1.4
Lease liabilities
(285.0)
60.5
(9.0)
(27. 3)
(2.7)
(14.1)
(277.6)
Liabilities arising from
financing activities
(434 . 3)
56.8
(9.6)
(27.3)
(5.9)
(14.2)
(434.5)
Non-cash movements recognised in the income statement represent amortisation of transaction costs and
unwinding of discount on lease liabilities. Other non-cash movements to lease liabilities represent new leases and
disposal of leases.
The part of the lease payment that represents cash payments for the principal portion of the lease liability is presented
as a cash flow resulting from financing activities (2023: \u00a354.7m, 2022: \u00a351.4m). The part of the lease payment that
represents the interest portion of the lease liability is presented as an operating cash flow, consistent with the
presentation of the Group\u2019s loan and bank interest payments (2023: \u00a39.2m, 2022: \u00a39.0m).
Non-cash
movements
recognised
in the Other
At Cash income non-cash At
Company 1 January flows statement movements 31 December
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
(58.8)
8.2
(2.1)
(7.5)
(60.2)
Liabilities arising from financing activities
(58.8)
8.2
(2.1)
(7.5)
(60.2)
Non-cash
movements
recognised
in the
At Cash income At
Company 1 January flows statement 31 December
2022 \u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
(64.5)
7.7
(2.0)
(58.8)
Liabilities arising from financing activities
(64.5)
7.7
(2.0)
(58.8)
Non-cash movements recognised in the income statement represent amortisation of transaction costs and
unwinding of discount on lease liabilities.
The part of the lease payment that represents cash payments for the principal portion of the lease liability is
presented as a cash flow resulting from financing activities (2023: \u00a36.1m, 2022: \u00a35.7m). The part of the lease payment
that represents the interest portion of the lease liability is presented as an operating cash flow, consistent with the
presentation of the Group\u2019s loan and bank interest payments (2023: \u00a32.1m, 2022: \u00a32.0m).
The Company does not have any borrowings as at 31 December 2023 and 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-559": { "value": "
33. Related party transactions
Other than disclosed below and the information provided within the Remuneration Report and Note 9.3 (Key
management compensation), there were no significant related-party transactions during the year.
(a) Loans to related parties
Refer to Note 20.1 for details of loans made to joint ventures and associates.
(b) Transactions with associates and joint ventures
There were no material transactions with associates and joint ventures in the year (2022: no material transactions),
with the exception of transactions and balances disclosed in Notes 20.1 and 23.1.
(c) Company related-party transactions
The Company provided corporate function services to its subsidiaries at an arm\u2019s length value of \u00a332.6m
(2022: \u00a331.0m).
Dividends of \u00a375.0m from subsidiaries were recognised during the year (2022: \u00a379.5m). Interest income of \u00a32.5m
from subsidiaries on loans was recognised during the year (2022: \u00a31.0m), with \u00a30.1m of accrued intercompany interest
income at the end of the year (2022: \u00a3nil). In the prior year, the Company received distributions from its subsidiaries
with respect to the funding of the EBT in excess of the contribution made by the Company to date with respect to the
IFRS 2 share based payment contribution to subsidiaries, this excess of \u00a39.8m was recognised within profit and loss
during the prior year (2023: \u00a3nil).
Amounts outstanding to and from subsidiaries as at 31 December 2023 are disclosed in Notes 20 and 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-558": { "value": "
34. Post-balance sheet events
In February 2024, Samsung Life served notice on the call option to purchase a further 4% in the Savills IM Holdings
Limited group, which will increase their total shareholding to 29%. This transaction is expected to complete towards
the end of March 2024, with the Group due to receive \u00a311.3m of proceeds.
There have been no other events that require adjustment to the Financial Statements or are considered to have
a material impact on the understanding of the Group\u2019s and Company\u2019s current financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }