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on\u00a012\u00a0March 2025 and were signed on its behalf by:
J J M Ridley
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"iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00593": { "value": "-136200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00421": { "value": "25400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00422": { "value": "-139200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00423": { "value": "310100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00424": { "value": "464300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00425": { "value": "-8100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00426": { "value": "-15000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00427": { "value": "327400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800WXICGMBWHTA933", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00428": { "value": "310100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "1. General information
Savills plc (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) is a global real estate services group.
The\u00a0Group operates through a network of o\ufb03ces in the UK, Europe, Asia Paci\ufb01c, North America, Africa and the
Middle\u00a0East. Savills plc is listed on the London Stock Exchange and employed a monthly average of 42,451 sta\ufb00
worldwide during\u00a02024.
These consolidated \ufb01nancial statements were approved for issue by the Board of Directors on 12 March 2025.
The\u00a0Board of Directors have the power to amend the \ufb01nancial statements after issue.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "Savills plc (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) is a global real estate services group.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "Savills plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "Savills plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "UK, Europe, Asia Paci\ufb01c, North America, Africa and the Middle\u00a0East.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "employed a monthly average of 42,451 sta\ufb00 worldwide during\u00a02024.11.2 Sta\ufb00 numbers
The monthly average number of employees (including Directors) for the year was:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
United Kingdom
9,610
9,454
CEME
3,431
3,220
Asia Paci\ufb01c
28,430
28,412
North America
980
994
\u00a0
42,451
42,080
\n
The average number of UK employees (including Directors) during the year included 141 employed under \ufb01xed-term
and temporary contracts (2023: 128).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "2. Basis of preparation
The consolidated \ufb01nancial statements have been prepared in accordance with UK adopted international accounting
standards (\u2018IFRS\u2019) and with the provisions of the Companies Act 2006. The consolidated \ufb01nancial statements are
prepared on a going concern basis (refer to Note 3) and under the historical cost convention as modi\ufb01ed by the
revaluation of loans receivable, equity investments held at FVOCI, \ufb01nancial assets held at FVPL and derivative \ufb01nancial
instruments held at fair value.
In preparing the \ufb01nancial 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 \ufb01nancial reporting judgements and estimates,
consistent with the assessment that this is not expected to have a signi\ufb01cant impact on the Group\u2019s going concern
or\u00a0viability\u00a0assessment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "The consolidated \ufb01nancial statements have been prepared in accordance with UK adopted international accounting standards (\u2018IFRS\u2019) and with the provisions of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "3. Going concern
The Group\u2019s business activities, together with the factors likely to a\ufb00ect its future development, performance and
position are set out in the Strategic Report. The \ufb01nancial position of the Group, its cash \ufb02ows and liquidity position
are described in the Chief Financial O\ufb03cer\u2019s Review, with details of the Group\u2019s treasury activities and exposure to
\ufb01nancial risk included in Note 6 to the consolidated \ufb01nancial statements.
The Group has prepared its going concern assessment for the period to the end of June 2026. 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 \ufb01nancing projections, to \ufb02ex the \ufb01nancial forecasts under several severe downside scenarios,
which involved applying di\ufb00erent assumptions to the underlying forecasted revenues, costs and underlying pro\ufb01ts
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 signi\ufb01cant
available facility and covenant headroom to be able to withstand the impact of such scenarios over the period of the
\ufb01nancial 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 \u00a3176.3m (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 O\ufb03cer\u2019s review, combined with the assessment explained above, the Directors have formed the
judgement at the time of approving the \ufb01nancial 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 \ufb01nancial statements until at least June 2026. For this reason, they continue to adopt the going concern basis of
accounting in preparing the consolidated \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "4. Material accounting policies that apply to the consolidated \ufb01nancial statements
The material accounting policies applied in the preparation of these consolidated \ufb01nancial statements are set out
below. Other material accounting policies applicable to a particular area are disclosed in the most relevant note. They
can be identi\ufb01ed by the following symbol:
.
These policies have been consistently applied to all the years presented.
4.1 Consolidation
The consolidated \ufb01nancial statements include those of the Company and its subsidiary undertakings, together with
the\u00a0Group\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 a\ufb00ect those returns
through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to\u00a0the Group.
Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies
are eliminated. Pro\ufb01ts 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\u00a0policies adopted by the Group.
(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. Identi\ufb01able 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 identi\ufb01able 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\u00a0asset or liability is recognised in pro\ufb01t or loss. Contingent consideration that is classi\ufb01ed 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 di\ufb00erence 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\u00a0equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
(d) 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 pro\ufb01t or loss of the investee after the date of acquisition. The
Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identi\ufb01ed on acquisition
(see Note 19).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition pro\ufb01ts 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 16.
Pro\ufb01t or loss on disposal of associates and joint ventures is recognised in pro\ufb01t or loss as other gains/(losses).
(f) Investment management funds
The Investment Management business enters into 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.
4.2 Foreign currency translation
(a) Functional and presentation currency
Items included in the \ufb01nancial 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 \ufb01nancial
statements are presented in sterling, which is also the Company\u2019s functional 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
\ufb02ow\u00a0hedges.
Translation di\ufb00erences on non-monetary \ufb01nancial assets and liabilities are reported as part of the fair value gain or loss
and are recognised in the income statement, except for \ufb01nancial 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
di\ufb00erences arising from this translation of foreign operations are recognised in other comprehensive income and taken
to the foreign exchange reserve.
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.
4.3 Adoption of standards, amendments and interpretations to standards
Standards, amendments and interpretations endorsed by the UK and mandatorily e\ufb00ective for the \ufb01nancial year
beginning 1 January 2024, which the Group has applied for the \ufb01rst time in its \ufb01nancial statements include:
\u00a7
Supplier Finance Arrangements
\u2013 Amendments to IAS 7 and IFRS 7 require additional disclosures with respect to
supplier \ufb01nance 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 provided new disclosures for liabilities under supplier \ufb01nance arrangements in Note 23.1. This amendment does
not have a material impact on the amounts recognised in prior years and is not expected to signi\ufb01cantly a\ufb00ect the
current or future years.
\u00a7
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 di\ufb00erence between its GloBE e\ufb00ective tax
rate per jurisdiction and the 15% minimum rate. Management\u2019s assessment of the Group\u2019s potential exposure to
additional top\u2013up tax based on current forecasts has identi\ufb01ed some entities within the Group that may have an
e\ufb00ective tax rate below 15% however operations in these entities are not signi\ufb01cant 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\u00a0for those entities with an accounting e\ufb00ective tax rate above 15%, there might still be
Pillar Two tax implications.
All other standards, amendments and interpretations mandatorily e\ufb00ective for the \ufb01nancial year beginning 1 January
2024 are not relevant or considered to have a signi\ufb01cant impact on the Group and its \ufb01nancial statements.
There are no standards, amendments and interpretations to standards that are not yet e\ufb00ective 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:
\u00a7
IFRS 18 Presentation and Disclosure in Financial Statements: Management is currently assessing the detailed
implications of applying the new standard on the Group\u2019s consolidated \ufb01nancial statements. The Group will apply
the new standard from its mandatory e\ufb00ective date of 1 January 2027 subject to UK endorsement. Retrospective
application is required, and so the comparative information for the \ufb01nancial year ended 31 December 2026 will be
restated in accordance with IFRS 18.Material accounting policies that apply to segment information
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 identi\ufb01ed 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 di\ufb00erent 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
di\ufb00erent 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 a\ufb00ected by both di\ufb00erences
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.
The operating segments are identi\ufb01ed as the following regions: the UK, Continental Europe and the Middle East
(\u2018CEME\u2019), Asia Paci\ufb01c 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 Paci\ufb01c, 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\u00a0on regions in which the Group operates.
The GEB assesses the performance of operating segments based on a measure of underlying pro\ufb01t before tax
which adjusts reported pre-tax pro\ufb01t by pro\ufb01t/(loss) on disposals, share-based payment adjustment, signi\ufb01cant
restructuring costs, signi\ufb01cant transaction-related costs, amortisation and impairment of intangible assets arising
from\u00a0business combinations, impairment of goodwill and other items that are considered non-operational and
material (such as fair value gains/losses on transaction-related options). Segmental assets and liabilities are not
measured or reported to the GEB, but non-current assets are disclosed geographically on page 193.Material accounting policies that apply to revenue
The Group recognises revenue from the following major sources:
\u00a7
Residential property transactions
\u00a7
Commercial property transactions
\u00a7
Property consultancy services
\u00a7
Property and facilities management services
\u00a7
Investment management services.
Revenue is measured based on the consideration speci\ufb01ed 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 \ufb01xed
consideration or a \ufb01xed 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, re\ufb02ecting the Group\u2019s obligations to \ufb01nd 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
\ufb01xed consideration or a \ufb01xed 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 \ufb01xed consideration or a \ufb01xed 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\u00a0tenant 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 \ufb01xed fee arrangements and fee for service arrangements (\u2018time and materials\u2019).
For \ufb01xed-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
\ufb01nal 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 \ufb01nal report to the client.
This\u00a0is\u00a0often 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 \ufb01nal report has
been\u00a0issued, 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\u00a0revenues 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\u00a0provide the services, the Group is considered the agent and the mark-up for the sub-contracted services will
be\u00a0recognised as\u00a0revenue (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\u00a0payment 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 \ufb01xed or calculated as a \ufb01xed 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 \ufb01xed
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 \ufb01xed 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-de\ufb01ned
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\u00a0signi\ufb01cant 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\u00a0\ufb01nancing component is recognised within \ufb01nance costs or \ufb01nance income in the income statement.Material accounting policies that apply to underlying pro\ufb01t before tax
The Group believes that the consistent presentation of underlying pro\ufb01t before tax, underlying e\ufb00ective 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 signi\ufb01cant 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 de\ufb01ned terms under IFRS and may therefore not be comparable with similarly-titled pro\ufb01t
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 \ufb01nancial performance. In particular, underlying pro\ufb01t before tax
may\u00a0be materially higher or lower than reported pro\ufb01t before tax as a result of the adjustments.
The term \u2018underlying\u2019 refers to the relevant measure of pro\ufb01t, earnings or taxation being reported mainly excluding
the impact (pre and post-tax where applicable) of the following items:
\u00a7
the di\ufb00erence 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;
\u00a7
amortisation of intangible assets arising from business combinations (this excludes software or other pre-existing
intangible assets of the acquiree);
\u00a7
items that are considered signi\ufb01cant in size and non-operational in nature including restructuring costs,
impairments of goodwill and intangible assets arising from business combinations and pro\ufb01ts or losses arising
on\u00a0disposals of subsidiaries and other investments; and
\u00a7
signi\ufb01cant 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, signi\ufb01cant transaction-related costs associated
with business combinations and signi\ufb01cant restructuring costs. These items are not considered to re\ufb02ect 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 pro\ufb01t the di\ufb00erence 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 sta\ufb00 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 pro\ufb01tability.
The underlying e\ufb00ective tax rate represents the underlying income tax expense expressed as a percentage of
underlying pro\ufb01t before tax. The underlying income tax expense is the income tax expense excluding the tax e\ufb00ect
of the adjustments made to arrive at underlying pro\ufb01t before tax and other tax e\ufb00ects related to these adjustments.
Underlying basic earnings per share and underlying diluted earnings per share both utilise the underlying pro\ufb01t
after tax measure instead of GAAP earnings. The weighted average number of shares remain the same as the
GAAP\u00a0measure.
The Group also refers to revenue and underlying pro\ufb01t on a constant currency basis which are both non-GAAP
measures (see Appendices). Constant currency results are calculated by translating the current year revenue and
underlying pro\ufb01t 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.Material accounting policies that apply to taxation
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\u00a0this\u00a0case, 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\u00a0regulation 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 di\ufb00erences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated \ufb01nancial statements. However,
deferred\u00a0tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income
tax is\u00a0not 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 a\ufb00ects neither accounting nor taxable pro\ufb01t or loss and
does not give rise to equal taxable and deductible temporary di\ufb00erences. 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 pro\ufb01t will be
available against which the temporary di\ufb00erences 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
di\ufb00erence 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, a\ufb00ects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences.
Deferred income tax is provided on temporary di\ufb00erences arising on investments in subsidiaries, joint ventures and
associates except for deferred income tax liability where the timing of the reversal of the temporary di\ufb00erence is
controlled by the Group and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future.
In respect of deductible temporary di\ufb00erences 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 di\ufb00erences
will reverse in the foreseeable future and taxable pro\ufb01t will be available against which the temporary di\ufb00erences
can\u00a0be utilised.
Deferred income tax assets and liabilities are o\ufb00set when there is a legally enforceable right to o\ufb00set 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 di\ufb00erent taxable entities where there
is\u00a0an intention to settle the balances on a net basis.Material accounting policies that apply to dividends
Dividend distributions are recognised as a liability in the Group\u2019s \ufb01nancial statements in the period in which they are
approved by the Company\u2019s Shareholders.Material accounting policies that apply to goodwill and intangible assets
Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or associate over the Group\u2019s share of the
fair\u00a0value of identi\ufb01able net assets acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately recognised goodwill is tested annually
for\u00a0impairment, 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 (\u2018CGUs\u2019) or groups of CGUs that are expected to bene\ufb01t from the business combination in
which the goodwill arose. The Group allocates goodwill to each business segment in the geographical region in
which\u00a0it operates.
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.
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 signi\ufb01cant.
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use
the\u00a0speci\ufb01c 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:
\n \n
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
\n
Acquired investment management contracts relating to open-ended funds have been attributed inde\ufb01nite useful lives,
re\ufb02ecting 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 in\ufb02ows for the Group.
Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite 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-\ufb01nancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an appropriate discount rate to re\ufb02ect
market rates and speci\ufb01c risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identi\ufb01able cash \ufb02ows (CGUs). Where it is not possible to estimate the recoverable amount of an individual asset,
the\u00a0Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.Material accounting policies that apply to property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment.
Historical\u00a0cost 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\u00a0when it is probable that the future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and
the\u00a0cost of the item can be measured reliably.
Provision for depreciation is made at rates calculated on a straight-line basis to write o\ufb00 the assets over their
estimated useful lives as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
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
\n
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\u00a0greater than its estimated recoverable amount.Material accounting policies that apply to 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 di\ufb00erent 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:
\u00a7
\ufb01xed payments (including in-substance \ufb01xed payments), less any lease incentives receivable;
\u00a7
variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the
commencement date;
\u00a7
amounts expected to be payable by the Group under residual value guarantees;
\u00a7
the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and
\u00a7
payments of penalties for terminating the lease, if the lease term re\ufb02ects 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\u00a0not included in the lease liability until they take e\ufb00ect. When adjustments to lease payments based on an index
or\u00a0rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and interest cost. The \ufb01nance 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\u00a0the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u00a7
the amount of the initial measurement of lease liability;
\u00a7
any lease payments made at or before the commencement date less any lease incentives received;
\u00a7
any initial direct costs; and
\u00a7
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\u00a0recoverable 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 o\ufb03ce furniture.
Extension and termination options are included in a number of property and equipment leases across the Group.
These are used to maximise operational \ufb02exibility 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.
Sub-leases
The Group sometimes enters into sub-lease agreements where the underlying asset is sub-let to a third-party sub-
lessee. In a sublease transaction, the lease between the original lessee and lessor (the head lease) remains in e\ufb00ect.
The Group classi\ufb01es the sub-lease at lease inception as a \ufb01nance lease or operating lease based on the extent to
which risks and rewards incidental to ownership of the underlying asset lie with the lessor or the lessee.
The Group\u2019s sub-leases are all classi\ufb01ed as \ufb01nance leases. The Group therefore derecognises the original right-of-use
asset relating to the head lease and continues to account for the original lease liability as it did before commencement
of the sublease. A receivable for the net investment in sub-lease is recognised and evaluated for impairment annually.
Finance income is recognised over the lease term based on a pattern re\ufb02ecting a constant periodic rate of return on
the net investment in sub-lease.
Any di\ufb00erence between the right-of-use asset and the net investment in the sublease is recognised in the Income
Statement in the relevant period.Material accounting policies that apply to investments in joint ventures and associates Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.Material accounting policies that apply to investments and derivative \ufb01nancial instruments
Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity investments to be classi\ufb01ed as
FVOCI (fair value through other comprehensive income). Changes in fair value are recognised through other
comprehensive income rather than pro\ufb01t or loss. Dividends from these investments are recognised in pro\ufb01t 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 reclassi\ufb01ed to retained earnings and will not
be\u00a0recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with changes in fair value recognised
through pro\ufb01t or loss. Any gains or losses that arise when such instruments are disposed are recognised in
operating pro\ufb01t/(loss) within the income statement.
Derivative \ufb01nancial 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.
The three levels of valuation methodology used are:
Level 1 \u2013
uses quoted active market prices.
Level 2 \u2013
uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign exchange contracts are determined
by\u00a0using valuation techniques using observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and
losses\u00a0in\u00a0the income statement.
Level 3 \u2013
uses inputs that are not based on observable market data, such as internal models or other
valuation\u00a0methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3 fall under two categories.
The \ufb01rst, 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 insu\ufb03cient 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 \ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow valuation
and/or considering evidence from recent fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories. The \ufb01rst, where the fair value of
investment funds is based on underlying asset values determined by the Fund Manager\u2019s quarterly \ufb01nancial
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 \ufb02ow forecasts of the investments and applying
these to a discounted cash \ufb02ow valuation. See Note 20.4 for the terms of these loans.Material accounting policies that apply to 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 simpli\ufb01ed 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 speci\ufb01c to the debtors
and macro-economic and speci\ufb01c country-risk considerations with higher default rates applied to older balances.
In addition, if speci\ufb01c circumstances exist which would indicate that the receivable is irrecoverable then a speci\ufb01c
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 o\ufb00.Material accounting policies that apply to 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 insigni\ufb01cant 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 \ufb01nancial position when IAS 32 o\ufb00setting requirements
are\u00a0not met. Bank overdrafts are included under borrowings in the statement of \ufb01nancial position.
For the purpose of the consolidated statement of cash \ufb02ows, cash and cash equivalents, as de\ufb01ned above, are 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.Material accounting policies that apply to trade and other payables
Trade and other payables are initially measured at fair value and subsequently measured at amortised cost using the
e\ufb00ective interest rate method. Trade payables and other payables are classi\ufb01ed as current liabilities if payment is due
within one year or less. If not, they are presented as non-current liabilities.Material accounting policies that apply to borrowings
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 e\ufb00ective interest rate method.Material accounting policies that apply to 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 e\ufb00ect is material, with the unwinding of the discount
included in \ufb01nance costs.
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 non-current portion of these provisions is expected to be utilised within the next two to \ufb01ve years.
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\u00a0Group recognises a provision based on the expected settlement amount for the claim, based on management\u2019s
best estimate and taking into account 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 \ufb02ows can be di\ufb03cult to
estimate and the ultimate liability may vary from the amounts provided.
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.
Dilapidation provisions
The Group is required to perform dilapidation repairs and restore properties to agreed speci\ufb01cations 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 identi\ufb01ed and the liability can be reasonably quanti\ufb01ed. The provisions are reviewed
on\u00a0an annual basis for changes in cost estimates. 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 out\ufb02ows, given that these are subject to repair and restoration cost price \ufb02uctuations and the extent of
repairs\u00a0to\u00a0be completed at the end of the lease term.
Restructuring provisions
A provision is recognised when there is a present constructive obligation to meet the costs of restructure.
This\u00a0arises when there is a detailed formal plan for the restructuring, identifying at least the business or part of the
business concerned, principal locations a\ufb00ected 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 a\ufb00ected
by it, raising an expectation that the plan will be carried out. These amounts are based on management\u2019s best
estimates and comprise primarily termination payments to employees a\ufb00ected by restructuring.
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, with provision based on management\u2019s estimated losses over the length of the contract.Types of retirement bene\ufb01t plans
De\ufb01ned bene\ufb01t plans
A de\ufb01ned bene\ufb01t plan is a pension plan that de\ufb01nes an amount of pension bene\ufb01t that an employee will receive
on\u00a0retirement, usually dependent on one or more factors, such as age, years of service and compensation.
The asset or liability recognised in the statement of \ufb01nancial position in respect of de\ufb01ned bene\ufb01t pension plans
is the present value of the de\ufb01ned bene\ufb01t obligations at the reporting date less the fair value of plan assets.
The\u00a0de\ufb01ned bene\ufb01t obligations are calculated annually by independent actuaries using the projected unit credit
method. The present value of the de\ufb01ned bene\ufb01t obligations are determined by discounting the estimated future
cash out\ufb02ows.
The de\ufb01ned bene\ufb01t 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.
De\ufb01ned contribution plans
A de\ufb01ned contribution plan is a pension plan under which the Group pays \ufb01xed contributions into a separate entity.
The Group has no legal or constructive obligations to pay further contributions if the fund does not hold su\ufb03cient
assets to pay all employees the bene\ufb01ts relating to employee service in the current and prior years. Contributions
in respect of de\ufb01ned 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.Material accounting policies relating to share capital
Ordinary shares are classi\ufb01ed 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 Bene\ufb01t Trust and the Savills Rabbi Trust,
are\u00a0classi\ufb01ed as treasury shares and presented as a deduction from total equity.Material accounting policies relating to share-based payment arrangements
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 re\ufb02ected 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\u00a0any,\u00a0in 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\u00a0value) and share premium when the options are exercised.
Employee Bene\ufb01t Trust and Savills Rabbi Trust
The Company has established the Savills plc 1992 Employee Bene\ufb01t 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 \ufb01nancial position. Investments in the
Group\u2019s own shares are shown as a deduction from equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "4.1 Consolidation
The consolidated \ufb01nancial statements include those of the Company and its subsidiary undertakings, together with
the\u00a0Group\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 a\ufb00ect those returns
through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to\u00a0the Group.
Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies
are eliminated. Pro\ufb01ts 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\u00a0policies adopted by the Group.
(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. Identi\ufb01able 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 identi\ufb01able 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\u00a0asset or liability is recognised in pro\ufb01t or loss. Contingent consideration that is classi\ufb01ed 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 di\ufb00erence 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\u00a0equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
(d) 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 pro\ufb01t or loss of the investee after the date of acquisition. The
Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identi\ufb01ed on acquisition
(see Note 19).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition pro\ufb01ts 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 16.
Pro\ufb01t or loss on disposal of associates and joint ventures is recognised in pro\ufb01t or loss as other gains/(losses).
(f) Investment management funds
The Investment Management business enters into 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "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 a\ufb00ect those returns
through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to\u00a0the Group.
Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies
are eliminated. Pro\ufb01ts 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\u00a0policies adopted by the Group.
(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. Identi\ufb01able 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 identi\ufb01able 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\u00a0asset or liability is recognised in pro\ufb01t or loss. Contingent consideration that is classi\ufb01ed 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 di\ufb00erence 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\u00a0equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "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 di\ufb00erence 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\u00a0equity. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "(d) 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 pro\ufb01t or loss of the investee after the date of acquisition. The
Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identi\ufb01ed on acquisition
(see Note 19).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition pro\ufb01ts 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 16.
Pro\ufb01t or loss on disposal of associates and joint ventures is recognised in pro\ufb01t or loss as other gains/(losses).Material accounting policies that apply to investments in joint ventures and associates Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "(d) 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 pro\ufb01t or loss of the investee after the date of acquisition. The
Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identi\ufb01ed on acquisition
(see Note 19).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition pro\ufb01ts 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 16.
Pro\ufb01t or loss on disposal of associates and joint ventures is recognised in pro\ufb01t or loss as other gains/(losses).Material accounting policies that apply to investments in joint ventures and associates Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "(d) 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 pro\ufb01t or loss of the investee after the date of acquisition. The
Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identi\ufb01ed on acquisition
(see Note 19).
The Group\u2019s share of its associates\u2019 and joint ventures\u2019 post-acquisition pro\ufb01ts 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 16.
Pro\ufb01t or loss on disposal of associates and joint ventures is recognised in pro\ufb01t or loss as other gains/(losses).Material accounting policies that apply to investments in joint ventures and associates Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "4.2 Foreign currency translation
(a) Functional and presentation currency
Items included in the \ufb01nancial 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 \ufb01nancial
statements are presented in sterling, which is also the Company\u2019s functional 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
\ufb02ow\u00a0hedges.
Translation di\ufb00erences on non-monetary \ufb01nancial assets and liabilities are reported as part of the fair value gain or loss
and are recognised in the income statement, except for \ufb01nancial 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
di\ufb00erences arising from this translation of foreign operations are recognised in other comprehensive income and taken
to the foreign exchange reserve.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "(a) Functional and presentation currency
Items included in the \ufb01nancial 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 \ufb01nancial
statements are presented in sterling, which is also the Company\u2019s functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "5. Critical accounting estimates and signi\ufb01cant judgements
The preparation of \ufb01nancial statements in conformity with IFRS requires the use of accounting estimates and
assumptions. It also requires management to exercise its judgement in the process of applying our accounting policies.
We continually evaluate our estimates, assumptions and judgements based on available information and experience.
As the use of estimates is inherent in \ufb01nancial reporting, actual results could di\ufb00er from these estimates.
Our critical accounting estimates are those estimates that carry a signi\ufb01cant risk of resulting in a material adjustment
to the carrying amount of assets and liabilities within the next \ufb01nancial year. Signi\ufb01cant judgements are those made by
management in applying our material accounting policies that have a material impact on the amounts presented in the
\ufb01nancial statements.
Our critical accounting estimates and signi\ufb01cant judgements are described in the following notes to the \ufb01nancial
statements. They can be identi\ufb01ed by the following symbol
.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Note
Critical estimate
Signi\ufb01cant judgement
Valuation of de\ufb01ned bene\ufb01t pension assets and liabilities
27
\u00a0 \u00a0
Goodwill impairment
16
\u00a0 \u00a0
Debtor recoverability
21
\u00a0 \u00a0
Classi\ufb01cation of non-underlying terms*
10
\u00a0 \u00a0
Determination of lease terms
18
\u00a0 \u00a0
\n
*
Please also refer to the Appendices for the Group\u2019s constant currency analysis, a non-GAAP measure.Signi\ufb01cant judgement
Non-GAAP measures involve the exclusion of items that, in the judgement of management, 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 signi\ufb01cant and non-operational in nature, in the judgement of management.Signi\ufb01cant judgement See Note 10 for further information on the use of non-GAAP measures.Critical accounting estimates made in reviewing goodwill for impairment
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 CGUs. Within this process, the Group makes a number of key
assumptions including discount rates, terminal growth rates and forecast cash \ufb02ows. The assumptions impact
the recoverability of goodwill and the requirement for impairment charges in the income statement. Additional
information is within this note, 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\u00a0estimates.Signi\ufb01cant judgement
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\u00a0\ufb01nancial position upon initial recognition of a lease.
The assessment is reviewed if a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs which a\ufb00ects this
assessment and that is within the control of the lessee.Critical accounting estimate made when reviewing debtor recoverability
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 speci\ufb01c to the debtors and economic environment.Critical accounting estimates
Determining the value of the future de\ufb01ned bene\ufb01t obligation requires estimation in respect of the assumptions
used to calculate present values. These include future mortality, discount rate and in\ufb02ation. Management determines
these assumptions in consultation with an independent actuary.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "6. Financial risk management
The Group\u2019s activities expose it to a variety of \ufb01nancial risks. The Group has in place a risk management programme
that seeks to limit the adverse e\ufb00ects on the \ufb01nancial performance of the Group.
The Group treasury function is responsible for implementing risk management policies applied by the Group.
The\u00a0Group treasury function has a policy and procedures manual that sets out speci\ufb01c guidelines on \ufb01nancial risks
and\u00a0the use of \ufb01nancial instruments to manage these.
6.1 Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risks primarily with respect to the euro,
Hong\u00a0Kong 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 \ufb01nance 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\u00a0reasonable 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 pro\ufb01t for the year would have increased or decreased as
shown below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
Euro
0.7
0.4
(0.4)
(0.9)
Hong Kong dollar
(0.1)
(0.1)
0.1
0.1
US dollar
(0.5)
(0.3)
0.3
0.6
Chinese renminbi
(0.2)
(0.1)
0.1
0.2
Estimated impact on components of equity
\u00a0 \u00a0 \u00a0 \u00a0
Euro
3.2
1.7
(1.8)
(3.9)
Hong Kong dollar
(6.7)
(3.5)
3.9
8.2
US dollar
(18.5)
(9.7)
10.7
22.6
Chinese renminbi
(3.9)
(2.1)
2.3
4.8
\n \n
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2023
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0
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
\n
6.2 Interest rate risk
The Group has both interest-bearing assets and liabilities. The Group \ufb01nances its operations through a mixture of
retained pro\ufb01ts and bank borrowings, at both \ufb01xed and \ufb02oating interest rates. Borrowings issued at variable rates
expose the Group cash \ufb02ow to interest rate risk, which is partially o\ufb00set by cash held at variable rates. Borrowings
issued at \ufb01xed rates expose the Group to fair value interest rate risk. Group policy is to maintain at least 70% of its
borrowings in \ufb01xed rate instruments.
For the year ended 31 December 2024, if the average interest rate for the year had changed with all other variables
held constant, the Group\u2019s post-tax pro\ufb01t for the year and equity would have increased or decreased as shown below:
\n \n
\u00a0
Increase in interest rates
\u00a3m
+0.5%
+1.0%
+1.5%
+2.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
1.0
2.0
3.0
4.0
2023
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
1.1
2.1
3.2
4.2
\n \n
\u00a0
Decrease in interest rates
\u00a3m
-0.5%
-1.0%
-1.5%
-2.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
(1.0)
(2.0)
(3.0)
(3.9)
2023
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
(1.1)
(2.1)
(3.2)
(4.2)
\n
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.
6.3 Credit risk
Credit risk arises from cash and cash equivalents, equity investments, loans receivables, debt-like \ufb01nancial instruments
and derivative \ufb01nancial instruments and deposits with banks and \ufb01nancial 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 \ufb01nancial position, past
experience and other factors. There were no material individual trade receivable balances as at 31 December 2024.
Refer to Note 21 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 \ufb01nancial 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 signi\ufb01cant
credit risk existed in relation to banking counterparties. No credit limits were exceeded during the reporting year,
and\u00a0management 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 \ufb02ows, split by counterparty ratings as at 31 December:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
Counterparty rating (SP& long-term ratings)
\u00a3m
\u00a3m
AA-
11.6
37.2
A+
182.3
152.0
A
63.7
45.1
A-
29.5
29.3
BBB+
3.9
13.7
BBB or below
36.4
32.8
Total
327.4
310.1
\n
*
See Note 28 for details on the prior year restatement.
6.4 Liquidity risk
The Group maintains appropriate committed facilities to ensure the Group has su\ufb03cient funds available for operations
and expansion. The Group prepares an annual funding plan approved by the Board which sets out the Group\u2019s
expected \ufb01nancing 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 22 and Note 22.1) on the basis of expected cash \ufb02ow. 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 \ufb01nancial liabilities and net-settled derivative \ufb01nancial liabilities into relevant
maturity Groupings based on the remaining period from the reporting date to the contractual maturity date.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
contractual
\u00a0
\u00a0
Less than
Between
Between
Over
undiscounted
Carrying
\u00a3m
a year
1 and 2 years
2 and 5 years
5 years
cash \ufb02ows
Values
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
45.6
3.8
68.7
60.6
178.7
160.9
Overdrafts in notional pooling arrangement
199.3
\u2013
\u2013
\u2013
199.3
199.3
Lease liabilities
59.1
63.5
108.7
41.2
272.5
233.1
Derivative \ufb01nancial instruments
1.3
1.0
5.4
14.2
21.9
13.9
Trade and other payables
347.5
5.0
4.1
\u2013
356.6
355.2
\u00a0
652.8
73.3
186.9
116.0
1,029.0
962.4
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
contractual
\u00a0
\u00a0
Less than
Between
Between
Over
undiscounted
Carrying
\u00a3m
a year
1 and 2 years
2 and 5 years
5 years
cash \ufb02ows
Values
2023 restated*
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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 \ufb01nancial instruments
2.5
\u2013
3.2
\u2013
5.7
5.7
Trade and other payables
291.7
4.7
3.3
0.1
299.8
298.5
\u00a0
560.3
104.1
187.9
121.3
973.6
907.9
\n
*
2023 has been restated due to the prior year restatement included in Note 28 as well as a recalculation of the Group\u2019s \ufb01nancial liabilities included within
trade\u00a0and other payables.
6.5 Capital risk management
The Group\u2019s objectives when managing capital are:
\u00a7
to safeguard the Group\u2019s ability to provide returns for Shareholders and bene\ufb01ts for other stakeholders; and
\u00a7
to maintain an optimal capital structure to reduce the cost of capital.
The Group\u2019s overall strategy remains unchanged from 2023.
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 2024. 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
di\ufb00erent pro\ufb01t streams and the Group\u2019s overall exposure to cyclical Transaction Advisory pro\ufb01ts, 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 re\ufb02ecting the pro\ufb01ts derived from the Group\u2019s less volatile
businesses. In addition, when pro\ufb01ts from the cyclical Transaction Advisory business are strong, the Board will consider
and, if appropriate, recommend the payment of a supplemental dividend alongside the \ufb01nal ordinary dividend.
The\u00a0value 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\u00a0cycle. 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 pro\ufb01ts after taxation. The Group complied with this policy throughout the year.
The Group\u2019s policy is primarily 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\u00a0Board 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 pro\ufb01t; 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 con\ufb01rm that the
Group has su\ufb03cient unused facilities. The Group complied with all banking covenants throughout the year and met
all\u00a0internal counterparty exposure limits set by the Board.
The capital structure is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Equity
777.8
752.8
Cash and cash equivalents
536.5
506.6
Overdrafts in notional pooling arrangement
(199.3)
(192.3)
Bank overdrafts
(9.8)
(4.2)
Borrowings (gross of transaction costs)
(151.5)
(153.8)
Cash and cash equivalents net of gross borrowings
175.9
156.3
\n
*
See Note 28 for details of prior year restatement.20. Investments and derivative \ufb01nancial instruments
Material accounting policies that apply to investments and derivative \ufb01nancial instruments
Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity investments to be classi\ufb01ed as
FVOCI (fair value through other comprehensive income). Changes in fair value are recognised through other
comprehensive income rather than pro\ufb01t or loss. Dividends from these investments are recognised in pro\ufb01t 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 reclassi\ufb01ed to retained earnings and will not
be\u00a0recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with changes in fair value recognised
through pro\ufb01t or loss. Any gains or losses that arise when such instruments are disposed are recognised in
operating pro\ufb01t/(loss) within the income statement.
Derivative \ufb01nancial 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.
The three levels of valuation methodology used are:
Level 1 \u2013
uses quoted active market prices.
Level 2 \u2013
uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign exchange contracts are determined
by\u00a0using valuation techniques using observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and
losses\u00a0in\u00a0the income statement.
Level 3 \u2013
uses inputs that are not based on observable market data, such as internal models or other
valuation\u00a0methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3 fall under two categories.
The \ufb01rst, 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 insu\ufb03cient 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 \ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow valuation
and/or considering evidence from recent fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories. The \ufb01rst, where the fair value of
investment funds is based on underlying asset values determined by the Fund Manager\u2019s quarterly \ufb01nancial
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 \ufb02ow forecasts of the investments and applying
these to a discounted cash \ufb02ow valuation. See Note 20.4 for the terms of these loans.
20.1 Categories of \ufb01nancial instruments
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial
\u00a0
\u00a0 \u00a0 \u00a0
Financial
\u00a0 \u00a0 \u00a0
assets at
Total
\u00a0
Financial
Financial
assets at
Total
Financial
Financial
amortised
carrying
\u00a0
assets at
assets at
amortised
carrying
assets at
assets at
cost
amount
\u00a0
FVPL
FVOCI
cost
amount
FVPL
FVOCI
2023
2023
\u00a3m
2024
2024
2024
2024
2023
2023
restated*
restated*
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u2013
4.6
\u2013
4.6
\u2013
5.0
\u2013
5.0
Financial assets at FVPL
27.3
\u2013
\u2013
27.3
38.5
\u2013
\u2013
38.5
Trade and other receivables
\u2013
\u2013
684.1
684.1
\u2013
\u2013
625.7
625.7
Derivative \ufb01nancial instruments
0.3
\u2013
\u2013
0.3
1.0
\u2013
\u2013
1.0
Cash and cash equivalents
\u2013
\u2013
536.5
536.5
\u2013
\u2013
506.6
506.6
Total \ufb01nancial assets
27.6
4.6
1,220.6
1,252.8
39.5
5.0
1,132.3
1,176.8
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial
\u00a0
\u00a0 \u00a0
Financial
\u00a0 \u00a0
liabilities at
Total
\u00a0
Financial
liabilities at
Total
Financial
amortised
carrying
\u00a0
liabilities
amortised
carrying
liabilities
cost
amount
\u00a0
at FVPL
cost
amount
at FVPL
2023
2023
\u00a3m
2024
2024
2024
2023
restated*
restated*
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
\u2013
160.9
160.9
\u2013
157.2
157.2
Overdrafts in notional pooling
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
arrangements
\u2013
199.3
199.3
\u2013
192.3
192.3
Lease liabilities
\u2013
233.1
233.1
\u2013
254.2
254.2
Trade and other payables
2.3
352.9
355.2
\u2013
298.5
298.5
Derivative \ufb01nancial instruments
13.9
\u2013
13.9
5.7
\u2013
5.7
Total \ufb01nancial liabilities
16.2
946.2
962.4
5.7
902.2
907.9
\n
*
2023 has been restated due to the prior year restatement included in Note 28 as well as a recalculation of the Group\u2019s \ufb01nancial assets included within trade
and other receivables and the Group\u2019s \ufb01nancial liabilities included within trade and other payables.
20.2 Fair value hierarchy
\n \n
\u00a0
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.6
4.6
Financial assets at FVPL
\u2013
27.3
27.3
Derivative \ufb01nancial instruments
0.3
\u2013
0.3
Total assets
0.3
31.9
32.2
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.3
2.3
Derivative \ufb01nancial instruments
1.3
12.6
13.9
Total liabilities
1.3
14.9
16.2
\n \n
\u00a0
Level 2
Level 3
Total
2023
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
5.0
5.0
Financial assets at FVPL
\u2013
38.5
38.5
Derivative \ufb01nancial instruments
1.0
\u2013
1.0
Total assets
1.0
43.5
44.5
Liabilities
\u00a0 \u00a0 \u00a0
Derivative \ufb01nancial instruments
\u2013
5.7
5.7
Total liabilities
\u2013
5.7
5.7
\n
The gross notional principal amounts of the outstanding forward foreign exchange contracts at 31 December 2024
were \u00a3135.4m (2023: \u00a3107.9m). All contracts mature within one year and are classed as current.
The following table presents the changes in Level 3 \ufb01nancial (liabilities)/assets for the period ended 31 December 2024:
\u00a0
Contingent
Derivative
Financial
Financial
\u00a0
deferred
\ufb01nancial
assets at
assets at
\u00a3m
consideration
instruments
FVOCI
FVPL
Opening balance 1 January 2024
\u2013
(5.7)
5.0
38.5
Additions
(1.0)
(8.4)
\u2013
6.1
Reclassi\ufb01cation
(1.0)
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.3)
(0.7)
Settlement
0.4
4.4
\u2013
\u2013
Reversal of impairment
\u2013
\u2013
0.1
\u2013
Eliminated upon consolidation
\u2013
\u2013
\u2013
(14.6)
Re-measurement
(0.8)
(2.8)
(0.1)
(1.1)
Exchange movement
0.1
(0.1)
(0.1)
(0.9)
Closing balance 31 December 2024
(2.3)
(12.6)
4.6
27.3
\n
The derivative \ufb01nancial liabilities classi\ufb01ed 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. Subsequent to initial
recognition, gains and losses on these options are recognised in operating pro\ufb01ts in the income statement.
Derivative \ufb01nancial liabilities as at 31 December 2024 include:
\u00a7
A call option on the Savills IM Holdings Limited group. Under this agreement Samsung Life (29% non-controlling
interest holder) has the option to increase its interest by up to 6%. The option is exercisable within 30 days from
31\u00a0December 2025 and is dependent upon the quantum and timing of the provision of capital to Savills Investment
Management\u2019s investment products. This option is classed as non-current.
\u00a7
A put and call option on the remaining 20% of Absolute Maintenance Services Pte Limited and Solute Pte Limited
(\u2018AMS\u2019), exercisable in 2027. This option is classi\ufb01ed as non-current. During the year, the Group acquired an
additional 20% of AMS under the \ufb01rst tranche of the put and call option.
\u00a7
A put and call option for the remaining 40% shareholding in LCA Core Sdn Bhd Group (\u2018LCA\u2019), exercisable in
2026.\u00a0The charge upon initial recognition of the option has been recognised in reserves. The option is classi\ufb01ed as
non-current.
\u00a7
A put and call option for the remaining 45% shareholding in Savills Property Services (India) Private Limited (\u2018Savills
India\u2019), exercisable in \ufb01ve tranches between 2029 and 2034. The charge upon recognition of the liability has been
recognised in reserves. This option is classi\ufb01ed as non-current.
20.3 Financial assets at FVOCI
Financial assets at FVOCI comprise the following individual equity investments:
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Unlisted securities
\u00a0 \u00a0
Andor Holdco Limited
1.7
1.7
Income Analytics Limited
1.2
1.2
Thirdfort Limited
0.2
0.3
Home Click Pte Limited
0.2
0.2
Other smaller investments
1.3
1.6
\u00a0
4.6
5.0
\n
In the prior 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. In the prior year, 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 19).
Equity investments at FVOCI are denominated in the following currencies:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Sterling
3.1
3.4
Japanese yen
0.6
0.6
Other
0.9
1.0
\u00a0
4.6
5.0
\n
20.4 Financial assets at FVPL
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Convertible loans
\u2013
15.1
Instruments held in investment funds
27.3
23.4
\u00a0
27.3
38.5
\n
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 20
for further details on fair value measurement). The CCPS issued in 2019 were converted in August 2024 leading to Savills
Property Services (India) Private Limited becoming a subsidiary of the Group. Upon consolidation of Savills Property
Services (India) Private Ltd, the CCDs are eliminated as an intercompany balance.
At 31 December, the Group held the following conditional commitments to co-invest in a number of Savills Investment
Management funds:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Asia Paci\ufb01c Income and Growth Fund FCP-RAIF
0.5
1.0
Savills IM UK Value Boxes Fund FCP-RAIF
2.3
2.3
DRC European Real Estate Debt Fund IV LP
0.9
1.2
Vestas European Strategic Allocation Logistics Fund II
\u2013
2.9
Simply A\ufb00ordable Homes 2 LP
0.7
\u2013
Savills IM UK Build to Rent Fund FCP-RAIF
0.3
1.7
Savills IM European Urban Logistics & Industrial Fund FCP-RAIF
1.2
2.8
Savills IM European Living Fund FCP-RAIF
0.5
1.2
\u00a0
6.4
13.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "6. Financial risk management
The Group\u2019s activities expose it to a variety of \ufb01nancial risks. The Group has in place a risk management programme
that seeks to limit the adverse e\ufb00ects on the \ufb01nancial performance of the Group.
The Group treasury function is responsible for implementing risk management policies applied by the Group.
The\u00a0Group treasury function has a policy and procedures manual that sets out speci\ufb01c guidelines on \ufb01nancial risks
and\u00a0the use of \ufb01nancial instruments to manage these.
6.1 Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risks primarily with respect to the euro,
Hong\u00a0Kong 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 \ufb01nance 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\u00a0reasonable 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 pro\ufb01t for the year would have increased or decreased as
shown below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
Euro
0.7
0.4
(0.4)
(0.9)
Hong Kong dollar
(0.1)
(0.1)
0.1
0.1
US dollar
(0.5)
(0.3)
0.3
0.6
Chinese renminbi
(0.2)
(0.1)
0.1
0.2
Estimated impact on components of equity
\u00a0 \u00a0 \u00a0 \u00a0
Euro
3.2
1.7
(1.8)
(3.9)
Hong Kong dollar
(6.7)
(3.5)
3.9
8.2
US dollar
(18.5)
(9.7)
10.7
22.6
Chinese renminbi
(3.9)
(2.1)
2.3
4.8
\n \n
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2023
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0
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
\n
6.2 Interest rate risk
The Group has both interest-bearing assets and liabilities. The Group \ufb01nances its operations through a mixture of
retained pro\ufb01ts and bank borrowings, at both \ufb01xed and \ufb02oating interest rates. Borrowings issued at variable rates
expose the Group cash \ufb02ow to interest rate risk, which is partially o\ufb00set by cash held at variable rates. Borrowings
issued at \ufb01xed rates expose the Group to fair value interest rate risk. Group policy is to maintain at least 70% of its
borrowings in \ufb01xed rate instruments.
For the year ended 31 December 2024, if the average interest rate for the year had changed with all other variables
held constant, the Group\u2019s post-tax pro\ufb01t for the year and equity would have increased or decreased as shown below:
\n \n
\u00a0
Increase in interest rates
\u00a3m
+0.5%
+1.0%
+1.5%
+2.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
1.0
2.0
3.0
4.0
2023
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
1.1
2.1
3.2
4.2
\n \n
\u00a0
Decrease in interest rates
\u00a3m
-0.5%
-1.0%
-1.5%
-2.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
(1.0)
(2.0)
(3.0)
(3.9)
2023
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
(1.1)
(2.1)
(3.2)
(4.2)
\n
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.
6.3 Credit risk
Credit risk arises from cash and cash equivalents, equity investments, loans receivables, debt-like \ufb01nancial instruments
and derivative \ufb01nancial instruments and deposits with banks and \ufb01nancial 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 \ufb01nancial position, past
experience and other factors. There were no material individual trade receivable balances as at 31 December 2024.
Refer to Note 21 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 \ufb01nancial 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 signi\ufb01cant
credit risk existed in relation to banking counterparties. No credit limits were exceeded during the reporting year,
and\u00a0management 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 \ufb02ows, split by counterparty ratings as at 31 December:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
Counterparty rating (SP& long-term ratings)
\u00a3m
\u00a3m
AA-
11.6
37.2
A+
182.3
152.0
A
63.7
45.1
A-
29.5
29.3
BBB+
3.9
13.7
BBB or below
36.4
32.8
Total
327.4
310.1
\n
*
See Note 28 for details on the prior year restatement.
6.4 Liquidity risk
The Group maintains appropriate committed facilities to ensure the Group has su\ufb03cient funds available for operations
and expansion. The Group prepares an annual funding plan approved by the Board which sets out the Group\u2019s
expected \ufb01nancing 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 22 and Note 22.1) on the basis of expected cash \ufb02ow. 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 \ufb01nancial liabilities and net-settled derivative \ufb01nancial liabilities into relevant
maturity Groupings based on the remaining period from the reporting date to the contractual maturity date.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
contractual
\u00a0
\u00a0
Less than
Between
Between
Over
undiscounted
Carrying
\u00a3m
a year
1 and 2 years
2 and 5 years
5 years
cash \ufb02ows
Values
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
45.6
3.8
68.7
60.6
178.7
160.9
Overdrafts in notional pooling arrangement
199.3
\u2013
\u2013
\u2013
199.3
199.3
Lease liabilities
59.1
63.5
108.7
41.2
272.5
233.1
Derivative \ufb01nancial instruments
1.3
1.0
5.4
14.2
21.9
13.9
Trade and other payables
347.5
5.0
4.1
\u2013
356.6
355.2
\u00a0
652.8
73.3
186.9
116.0
1,029.0
962.4
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
contractual
\u00a0
\u00a0
Less than
Between
Between
Over
undiscounted
Carrying
\u00a3m
a year
1 and 2 years
2 and 5 years
5 years
cash \ufb02ows
Values
2023 restated*
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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 \ufb01nancial instruments
2.5
\u2013
3.2
\u2013
5.7
5.7
Trade and other payables
291.7
4.7
3.3
0.1
299.8
298.5
\u00a0
560.3
104.1
187.9
121.3
973.6
907.9
\n
*
2023 has been restated due to the prior year restatement included in Note 28 as well as a recalculation of the Group\u2019s \ufb01nancial liabilities included within
trade\u00a0and other payables.
6.5 Capital risk management
The Group\u2019s objectives when managing capital are:
\u00a7
to safeguard the Group\u2019s ability to provide returns for Shareholders and bene\ufb01ts for other stakeholders; and
\u00a7
to maintain an optimal capital structure to reduce the cost of capital.
The Group\u2019s overall strategy remains unchanged from 2023.
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 2024. 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
di\ufb00erent pro\ufb01t streams and the Group\u2019s overall exposure to cyclical Transaction Advisory pro\ufb01ts, 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 re\ufb02ecting the pro\ufb01ts derived from the Group\u2019s less volatile
businesses. In addition, when pro\ufb01ts from the cyclical Transaction Advisory business are strong, the Board will consider
and, if appropriate, recommend the payment of a supplemental dividend alongside the \ufb01nal ordinary dividend.
The\u00a0value 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\u00a0cycle. 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 pro\ufb01ts after taxation. The Group complied with this policy throughout the year.
The Group\u2019s policy is primarily 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\u00a0Board 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 pro\ufb01t; 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 con\ufb01rm that the
Group has su\ufb03cient unused facilities. The Group complied with all banking covenants throughout the year and met
all\u00a0internal counterparty exposure limits set by the Board.
The capital structure is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Equity
777.8
752.8
Cash and cash equivalents
536.5
506.6
Overdrafts in notional pooling arrangement
(199.3)
(192.3)
Bank overdrafts
(9.8)
(4.2)
Borrowings (gross of transaction costs)
(151.5)
(153.8)
Cash and cash equivalents net of gross borrowings
175.9
156.3
\n
*
See Note 28 for details of prior year restatement.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "6.1 Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risks primarily with respect to the euro,
Hong\u00a0Kong 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 \ufb01nance 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\u00a0reasonable 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 pro\ufb01t for the year would have increased or decreased as
shown below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
Euro
0.7
0.4
(0.4)
(0.9)
Hong Kong dollar
(0.1)
(0.1)
0.1
0.1
US dollar
(0.5)
(0.3)
0.3
0.6
Chinese renminbi
(0.2)
(0.1)
0.1
0.2
Estimated impact on components of equity
\u00a0 \u00a0 \u00a0 \u00a0
Euro
3.2
1.7
(1.8)
(3.9)
Hong Kong dollar
(6.7)
(3.5)
3.9
8.2
US dollar
(18.5)
(9.7)
10.7
22.6
Chinese renminbi
(3.9)
(2.1)
2.3
4.8
\n \n
\u00a0
Movement of currency against sterling
\u00a3m
-10.0%
-5.0%
+5.0%
+10.0%
2023
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0
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
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "6.2 Interest rate risk
The Group has both interest-bearing assets and liabilities. The Group \ufb01nances its operations through a mixture of
retained pro\ufb01ts and bank borrowings, at both \ufb01xed and \ufb02oating interest rates. Borrowings issued at variable rates
expose the Group cash \ufb02ow to interest rate risk, which is partially o\ufb00set by cash held at variable rates. Borrowings
issued at \ufb01xed rates expose the Group to fair value interest rate risk. Group policy is to maintain at least 70% of its
borrowings in \ufb01xed rate instruments.
For the year ended 31 December 2024, if the average interest rate for the year had changed with all other variables
held constant, the Group\u2019s post-tax pro\ufb01t for the year and equity would have increased or decreased as shown below:
\n \n
\u00a0
Increase in interest rates
\u00a3m
+0.5%
+1.0%
+1.5%
+2.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
1.0
2.0
3.0
4.0
2023
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
1.1
2.1
3.2
4.2
\n \n
\u00a0
Decrease in interest rates
\u00a3m
-0.5%
-1.0%
-1.5%
-2.0%
2024
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
(1.0)
(2.0)
(3.0)
(3.9)
2023
\u00a0 \u00a0 \u00a0 \u00a0
Estimated impact on post-tax pro\ufb01t and equity
(1.1)
(2.1)
(3.2)
(4.2)
\n
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "6.3 Credit risk
Credit risk arises from cash and cash equivalents, equity investments, loans receivables, debt-like \ufb01nancial instruments
and derivative \ufb01nancial instruments and deposits with banks and \ufb01nancial 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 \ufb01nancial position, past
experience and other factors. There were no material individual trade receivable balances as at 31 December 2024.
Refer to Note 21 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 \ufb01nancial 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 signi\ufb01cant
credit risk existed in relation to banking counterparties. No credit limits were exceeded during the reporting year,
and\u00a0management 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 \ufb02ows, split by counterparty ratings as at 31 December:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
Counterparty rating (SP& long-term ratings)
\u00a3m
\u00a3m
AA-
11.6
37.2
A+
182.3
152.0
A
63.7
45.1
A-
29.5
29.3
BBB+
3.9
13.7
BBB or below
36.4
32.8
Total
327.4
310.1
\n
*
See Note 28 for details on the prior year restatement.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "6.4 Liquidity risk
The Group maintains appropriate committed facilities to ensure the Group has su\ufb03cient funds available for operations
and expansion. The Group prepares an annual funding plan approved by the Board which sets out the Group\u2019s
expected \ufb01nancing 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 22 and Note 22.1) on the basis of expected cash \ufb02ow. 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 \ufb01nancial liabilities and net-settled derivative \ufb01nancial liabilities into relevant
maturity Groupings based on the remaining period from the reporting date to the contractual maturity date.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
contractual
\u00a0
\u00a0
Less than
Between
Between
Over
undiscounted
Carrying
\u00a3m
a year
1 and 2 years
2 and 5 years
5 years
cash \ufb02ows
Values
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
45.6
3.8
68.7
60.6
178.7
160.9
Overdrafts in notional pooling arrangement
199.3
\u2013
\u2013
\u2013
199.3
199.3
Lease liabilities
59.1
63.5
108.7
41.2
272.5
233.1
Derivative \ufb01nancial instruments
1.3
1.0
5.4
14.2
21.9
13.9
Trade and other payables
347.5
5.0
4.1
\u2013
356.6
355.2
\u00a0
652.8
73.3
186.9
116.0
1,029.0
962.4
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
contractual
\u00a0
\u00a0
Less than
Between
Between
Over
undiscounted
Carrying
\u00a3m
a year
1 and 2 years
2 and 5 years
5 years
cash \ufb02ows
Values
2023 restated*
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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 \ufb01nancial instruments
2.5
\u2013
3.2
\u2013
5.7
5.7
Trade and other payables
291.7
4.7
3.3
0.1
299.8
298.5
\u00a0
560.3
104.1
187.9
121.3
973.6
907.9
\n
*
2023 has been restated due to the prior year restatement included in Note 28 as well as a recalculation of the Group\u2019s \ufb01nancial liabilities included within
trade\u00a0and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "6.5 Capital risk management
The Group\u2019s objectives when managing capital are:
\u00a7
to safeguard the Group\u2019s ability to provide returns for Shareholders and bene\ufb01ts for other stakeholders; and
\u00a7
to maintain an optimal capital structure to reduce the cost of capital.
The Group\u2019s overall strategy remains unchanged from 2023.
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 2024. 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
di\ufb00erent pro\ufb01t streams and the Group\u2019s overall exposure to cyclical Transaction Advisory pro\ufb01ts, 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 re\ufb02ecting the pro\ufb01ts derived from the Group\u2019s less volatile
businesses. In addition, when pro\ufb01ts from the cyclical Transaction Advisory business are strong, the Board will consider
and, if appropriate, recommend the payment of a supplemental dividend alongside the \ufb01nal ordinary dividend.
The\u00a0value 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\u00a0cycle. 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 pro\ufb01ts after taxation. The Group complied with this policy throughout the year.
The Group\u2019s policy is primarily 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\u00a0Board 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 pro\ufb01t; 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 con\ufb01rm that the
Group has su\ufb03cient unused facilities. The Group complied with all banking covenants throughout the year and met
all\u00a0internal counterparty exposure limits set by the Board.
The capital structure is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Equity
777.8
752.8
Cash and cash equivalents
536.5
506.6
Overdrafts in notional pooling arrangement
(199.3)
(192.3)
Bank overdrafts
(9.8)
(4.2)
Borrowings (gross of transaction costs)
(151.5)
(153.8)
Cash and cash equivalents net of gross borrowings
175.9
156.3
\n
*
See Note 28 for details of prior year restatement.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "7. Segment information
Material accounting policies that apply to segment information
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 identi\ufb01ed 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 di\ufb00erent 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
di\ufb00erent 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 a\ufb00ected by both di\ufb00erences
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.
The operating segments are identi\ufb01ed as the following regions: the UK, Continental Europe and the Middle East
(\u2018CEME\u2019), Asia Paci\ufb01c 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 Paci\ufb01c, 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\u00a0on regions in which the Group operates.
The GEB assesses the performance of operating segments based on a measure of underlying pro\ufb01t before tax
which adjusts reported pre-tax pro\ufb01t by pro\ufb01t/(loss) on disposals, share-based payment adjustment, signi\ufb01cant
restructuring costs, signi\ufb01cant transaction-related costs, amortisation and impairment of intangible assets arising
from\u00a0business combinations, impairment of goodwill and other items that are considered non-operational and
material (such as fair value gains/losses on transaction-related options). Segmental assets and liabilities are not
measured or reported to the GEB, but non-current assets are disclosed geographically on page 193.
7.1 Segment revenue and underlying pro\ufb01t
\n \n
Property and
Transaction
Facilities
Investment
Advisory
Consultancy
Management
Management
Unallocated
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
United Kingdom \u2013 commercial
111.0
233.8
337.1
39.6
\u2013
721.5
United Kingdom \u2013 residential
183.3
51.2
52.6
\u2013
\u2013
287.1
Total United Kingdom
294.3
285.0
389.7
39.6
\u2013
1,008.6
CEME
144.2
82.3
103.2
48.2
\u2013
377.9
Asia Paci\ufb01c \u2013 commercial
129.8
97.8
451.6
6.2
\u2013
685.4
Asia Paci\ufb01c \u2013 residential
17.2
\u2013
\u2013
\u2013
\u2013
17.2
Total Asia Paci\ufb01c*
147.0
97.8
451.6
6.2
\u2013
702.6
North America**
284.5
30.4
\u2013
\u2013
\u2013
314.9
Revenue
870.0
495.5
944.5
94.0
\u2013
2,404.0
Underlying pro\ufb01t/(loss) before tax
United Kingdom \u2013 commercial
16.7
27.1
27.7
3.3
(10.4)
64.4
United Kingdom \u2013 residential
20.5
6.7
6.9
\u2013
\u2013
34.1
Total United Kingdom
37.2
33.8
34.6
3.3
(10.4)
98.5
CEME
(10.9)
7.4
(3.9)
6.4
\u2013
(1.0)
Asia Paci\ufb01c \u2013 commercial
6.7
0.5
22.9
0.4
\u2013
30.5
Asia Paci\ufb01c \u2013 residential
(0.9)
\u2013
\u2013
\u2013
\u2013
(0.9)
Total Asia Paci\ufb01c
5.8
0.5
22.9
0.4
\u2013
29.6
North America
3.5
(0.2)
\u2013
\u2013
\u2013
3.3
Underlying pro\ufb01t/(loss) before tax***
35.6
41.5
53.6
10.1
(10.4)
130.4
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Property and
\u00a0 \u00a0 \u00a0
\u00a0
Transaction
\u00a0
Facilities
Investment
\u00a0 \u00a0
\u00a0
Advisory
Consultancy
Management
Management
Unallocated
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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 Paci\ufb01c \u2013 commercial
102.1
84.1
447.1
7.8
\u2013
641.1
Asia Paci\ufb01c \u2013 residential
17.9
\u2013
\u2013
\u2013
\u2013
17.9
Total Asia Paci\ufb01c*
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 pro\ufb01t/(loss) before tax
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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 Paci\ufb01c \u2013 commercial
(2.9)
1.9
22.2
0.7
\u2013
21.9
Asia Paci\ufb01c \u2013 residential
1.5
\u2013
\u2013
\u2013
\u2013
1.5
Total Asia Paci\ufb01c
(1.4)
1.9
22.2
0.7
\u2013
23.4
North America
(7.4)
(1.0)
\u2013
\u2013
\u2013
(8.4)
Underlying pro\ufb01t/(loss) before tax***
4.3
35.6
48.8
14.8
(8.7)
94.8
\n
*
Revenues of \u00a3286.0m (2023: \u00a3287.9m) are attributable to the Hong Kong and Macau region.
**
Revenues of \u00a3305.9m (2023: \u00a3288.3m) are attributable to the US.
***
Transaction Advisory underlying pro\ufb01t before tax includes depreciation of \u00a332.6m (2023: \u00a334.5m), software amortisation of \u00a32.8m (2023: \u00a32.7m) and share
of post-tax pro\ufb01t from joint ventures and associates of \u00a31.0m (2023: \u00a32.5m). Consultancy underlying pro\ufb01t before tax includes depreciation of \u00a39.7m (2023:
\u00a37.6m), software amortisation of \u00a31.2m (2023: \u00a30.7m) and share of post-tax pro\ufb01t from joint ventures and associates of \u00a3nil (2023: \u00a30.1m). Property and
Facilities Management underlying pro\ufb01t before tax includes depreciation of \u00a318.5m (2023: \u00a318.1m), software amortisation of \u00a31.8m (2023: \u00a31.6m) and share
of post-tax pro\ufb01t from joint ventures and associates of \u00a37.3m (2023: \u00a37.6m). Investment Management underlying pro\ufb01t before tax includes depreciation of
\u00a32.7m (2023: \u00a32.6m) and software amortisation of \u00a30.6m (2023: \u00a30.5m). Included in Other underlying loss is depreciation of \u00a36.7m (2023: \u00a36.8m), software
amortisation of \u00a30.5m (2023: \u00a30.5m) and share of post-tax loss from associates of \u00a30.8m (2023: \u00a3nil).
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 pro\ufb01t before tax to pro\ufb01t before tax is provided in Note 10.
Inter-segmental revenue is not material. No single customer contributed 10% or more to the Group\u2019s revenue for both
2024 and 2023.
7.2 Non-current assets segmentation by geography
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Non-current assets
\u00a0 \u00a0
United Kingdom
268.2
281.4
CEME
152.4
147.8
Asia Paci\ufb01c
150.4
144.9
North America*
275.2
288.5
Total non-current assets
846.2
862.6
\n
*
Total non-current assets of \u00a3275.2m (2023: \u00a3284.6m) 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-\ufb01nancial assets, and investments in joint ventures and associates.
De\ufb01ned\u00a0bene\ufb01t pension surplus, non-current \ufb01nancial assets and deferred tax assets are not included.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "Material accounting policies that apply to segment information
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 identi\ufb01ed 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 di\ufb00erent 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
di\ufb00erent 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 a\ufb00ected by both di\ufb00erences
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.
The operating segments are identi\ufb01ed as the following regions: the UK, Continental Europe and the Middle East
(\u2018CEME\u2019), Asia Paci\ufb01c 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 Paci\ufb01c, 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\u00a0on regions in which the Group operates.
The GEB assesses the performance of operating segments based on a measure of underlying pro\ufb01t before tax
which adjusts reported pre-tax pro\ufb01t by pro\ufb01t/(loss) on disposals, share-based payment adjustment, signi\ufb01cant
restructuring costs, signi\ufb01cant transaction-related costs, amortisation and impairment of intangible assets arising
from\u00a0business combinations, impairment of goodwill and other items that are considered non-operational and
material (such as fair value gains/losses on transaction-related options). Segmental assets and liabilities are not
measured or reported to the GEB, but non-current assets are disclosed geographically on page 193.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "8. Revenue
Material accounting policies that apply to revenue
The Group recognises revenue from the following major sources:
\u00a7
Residential property transactions
\u00a7
Commercial property transactions
\u00a7
Property consultancy services
\u00a7
Property and facilities management services
\u00a7
Investment management services.
Revenue is measured based on the consideration speci\ufb01ed 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 \ufb01xed
consideration or a \ufb01xed 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, re\ufb02ecting the Group\u2019s obligations to \ufb01nd 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
\ufb01xed consideration or a \ufb01xed 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 \ufb01xed consideration or a \ufb01xed 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\u00a0tenant 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 \ufb01xed fee arrangements and fee for service arrangements (\u2018time and materials\u2019).
For \ufb01xed-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
\ufb01nal 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 \ufb01nal report to the client.
This\u00a0is\u00a0often 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 \ufb01nal report has
been\u00a0issued, 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\u00a0revenues 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\u00a0provide the services, the Group is considered the agent and the mark-up for the sub-contracted services will
be\u00a0recognised as\u00a0revenue (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\u00a0payment 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 \ufb01xed or calculated as a \ufb01xed 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 \ufb01xed
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 \ufb01xed 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-de\ufb01ned
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\u00a0signi\ufb01cant 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\u00a0\ufb01nancing component is recognised within \ufb01nance costs or \ufb01nance income in the income statement.
8.1 Revenue from contracts with customers
Revenue of \u00a32,404.0m (2023: \u00a32,238.0m) 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\u00a0geographical regions as highlighted in the Group\u2019s segment analysis (Note 7).
8.2 Contract-related assets and liabilities
Contract-related assets and liabilities are as follows:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Asset recognised for costs incurred to obtain a contract \u2013 investment management contracts
1.3
1.8
Contract assets \u2013 consulting contracts
13.0
12.6
Accrued income (Note 21)
70.9
53.8
Total contract-related assets
85.2
68.2
Current
83.9
66.4
Non-current
1.3
1.8
\u00a0
85.2
68.2
Deferred revenue
16.7
11.9
Total contract liabilities \u2013 current
16.7
11.9
\n
No material impairment loss on contract assets has been recognised in the current or prior year.
The increase in contract-related assets year on year largely relates to acquisitions of subsidiaries in the year.
Amortisation on investment management contract costs recognised in the income statement amounted to
\u00a30.6m\u00a0(2023: \u00a30.7m).
All material consulting contracts are for periods of one year or less. As permitted under IFRS 15, the transaction
price\u00a0allocated to these unsatis\ufb01ed contracts is not disclosed.
Revenue recognised in the year that was included in the contract liability balance at the beginning of the period
totalled \u00a311.9m (2023: \u00a313.7m).
There was no revenue recognised in the year from performance obligations satis\ufb01ed in previous years.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "value": "Material accounting policies that apply to revenue
The Group recognises revenue from the following major sources:
\u00a7
Residential property transactions
\u00a7
Commercial property transactions
\u00a7
Property consultancy services
\u00a7
Property and facilities management services
\u00a7
Investment management services.
Revenue is measured based on the consideration speci\ufb01ed 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 \ufb01xed
consideration or a \ufb01xed 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, re\ufb02ecting the Group\u2019s obligations to \ufb01nd 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
\ufb01xed consideration or a \ufb01xed 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 \ufb01xed consideration or a \ufb01xed 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\u00a0tenant 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 \ufb01xed fee arrangements and fee for service arrangements (\u2018time and materials\u2019).
For \ufb01xed-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
\ufb01nal 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 \ufb01nal report to the client.
This\u00a0is\u00a0often 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 \ufb01nal report has
been\u00a0issued, 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\u00a0revenues 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\u00a0provide the services, the Group is considered the agent and the mark-up for the sub-contracted services will
be\u00a0recognised as\u00a0revenue (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\u00a0payment 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 \ufb01xed or calculated as a \ufb01xed 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 \ufb01xed
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 \ufb01xed 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-de\ufb01ned
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\u00a0signi\ufb01cant 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\u00a0\ufb01nancing component is recognised within \ufb01nance costs or \ufb01nance income in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "8.1 Revenue from contracts with customers
Revenue of \u00a32,404.0m (2023: \u00a32,238.0m) 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\u00a0geographical regions as highlighted in the Group\u2019s segment analysis (Note 7).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "8.2 Contract-related assets and liabilities
Contract-related assets and liabilities are as follows:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Asset recognised for costs incurred to obtain a contract \u2013 investment management contracts
1.3
1.8
Contract assets \u2013 consulting contracts
13.0
12.6
Accrued income (Note 21)
70.9
53.8
Total contract-related assets
85.2
68.2
Current
83.9
66.4
Non-current
1.3
1.8
\u00a0
85.2
68.2
Deferred revenue
16.7
11.9
Total contract liabilities \u2013 current
16.7
11.9
\n
No material impairment loss on contract assets has been recognised in the current or prior year.
The increase in contract-related assets year on year largely relates to acquisitions of subsidiaries in the year.
Amortisation on investment management contract costs recognised in the income statement amounted to
\u00a30.6m\u00a0(2023: \u00a30.7m).
All material consulting contracts are for periods of one year or less. As permitted under IFRS 15, the transaction
price\u00a0allocated to these unsatis\ufb01ed contracts is not disclosed.
Revenue recognised in the year that was included in the contract liability balance at the beginning of the period
totalled \u00a311.9m (2023: \u00a313.7m).
There was no revenue recognised in the year from performance obligations satis\ufb01ed in previous years.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "9. Operating pro\ufb01t
Operating pro\ufb01t is stated after charging/(crediting):
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
In employee bene\ufb01t expense
\u00a0 \u00a0
\u2013 Restructuring costs
15.5
12.8
\u2013 Transaction-related costs
13.3
12.8
In depreciation
\u00a0 \u00a0
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
48.0
47.6
\u2013 Depreciation of right-of-use assets \u2013 equipment and motor vehicles
3.8
3.4
In other operating expenses
\u00a0 \u00a0
\u2013 Net foreign exchange losses (including net losses on forward foreign exchange contracts)
3.1
0.7
\u2013 Restructuring costs
1.7
1.1
\u2013 Transaction-related costs: other
2.1
1.5
\u2013 Impairment of goodwill
1.9
3.9
\u2013 Expense relating to short-term leases
0.6
0.8
\u2013 Expense relating to variable lease payments not included in lease liabilities
\u2013
0.4
\u2013 Gain on disposal of leases (including sub-lets)
(0.2)
(4.3)
In other net gains
\u00a0 \u00a0
\u2013 Dividends from \ufb01nancial assets held at FVPL
(0.5)
(0.2)
\u2013 Pro\ufb01t on disposal of joint ventures
\u2013
(0.4)
\u2013 Fair value gain on step acquisition of subsidiaries previously classi\ufb01ed as associates
(4.4)
\u2013
\u2013 Net fair value loss/(gain) on transaction-related derivative \ufb01nancial instruments
3.4
(1.4)
\n
Other operating expenses includes \u00a3282.4m of contract costs in relation to property and facilities management
contracts (2023: \u00a3253.8m). There are no other cost categories within other operating expenses that are
individually\u00a0material.
9.1 Fees payable to the Company\u2019s auditors, Ernst & Young LLP, and its associates
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Audit services
\u00a0 \u00a0
Fees payable to the Company\u2019s auditors for the audit of the parent Company
\u00a0 \u00a0
and the consolidated \ufb01nancial statements
1.0
0.9
Fees payable to the Company\u2019s auditors and its associates for the audit
\u00a0 \u00a0
of the Company\u2019s subsidiaries
3.4
3.3
\u00a0
4.4
4.2
Audit-related assurance services
0.4
0.4
Total
4.8
4.6
\n
Audit-related assurance services relate to the work performed in connection with the Group\u2019s interim \ufb01nancial
statements and regulatory audits.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
In employee bene\ufb01t expense
\u00a0 \u00a0
\u2013 Restructuring costs
15.5
12.8
\u2013 Transaction-related costs
13.3
12.8
In depreciation
\u00a0 \u00a0
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
48.0
47.6
\u2013 Depreciation of right-of-use assets \u2013 equipment and motor vehicles
3.8
3.4
In other operating expenses
\u00a0 \u00a0
\u2013 Net foreign exchange losses (including net losses on forward foreign exchange contracts)
3.1
0.7
\u2013 Restructuring costs
1.7
1.1
\u2013 Transaction-related costs: other
2.1
1.5
\u2013 Impairment of goodwill
1.9
3.9
\u2013 Expense relating to short-term leases
0.6
0.8
\u2013 Expense relating to variable lease payments not included in lease liabilities
\u2013
0.4
\u2013 Gain on disposal of leases (including sub-lets)
(0.2)
(4.3)
In other net gains
\u00a0 \u00a0
\u2013 Dividends from \ufb01nancial assets held at FVPL
(0.5)
(0.2)
\u2013 Pro\ufb01t on disposal of joint ventures
\u2013
(0.4)
\u2013 Fair value gain on step acquisition of subsidiaries previously classi\ufb01ed as associates
(4.4)
\u2013
\u2013 Net fair value loss/(gain) on transaction-related derivative \ufb01nancial instruments
3.4
(1.4)
\n
Other operating expenses includes \u00a3282.4m of contract costs in relation to property and facilities management
contracts (2023: \u00a3253.8m). There are no other cost categories within other operating expenses that are
individually\u00a0material.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
In employee bene\ufb01t expense
\u00a0 \u00a0
\u2013 Restructuring costs
15.5
12.8
\u2013 Transaction-related costs
13.3
12.8
In depreciation
\u00a0 \u00a0
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
48.0
47.6
\u2013 Depreciation of right-of-use assets \u2013 equipment and motor vehicles
3.8
3.4
In other operating expenses
\u00a0 \u00a0
\u2013 Net foreign exchange losses (including net losses on forward foreign exchange contracts)
3.1
0.7
\u2013 Restructuring costs
1.7
1.1
\u2013 Transaction-related costs: other
2.1
1.5
\u2013 Impairment of goodwill
1.9
3.9
\u2013 Expense relating to short-term leases
0.6
0.8
\u2013 Expense relating to variable lease payments not included in lease liabilities
\u2013
0.4
\u2013 Gain on disposal of leases (including sub-lets)
(0.2)
(4.3)
In other net gains
\u00a0 \u00a0
\u2013 Dividends from \ufb01nancial assets held at FVPL
(0.5)
(0.2)
\u2013 Pro\ufb01t on disposal of joint ventures
\u2013
(0.4)
\u2013 Fair value gain on step acquisition of subsidiaries previously classi\ufb01ed as associates
(4.4)
\u2013
\u2013 Net fair value loss/(gain) on transaction-related derivative \ufb01nancial instruments
3.4
(1.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
In employee bene\ufb01t expense
\u00a0 \u00a0
\u2013 Restructuring costs
15.5
12.8
\u2013 Transaction-related costs
13.3
12.8
In depreciation
\u00a0 \u00a0
\u2013 Depreciation of right-of-use assets \u2013 leasehold properties
48.0
47.6
\u2013 Depreciation of right-of-use assets \u2013 equipment and motor vehicles
3.8
3.4
In other operating expenses
\u00a0 \u00a0
\u2013 Net foreign exchange losses (including net losses on forward foreign exchange contracts)
3.1
0.7
\u2013 Restructuring costs
1.7
1.1
\u2013 Transaction-related costs: other
2.1
1.5
\u2013 Impairment of goodwill
1.9
3.9
\u2013 Expense relating to short-term leases
0.6
0.8
\u2013 Expense relating to variable lease payments not included in lease liabilities
\u2013
0.4
\u2013 Gain on disposal of leases (including sub-lets)
(0.2)
(4.3)
In other net gains
\u00a0 \u00a0
\u2013 Dividends from \ufb01nancial assets held at FVPL
(0.5)
(0.2)
\u2013 Pro\ufb01t on disposal of joint ventures
\u2013
(0.4)
\u2013 Fair value gain on step acquisition of subsidiaries previously classi\ufb01ed as associates
(4.4)
\u2013
\u2013 Net fair value loss/(gain) on transaction-related derivative \ufb01nancial instruments
3.4
(1.4)
Other operating expenses includes \u00a3282.4m of contract costs in relation to property and facilities management
contracts (2023: \u00a3253.8m). There are no other cost categories within other operating expenses that are
individually\u00a0material.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "9.1 Fees payable to the Company\u2019s auditors, Ernst & Young LLP, and its associates \n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Audit services
\u00a0 \u00a0
Fees payable to the Company\u2019s auditors for the audit of the parent Company
\u00a0 \u00a0
and the consolidated \ufb01nancial statements
1.0
0.9
Fees payable to the Company\u2019s auditors and its associates for the audit
\u00a0 \u00a0
of the Company\u2019s subsidiaries
3.4
3.3
\u00a0
4.4
4.2
Audit-related assurance services
0.4
0.4
Total
4.8
4.6
\n
Audit-related assurance services relate to the work performed in connection with the Group\u2019s interim \ufb01nancial
statements and regulatory audits.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "10. Underlying pro\ufb01t before tax
Material accounting policies that apply to underlying pro\ufb01t before tax
The Group believes that the consistent presentation of underlying pro\ufb01t before tax, underlying e\ufb00ective 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 signi\ufb01cant 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 de\ufb01ned terms under IFRS and may therefore not be comparable with similarly-titled pro\ufb01t
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 \ufb01nancial performance. In particular, underlying pro\ufb01t before tax
may\u00a0be materially higher or lower than reported pro\ufb01t before tax as a result of the adjustments.
The term \u2018underlying\u2019 refers to the relevant measure of pro\ufb01t, earnings or taxation being reported mainly excluding
the impact (pre and post-tax where applicable) of the following items:
\u00a7
the di\ufb00erence 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;
\u00a7
amortisation of intangible assets arising from business combinations (this excludes software or other pre-existing
intangible assets of the acquiree);
\u00a7
items that are considered signi\ufb01cant in size and non-operational in nature including restructuring costs,
impairments of goodwill and intangible assets arising from business combinations and pro\ufb01ts or losses arising
on\u00a0disposals of subsidiaries and other investments; and
\u00a7
signi\ufb01cant 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, signi\ufb01cant transaction-related costs associated
with business combinations and signi\ufb01cant restructuring costs. These items are not considered to re\ufb02ect 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 pro\ufb01t the di\ufb00erence 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 sta\ufb00 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 pro\ufb01tability.
The underlying e\ufb00ective tax rate represents the underlying income tax expense expressed as a percentage of
underlying pro\ufb01t before tax. The underlying income tax expense is the income tax expense excluding the tax e\ufb00ect
of the adjustments made to arrive at underlying pro\ufb01t before tax and other tax e\ufb00ects related to these adjustments.
Underlying basic earnings per share and underlying diluted earnings per share both utilise the underlying pro\ufb01t
after tax measure instead of GAAP earnings. The weighted average number of shares remain the same as the
GAAP\u00a0measure.
The Group also refers to revenue and underlying pro\ufb01t on a constant currency basis which are both non-GAAP
measures (see Appendices). Constant currency results are calculated by translating the current year revenue and
underlying pro\ufb01t 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.
Signi\ufb01cant judgement
Non-GAAP measures involve the exclusion of items that, in the judgement of management, 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 signi\ufb01cant and non-operational in nature, in the judgement of management.
A reconciliation between GAAP and underlying measures are set out below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Reported pro\ufb01t before tax
88.3
55.4
Adjustments:
\u00a0 \u00a0
Amortisation of intangible assets arising from business combinations
9.2
9.9
Impairment of goodwill
1.9
3.9
Share-based payment adjustment
(1.1)
(1.1)
Pro\ufb01t on disposal of joint ventures
\u2013
(0.4)
Restructuring costs
17.2
13.9
Transaction-related costs
15.9
14.6
Fair value gain on step acquisition of subsidiaries previously classi\ufb01ed as associates
(4.4)
\u2013
Fair value loss/(gain) on transaction-related options
3.4
(1.4)
Underlying pro\ufb01t before tax
130.4
94.8
\n
Impairment of goodwill in both years relates to the Indonesia cash generating unit (refer to Note 16 for further details).
Pro\ufb01t on disposal recognised in the prior year was primarily in relation to disposal of holdings in joint ventures in China.
The restructuring programme that commenced in 2023 was held open through 2024 to ensure initial market recovery
assumptions remained intact. For speci\ufb01c markets, recovery assumptions were revised and further restructuring was
required resulting in the Group recognising restructuring costs of \u00a317.2m in the year (2023: \u00a313.9m).
Transaction-related costs include a \u00a313.2m charge for future consideration payments which are contingent on the
continuity of recipients\u2019 employment in the future (2023: \u00a312.7m). In the current and prior year, a signi\ufb01cant portion
of the charge related to the acquisition of DRC Capital LLP (\u2018DRC\u2019) in 2021. Transaction-related costs also consist of
\u00a30.2m of professional advisory transaction fees (2023: \u00a31.5m) and \u00a30.5m of interest on deferred consideration and
non\u2013current future payments in relation to business acquisitions that are linked to employment (2023: \u00a30.3m). In
addition, transaction-related costs included a \u00a30.1m (2023: \u00a30.1m) 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 bene\ufb01ts expenses in the income
statement, unwinding of interest is recorded as a \ufb01nance cost in the income statement and all other charges/(credits)
are recorded within other operating expenses. In the current year, transaction-related costs also include a \u00a30.8m fair
value charge in relation to the re-measurement of contingent deferred consideration (2023: \u00a3nil) and a \u00a31.1m charge
in relation to a payment to the non-controlling interest holder in Savills Real Estate LLC to buy-out their remaining
interest in the business.
In the current year, a fair value gain on step acquisition of subsidiaries previously classi\ufb01ed as associates of \u00a34.4m
largely relates to the re-measurement of the Group\u2019s holding in its associate, Riviera Estates SAS, prior to the
acquisition of a further 24% equity interest in the business, bringing the Group\u2019s total shareholding to 75%.
The fair value loss on transaction-related call options in the current year of \u00a33.4m relates primarily to the loss on
the re-measurement of the option which gives the Group the right to purchase the remaining 20% shareholding in
Absolute Maintenance Services Pte Ltd and Solute Pte Ltd (\u2018AMS\u2019) in 2027. In the prior year, the fair value gain related
to the re-measurement of the Samsung Life call option, which at the time gave Samsung Life the right to purchase up
to an additional 10% shareholding in the Savills IM Holding Ltd group subject to the quantum of capital it has invested
in Savills Investment Management products during the initial \ufb01ve-year term. In March 2024, Samsung Life exercised the
\ufb01rst tranche of the option, purchasing an additional 4% in the Savills IM Holding Ltd group leaving Samsung Life the
right to purchase a further 6% shareholding under the terms of the option (Note 29).", "dimensions": { "concept": "svs:DisclosureOfUnderlyingProfitBeforeTaxExplanatoryTextBlock", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "value": "Material accounting policies that apply to underlying pro\ufb01t before tax
The Group believes that the consistent presentation of underlying pro\ufb01t before tax, underlying e\ufb00ective 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 signi\ufb01cant 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 de\ufb01ned terms under IFRS and may therefore not be comparable with similarly-titled pro\ufb01t
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 \ufb01nancial performance. In particular, underlying pro\ufb01t before tax
may\u00a0be materially higher or lower than reported pro\ufb01t before tax as a result of the adjustments.
The term \u2018underlying\u2019 refers to the relevant measure of pro\ufb01t, earnings or taxation being reported mainly excluding
the impact (pre and post-tax where applicable) of the following items:
\u00a7
the di\ufb00erence 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;
\u00a7
amortisation of intangible assets arising from business combinations (this excludes software or other pre-existing
intangible assets of the acquiree);
\u00a7
items that are considered signi\ufb01cant in size and non-operational in nature including restructuring costs,
impairments of goodwill and intangible assets arising from business combinations and pro\ufb01ts or losses arising
on\u00a0disposals of subsidiaries and other investments; and
\u00a7
signi\ufb01cant 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, signi\ufb01cant transaction-related costs associated
with business combinations and signi\ufb01cant restructuring costs. These items are not considered to re\ufb02ect 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 pro\ufb01t the di\ufb00erence 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 sta\ufb00 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 pro\ufb01tability.
The underlying e\ufb00ective tax rate represents the underlying income tax expense expressed as a percentage of
underlying pro\ufb01t before tax. The underlying income tax expense is the income tax expense excluding the tax e\ufb00ect
of the adjustments made to arrive at underlying pro\ufb01t before tax and other tax e\ufb00ects related to these adjustments.
Underlying basic earnings per share and underlying diluted earnings per share both utilise the underlying pro\ufb01t
after tax measure instead of GAAP earnings. The weighted average number of shares remain the same as the
GAAP\u00a0measure.
The Group also refers to revenue and underlying pro\ufb01t on a constant currency basis which are both non-GAAP
measures (see Appendices). Constant currency results are calculated by translating the current year revenue and
underlying pro\ufb01t 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.", "dimensions": { "concept": "svs:DescriptionOfAccountingPolicyForUnderlyingProfitBeforeTaxExplanatoryTextBlock", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "11. Employees
11.1 Employee bene\ufb01ts expense
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Basic salaries and wages
904.5
853.3
Pro\ufb01t share and commissions
485.6
464.8
Wages and salaries
1,390.1
1,318.1
Social security costs
116.3
109.3
Other pension costs
43.6
40.1
Share-based payments
31.4
28.8
\u00a0
1,581.4
1,496.3
\n
11.2 Sta\ufb00 numbers
The monthly average number of employees (including Directors) for the year was:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
United Kingdom
9,610
9,454
CEME
3,431
3,220
Asia Paci\ufb01c
28,430
28,412
North America
980
994
\u00a0
42,451
42,080
\n
The average number of UK employees (including Directors) during the year included 141 employed under \ufb01xed-term
and temporary contracts (2023: 128).
11.3 Key management compensation
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Key management
\u00a0 \u00a0
\u2013 Short-term employee bene\ufb01ts
16.1
15.1
\u2013 Post-employment bene\ufb01ts
0.1
0.1
\u2013 Share-based payments
4.5
4.2
\u00a0
20.7
19.4
\n
The key management of the Group for the year ended 31 December 2024 comprised the Board of Directors and the
GEB members*. Directors\u2019 remuneration is contained in the Remuneration Report on pages 129 to 162.
During the year, eight (2023: seven) GEB members made aggregate gains totalling \u00a34.3m (2023: \u00a34.1m) on the
exercise of options under PSP, DSBP and DSP schemes (2023: PSP, DSBP and DSP schemes).
Retirement bene\ufb01ts under the de\ufb01ned bene\ufb01t scheme are accruing for two (2023: two) GEB members and bene\ufb01ts
are accruing under a de\ufb01ned contribution scheme in Hong Kong for two (2023: two) GEB members.
*
Including the 2024 remuneration of the MD Asia Paci\ufb01c ex-Greater China who acted as alternate for the CEO Asia Paci\ufb01c ex-Greater China for the
entirety\u00a0of\u00a0the year. 26. Employee bene\ufb01t obligations
In addition to the de\ufb01ned bene\ufb01t obligations pension scheme disclosed in Note 27, the following are included
in\u00a0employee bene\ufb01t obligations:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
At 1 January 2024
44.0
42.9
Provided during the year
17.0
9.0
Additions through business combinations (Note 28)
0.6
0.1
Actuarial movement on employee bene\ufb01t scheme
0.1
0.1
Utilised during the year
(15.9)
(6.2)
Exchange movement
(1.3)
(1.9)
At 31 December 2024
44.5
44.0
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Current
19.4
18.5
Non-current
25.1
25.5
\u00a0
44.5
44.0
\n
The above provisions relate to holiday pay and long service leave in the UK, Asia Paci\ufb01c, Continental Europe and the
Middle East. Pro\ufb01t shares are included within accruals (Note 23).
27. Retirement bene\ufb01t plans
Types of retirement bene\ufb01t plans
De\ufb01ned bene\ufb01t plans
A de\ufb01ned bene\ufb01t plan is a pension plan that de\ufb01nes an amount of pension bene\ufb01t that an employee will receive
on\u00a0retirement, usually dependent on one or more factors, such as age, years of service and compensation.
The asset or liability recognised in the statement of \ufb01nancial position in respect of de\ufb01ned bene\ufb01t pension plans
is the present value of the de\ufb01ned bene\ufb01t obligations at the reporting date less the fair value of plan assets.
The\u00a0de\ufb01ned bene\ufb01t obligations are calculated annually by independent actuaries using the projected unit credit
method. The present value of the de\ufb01ned bene\ufb01t obligations are determined by discounting the estimated future
cash out\ufb02ows.
The de\ufb01ned bene\ufb01t 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.
De\ufb01ned contribution plans
A de\ufb01ned contribution plan is a pension plan under which the Group pays \ufb01xed contributions into a separate entity.
The Group has no legal or constructive obligations to pay further contributions if the fund does not hold su\ufb03cient
assets to pay all employees the bene\ufb01ts relating to employee service in the current and prior years. Contributions
in respect of de\ufb01ned 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.
Critical accounting estimates
Determining the value of the future de\ufb01ned bene\ufb01t obligation requires estimation in respect of the assumptions
used to calculate present values. These include future mortality, discount rate and in\ufb02ation. Management determines
these assumptions in consultation with an independent actuary.
The Group operates both de\ufb01ned bene\ufb01t and de\ufb01ned contribution plans. The Group\u2019s main plans in the UK are:
\u00a7
The Savills UK Group Personal Pension Plan, a de\ufb01ned contribution plan.
\u00a7
The Pension Plan of Savills (the \u2018UK Plan\u2019), which provided \ufb01nal salary pension bene\ufb01ts to some employees,
but was closed with regard to future service-based bene\ufb01t accrual with e\ufb00ect from 31 March 2010. From 1 April
2010, pension bene\ufb01ts for former employees of the UK Plan are provided through the Savills UK Group Personal
Pension Plan.
There are also a number of de\ufb01ned contribution individual pension plans and a Mandatory Provident Fund Scheme
in\u00a0Hong Kong, to which the Group contributes.
The Group also has retirement arrangements around the world in line with local markets and cultures, including the
Savills Fund Management GMBH Plan (the \u2018SFM Plan\u2019) in Germany which provides \ufb01nal salary bene\ufb01ts to six active
employees and 107 former employees. The plan is closed to future service-based bene\ufb01t accrual.
UK 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 quali\ufb01ed 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
2024 by a quali\ufb01ed independent actuary.
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 bene\ufb01ciaries 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.
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.
There is at least one further court case which is scheduled to be heard in 2025 which in part is expected to consider
what constitutes a valid s37 con\ufb01rmation in respect of such amendments. The updated valuation as at 31 December
2024 does not re\ufb02ect the June 2023 High Court ruling as it is currently unclear as to whether any additional\u00a0liabilities
might arise, and if they were to arise, how they would be reliably measured. Through 2024, management has
continued to review the applicable amendments made in respect of the UK Plan and is nearing completion of this
review. Following the outcome of court cases and completion of management\u2019s review process, management will
conclude whether any subsequent actions or amendments to IAS 19 liabilities are required.
SFM Plan
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 bene\ufb01ciaries of the plan and to ful\ufb01l 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 quali\ufb01ed actuary.
A full actuarial valuation of the SFM Plan was carried out as at 31 December 2024 by a quali\ufb01ed independent actuary.
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\u00a0otherwise augment the bene\ufb01ts due to members of the scheme. Based on these rights, any net surplus in the
scheme is recognised in full.
Impact on the income statement
\n
The net charge arising from the Group\u2019s retirement bene\ufb01t plans as recognised in the income statement is shown below:
\n \n
2024
2023
\u00a3m
\u00a3m
Charges relating to de\ufb01ned contribution schemes included in employee bene\ufb01t expenses
43.6
40.1
Net interest income included in \ufb01nance income
\u2013 UK Plan
\u2013
(1.0)
\u2013 SFM Plan
(0.1)
(0.1)
Total net retirement bene\ufb01t plans charge in the income statement
43.5
39.0
\n
Impact on the statement of comprehensive income
\n
The income/(charge) arising from the Group\u2019s retirement bene\ufb01t arrangements as recognised in the statement of
\n
comprehensive income is shown below:
\n \n
2024
2023
\u00a3m
\u00a3m
Actuarial gains/(losses):
\u2013 UK Plan
10.6
(24.0)
\u2013 SFM Plan
\u2013
(0.5)
Total net retirement bene\ufb01t plans income/(charge) in the
statement\u00a0of\u00a0comprehensive income
10.6
(24.5)
\n
Statement of \ufb01nancial position
\n
The amount outstanding as at 31 December 2024 in relation to de\ufb01ned contribution schemes within current trade and
\n
other payables is \u00a33.5m (2023: \u00a33.4m).
\n
The net de\ufb01ned bene\ufb01t surplus in respect of de\ufb01ned bene\ufb01t plans reported in the Group\u2019s statement of \ufb01nancial
\n
position sheet is set out below. Plans in surplus are presented within non-current assets and plans in de\ufb01cit within non-
\n
current liabilities.
\n \n
2024
2023
Present value
Fair value of
Present value
Fair value of
(Liability)/
of obligations
plan assets
Asset
of obligations
plan assets
asset
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Recognised in non-current liabilities
UK Plan
\u2013
\u2013
\u2013
(195.1)
194.4
(0.7)
Recognised in non-current assets
UK Plan
(168.7)
178.6
9.9
\u2013
\u2013
\u2013
SFM Plan
(10.7)
14.3
3.6
(10.8)
14.0
3.2
Total
(179.4)
192.9
13.5
(205.8)
208.4
2.5
Movements in de\ufb01ned bene\ufb01t plan assets and liabilities
\n\n \n
2024
2023
Present value
Fair value of
Liability/
Present value
Fair value of
Liability/
of obligation
plan assets
(asset)
of obligation
plan assets
(asset)
UK Plan
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(195.1)
194.4
(0.7)
(186.7)
209.0
22.3
Interest (expense)/income
(8.6)
8.6
\u2013
(8.9)
9.9
1.0
Remeasurements:
\u2013
Loss on plan assets, excluding
amounts\u00a0included in interest income
\u2013
(16.9)
(16.9)
\u2013
(18.4)
(18.4)
\u2013
Gain/(loss) from change in
\ufb01nancial\u00a0assumptions
24.3
\u2013
24.3
(5.7)
\u2013
(5.7)
\u2013
Gain from change in
demographic\u00a0assumptions
2.8
\u2013
2.8
1.7
\u2013
1.7
\u2013
Experience gains/(losses)
0.4
\u2013
0.4
(1.6)
\u2013
(1.6)
Bene\ufb01t payments
7.5
(7.5)
\u2013
6.1
(6.1)
\u2013
At 31 December
(168.7)
178.6
9.9
(195.1)
194.4
(0.7)
\n\n \n
2024
2023
Present value
Fair value of
Liability/
Present value
Fair value of
Liability/
of obligation
plan assets
(asset)
of obligation
plan assets
(asset)
SFM Plan
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(10.8)
14.0
3.2
(9.9)
13.1
3.2
Interest (expense)/income
(0.4)
0.5
0.1
(0.4)
0.5
0.1
Remeasurements:
\u2013
Gain/(loss) on plan assets, excluding
amounts included in interest income
\u2013
0.4
0.4
\u2013
0.6
0.6
\u2013
(Loss)/gain from change in
\ufb01nancial\u00a0assumptions
0.1
\u2013
0.1
(0.9)
\u2013
(0.9)
\u2013
Experience losses
(0.5)
\u2013
(0.5)
(0.2)
\u2013
(0.2)
Employer contributions
\u2013
0.4
0.4
\u2013
0.4
0.4
Bene\ufb01t payments
0.4
(0.4)
\u2013
0.4
(0.4)
\u2013
Exchange movement
0.5
(0.6)
(0.1)
0.2
(0.2)
\u2013
At 31 December
(10.7)
14.3
3.6
(10.8)
14.0
3.2
Plan assets
\n \n
2024
2023
Quoted
Unquoted
Total
Quoted
Unquoted
Total
UK Plan
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
%
\u2013
Government bonds
58.1
\u2013
58.1
33%
63.2
\u2013
63.2
33%
\u2013
Corporate bonds (investment grade)
0.7
\u2013
0.7
0%
2.7
\u2013
2.7
1%
\u2013
Cash and cash equivalents
6.5
\u2013
6.5
4%
15.4
\u2013
15.4
8%
Liability-driven investment (\u2018LDI\u2019)*
65.3
\u2013
65.3
37%
81.3
\u2013
81.3
42%
Investment funds
\u2013
22.8
22.8
13%
\u2013
34.6
34.6
18%
Bonds
23.6
35.4
59.0
33%
24.7
40.8
65.5
34%
Cash and cash equivalents
4.1
\u2013
4.1
2%
2.7
\u2013
2.7
1%
Asset-backed securities**
27.4
\u2013
27.4
15%
10.3
\u2013
10.3
5%
Total
120.4
58.2
178.6
100%
119.0
75.4
194.4
100%
\n
*
A portfolio of gilt and swap contracts that is designed to hedge the majority of the interest rate and in\ufb02ation risks associated with the scheme\u2019s obligations.
\n
Government bonds include \ufb01xed and index-linked gilts, less repo cash.
\n
**
A portfolio of primarily mortgage-backed securities and loans.
\n \n
2024
2023
Unquoted
Unquoted
SFM Plan
\u00a3m
%
\u00a3m
%
Investment funds
14.3
100%
14.0
100%
Total
14.3
100%
14.0
100%
\n
No Plan assets are the Group\u2019s own \ufb01nancial instruments or property occupied or used by the Group. The fair values
\n
of the above equity and debt instruments are provided by the fund managers. The fund managers use best-practice
\n
techniques to value their holdings in investment funds, with valuations validated by an independent appraisal \ufb01rm.
\n
Where available, fair values are determined based on quoted market prices in active markets.
\n
Although the UK Plan does not invest directly in the Group\u2019s \ufb01nancial instruments, it does invest in passive equity
\n
funds, so will have some exposure to FTSE All-Share Index, hence indirectly to the Savills plc share price.
\n
Signi\ufb01cant actuarial assumptions
\n \n
UK Plan
SFM Plan
2024
2023
2024
2023
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
2.90%
2.80%
\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
2.70%
2.50%
\u2013
\u2013
\u2013
accrued after 5 April 2009
2.50%
2.50%
\u2013
\u2013
Discount rate
5.50%
4.50%
3.51%
3.55%
In\ufb02ation assumption
3.10%
3.00%
2.00%
2.20%
Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics and
\n
experience. These assumptions translate into an average life expectancy in years for a pensioner retiring at age 60:
\n\n \n
UK Plan
SFM Plan
2024
2023
2024
2023
Retiring at the end of the reporting year
\u2013 Male
89.1
87.9
85.9
85.8
\u2013 Female
91.0
89.7
89.3
89.2
Retiring 20 years after the end of the reporting year
\u2013 Male
87.7
89.7
88.6
88.5
\u2013 Female
89.6
91.4
91.5
91.4
\n
Sensitivity analysis
\n
The sensitivity of the de\ufb01ned bene\ufb01t obligations to changes in the principal assumptions is:
\n\n \n
Increase/(decrease)
UK Plan
SFM Plan
\u00a3m
\u00a3m
1% increase in discount rates
(20.7)
(0.1)
1% increase in in\ufb02ation rate
10.1
0.1
1% increase in salary increase rate
0.7
\u2013
1 year increase in life expectancy
5.6
0.4
\n
The sensitivity analysis presented above may not be representative of the actual change in the de\ufb01ned bene\ufb01t
\n
obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
\n
assumptions may be correlated.
\n
Furthermore, in presenting the above sensitivity analysis, the present value of the de\ufb01ned bene\ufb01t obligations has been
\n
calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied
\n
in calculating the de\ufb01ned bene\ufb01t obligations liability recognised in the statement of \ufb01nancial position.
\n
The sensitivity of the plan assets to changes in the principal assumptions is:
\n\n \n
Increase/(decrease)
UK Plan
SFM Plan
\u00a3m
\u00a3m
1% increase in discount rates*
(19.3)
(0.1)
1% increase in in\ufb02ation rate
(8.6)
\u2013
\n
*
Sensitivity to a change in government bond yields with unchanged credit spreads.
Risks arising from the Group\u2019s de\ufb01ned bene\ufb01t plans
Through the de\ufb01ned bene\ufb01t plans, the Group is exposed to a number of risks, the most signi\ufb01cant of which are
detailed below:
Asset volatility
The Plan liabilities are calculated using a discount rate set with reference to
\u00a0
corporate bond yields; if Plan assets underperform this yield, this will create a de\ufb01cit.
\u00a0
The\u00a0Plan holds a signi\ufb01cant proportion of equities and funds, which are expected to
\u00a0
outperform corporate bonds in the long term while providing volatility and risk in the
\u00a0
short term.
Changes in bond yields
A decrease in corporate bond yields will increase the Plan\u2019s liabilities, although this
\u00a0
will be partially o\ufb00set by an increase in the value of the Plan\u2019s bond holdings.
In\ufb02ation risk
Higher in\ufb02ation will lead to higher liabilities. The majority of the Plan\u2019s assets are either
\u00a0
una\ufb00ected by or are loosely correlated with in\ufb02ation, meaning that an increase in
\u00a0
in\ufb02ation will also increase the de\ufb01cit.
Life expectancy
The majority of the Plan\u2019s obligations are to provide bene\ufb01ts for the life of the
\u00a0
member, so increases in life expectancy will result in an increase in the Plan\u2019s liabilities.
\n
Forecasted bene\ufb01ts payable from the de\ufb01ned bene\ufb01t plans
The weighted average duration of the de\ufb01ned bene\ufb01t obligations is 15 years for the UK Plan and 17 years for the
SFM Plan.
Expected maturity analysis of the undiscounted pension bene\ufb01ts:
\n \n
\u00a0
Less than
Between
Between
Over
\u00a0
\u00a0
a year
1\u20132 years
2\u20135 years
5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pension bene\ufb01t payments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013 UK Plan
7.7
16.2
29.3
411.7
464.9
\u2013 SFM Plan
0.5
0.5
1.8
15.3
18.1
\nExpected contributions to post-employment bene\ufb01t plans for the year ending 31 December 2025 are \u00a30.5m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "11.3 Key management compensation \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Key management
\u00a0 \u00a0
\u2013 Short-term employee bene\ufb01ts
16.1
15.1
\u2013 Post-employment bene\ufb01ts
0.1
0.1
\u2013 Share-based payments
4.5
4.2
\u00a0
20.7
19.4
\n
The key management of the Group for the year ended 31 December 2024 comprised the Board of Directors and the
GEB members*. Directors\u2019 remuneration is contained in the Remuneration Report on pages 129 to 162.
During the year, eight (2023: seven) GEB members made aggregate gains totalling \u00a34.3m (2023: \u00a34.1m) on the
exercise of options under PSP, DSBP and DSP schemes (2023: PSP, DSBP and DSP schemes).
Retirement bene\ufb01ts under the de\ufb01ned bene\ufb01t scheme are accruing for two (2023: two) GEB members and bene\ufb01ts
are accruing under a de\ufb01ned contribution scheme in Hong Kong for two (2023: two) GEB members.
*
Including the 2024 remuneration of the MD Asia Paci\ufb01c ex-Greater China who acted as alternate for the CEO Asia Paci\ufb01c ex-Greater China for the
entirety\u00a0of\u00a0the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "12. Finance income and costs \n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
57.2
49.5
Finance income from sublease income
0.2
\u2013
Net interest on de\ufb01ned bene\ufb01t pension assets
0.1
1.1
Finance income
57.5
50.6
Bank interest payable
(33.2)
(28.9)
Unwinding of discounts on liabilities
(0.7)
(0.4)
Finance charges on lease liabilities
(9.1)
(9.2)
Finance costs
(43.0)
(38.5)
Net \ufb01nance income
14.5
12.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "12. Finance income and costs \n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
57.2
49.5
Finance income from sublease income
0.2
\u2013
Net interest on de\ufb01ned bene\ufb01t pension assets
0.1
1.1
Finance income
57.5
50.6
Bank interest payable
(33.2)
(28.9)
Unwinding of discounts on liabilities
(0.7)
(0.4)
Finance charges on lease liabilities
(9.1)
(9.2)
Finance costs
(43.0)
(38.5)
Net \ufb01nance income
14.5
12.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "12. Finance income and costs \n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
57.2
49.5
Finance income from sublease income
0.2
\u2013
Net interest on de\ufb01ned bene\ufb01t pension assets
0.1
1.1
Finance income
57.5
50.6
Bank interest payable
(33.2)
(28.9)
Unwinding of discounts on liabilities
(0.7)
(0.4)
Finance charges on lease liabilities
(9.1)
(9.2)
Finance costs
(43.0)
(38.5)
Net \ufb01nance income
14.5
12.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
57.2
49.5
Finance income from sublease income
0.2
\u2013
Net interest on de\ufb01ned bene\ufb01t pension assets
0.1
1.1
Finance income
57.5
50.6
Bank interest payable
(33.2)
(28.9)
Unwinding of discounts on liabilities
(0.7)
(0.4)
Finance charges on lease liabilities
(9.1)
(9.2)
Finance costs
(43.0)
(38.5)
Net \ufb01nance income
14.5
12.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
57.2
49.5
Finance income from sublease income
0.2
\u2013
Net interest on de\ufb01ned bene\ufb01t pension assets
0.1
1.1
Finance income
57.5
50.6
Bank interest payable
(33.2)
(28.9)
Unwinding of discounts on liabilities
(0.7)
(0.4)
Finance charges on lease liabilities
(9.1)
(9.2)
Finance costs
(43.0)
(38.5)
Net \ufb01nance income
14.5
12.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
57.2
49.5
Finance income from sublease income
0.2
\u2013
Net interest on de\ufb01ned bene\ufb01t pension assets
0.1
1.1
Finance income
57.5
50.6
Bank interest payable
(33.2)
(28.9)
Unwinding of discounts on liabilities
(0.7)
(0.4)
Finance charges on lease liabilities
(9.1)
(9.2)
Finance costs
(43.0)
(38.5)
Net \ufb01nance income
14.5
12.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "13. Taxation
Material accounting policies that apply to taxation
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\u00a0this\u00a0case, 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\u00a0regulation 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 di\ufb00erences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated \ufb01nancial statements. However,
deferred\u00a0tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income
tax is\u00a0not 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 a\ufb00ects neither accounting nor taxable pro\ufb01t or loss and
does not give rise to equal taxable and deductible temporary di\ufb00erences. 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 pro\ufb01t will be
available against which the temporary di\ufb00erences 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
di\ufb00erence 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, a\ufb00ects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences.
Deferred income tax is provided on temporary di\ufb00erences arising on investments in subsidiaries, joint ventures and
associates except for deferred income tax liability where the timing of the reversal of the temporary di\ufb00erence is
controlled by the Group and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future.
In respect of deductible temporary di\ufb00erences 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 di\ufb00erences
will reverse in the foreseeable future and taxable pro\ufb01t will be available against which the temporary di\ufb00erences
can\u00a0be utilised.
Deferred income tax assets and liabilities are o\ufb00set when there is a legally enforceable right to o\ufb00set 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 di\ufb00erent taxable entities where there
is\u00a0an intention to settle the balances on a net basis.
13.1 Analysis of taxation expense for the year
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Current tax
\u00a0 \u00a0
United Kingdom:
\u00a0 \u00a0
Corporation tax on pro\ufb01ts for the year
22.6
13.2
Adjustment in respect of prior years
2.3
0.7
\u00a0
24.9
13.9
Overseas tax
21.6
14.3
Adjustment in respect of prior years
(1.1)
(0.5)
Total current tax
45.4
27.7
Deferred tax
\u00a0 \u00a0
Representing:
\u00a0 \u00a0
United Kingdom
(4.0)
1.2
E\ufb00ect of change in UK tax rate on deferred tax
\u2013
(0.2)
Overseas tax
(10.4)
(9.1)
Adjustment in respect of prior years
4.4
(3.7)
Total deferred tax
(10.0)
(11.8)
Income tax expense
35.4
15.9
\n
13.2 Factors a\ufb00ecting taxation expense for the year
The tax on the Group\u2019s pro\ufb01t before income tax di\ufb00ers from the theoretical amount that would arise using the UK tax
rate of 25% (2023: weighted average tax rate of 23.5%) applicable to pro\ufb01ts of the consolidated entities as follows:
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t before income tax
88.3
55.4
Tax on pro\ufb01t at 25% (2023: 23.5%)
22.1
13.0
E\ufb00ects of:
\u00a0 \u00a0
Adjustment in respect of prior years
5.6
(3.5)
Di\ufb00erence in overseas tax rates
(0.6)
(0.3)
Utilisation of previously unprovided tax losses
(0.3)
(0.7)
Expenses and other charges not deductible for tax purposes
10.9
10.2
Non-assessable income
(0.7)
(0.6)
Tax on joint ventures and associates
(1.6)
(2.0)
E\ufb00ect of change in tax rates on deferred tax
\u2013
(0.2)
Income tax expense
35.4
15.9
\n
The e\ufb00ective tax rate of the Group for the year ended 31 December 2024 is 40.1% (2023: 28.7%), which is higher
(2023: higher) than the UK applicable rate.
The Group has performed analysis of the impact from the application of OECD\u2019s Pillar Two Model Rules on both
historical performance and forward-looking projections. Due to the complexities in applying the legislation, the
quantitative impact is not yet reasonably estimable but since 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 e\ufb00ective future tax rate that will apply in the expected
period\u00a0of utilisation of the deferred tax asset or liability.
13.3 Tax components of other comprehensive income
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Tax on items that will not be reclassi\ufb01ed to pro\ufb01t or loss
\u00a0 \u00a0
Deferred tax on remeasurement of de\ufb01ned bene\ufb01t pension scheme
(2.9)
5.8
Deferred tax on pension \u2013 e\ufb00ect of tax rate change
\u2013
2.6
\u00a0
(2.9)
8.4
Tax on items relating to components of other comprehensive income
(2.9)
8.4
\n
13.4 Tax recognised directly in reserves
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Current tax on share-based payment arrangements
0.5
0.2
Deferred tax on share-based payment arrangements
0.3
0.3
Current tax on IFRS 16 lease recognition release
0.2
0.2
Deferred tax on IFRS 16 recognition release
(0.2)
(0.2)
Deferred tax on revaluation of FVOCI investments
\u2013
(0.2)
Current tax on foreign exchange reserve movements
\u2013
(0.2)
Tax on items recognised directly in reserves
0.8
0.1
\n
13.5 Deferred taxation
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Deferred tax assets
\u00a0 \u00a0
\u2013 Deferred tax asset to be recovered after more than 12 months
56.5
45.8
\u2013 Deferred tax asset to be recovered within 12 months
19.0
20.3
\u00a0
75.5
66.1
Deferred tax liabilities
\u00a0 \u00a0
\u2013 Deferred tax liability to be recovered after more than 12 months
(11.5)
(9.0)
\u2013 Deferred tax liability to be recovered within 12 months
(1.8)
(1.8)
\u00a0
(13.3)
(10.8)
Deferred tax asset \u2013 net
62.2
55.3
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
At 1 January \u2013 net asset
55.3
37.0
Amount credited to the income statement
10.0
11.6
E\ufb00ect of tax rate change within the income statement
\u2013
0.2
Tax credited to other comprehensive income
\u00a0 \u00a0
\u2013 De\ufb01ned bene\ufb01t pension scheme \u2013 actuarial losses
(2.9)
5.8
\u2013 De\ufb01ned bene\ufb01t pension scheme \u2013 e\ufb00ect of UK tax rate change
\u2013
2.6
Tax credited/(charged) to reserves
\u00a0 \u00a0
\u2013 Employee bene\ufb01ts
0.3
0.3
\u2013 Revaluation of FVOCI investments
\u2013
(0.2)
\u2013 IFRS 16 initial lease recognition released to reserves
(0.2)
(0.2)
Additions through business combinations (Note 28)
0.8
(0.1)
Exchange movement
(1.1)
(1.7)
At 31 December \u2013 net asset
62.2
55.3
Deferred tax assets have been recognised for tax loss carry-forwards and other temporary di\ufb00erences in various
\n
entities in the Group. The largest amounts recognised are in the German and US businesses. The utilisation of these
\n
losses in both of these countries is dependent on the existence of taxable pro\ufb01ts, which are expected to arise in
\n
future years. In assessing the probability of recovery, management have reviewed the Group\u2019s strategic plan. This plan
\n
anticipates increased pro\ufb01tability in both the US and Germany in light of the continued recovery of those real estate
\n
markets, the results of the restructuring programs undertaken in 2023 and 2024 and the successful execution of the
\n
global strategy.
\n
As at the reporting date the Group did not recognise deferred income tax assets of \u00a33.4m (2023: \u00a33.7m) in respect
\n
of losses amounting to \u00a315.5m, which can be carried forward inde\ufb01nitely against future taxable income (2023: \u00a317.3m,
\n
which can be carried forward inde\ufb01nitely against future taxable income).
\n
The movement on the deferred tax account is shown below:
\n \n
Other
Accelerated
employee
Share-
capital
Provisions
bene\ufb01t
Tax
Retirement
based
allowances
and other*
obligations**
losses
bene\ufb01ts
Revaluations
payments
Total
Deferred tax assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2023
3.1
16.8
20.0
7.3
1.5
0.2
9.3
58.2
Reclassi\ufb01cations to deferred
tax\u00a0liabilities
\u2013
\u2013
\u2013
\u2013
(7.7)
\u2013
\u2013
(7.7)
Amount credited/(charged) to
the income statement
1.7
0.4
(1.7)
7.7
(0.6)
\u2013
1.7
9.2
E\ufb00ect of tax rate change within
the income statement
\u2013
0.1
0.1
\u2013
\u2013
\u2013
\u2013
0.2
Amount credited to other
comprehensive income
\u2013
\u2013
\u2013
\u2013
5.8
\u2013
\u2013
5.8
E\ufb00ect of tax rate change within
other comprehensive income
\u2013
\u2013
\u2013
\u2013
2.6
\u2013
\u2013
2.6
Amount (charged)/credited
to\u00a0reserves
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
0.3
(0.1)
Additions through business
combinations
\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
Reclassi\ufb01cations from/(to)
deferred tax liabilities
\u2013
0.1
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.1)
Amount (charged)/credited to
the income statement
(3.0)
0.1
7.4
3.1
\u2013
\u2013
2.1
9.7
Amount charged to other
comprehensive income
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.2)
Amount (charged)/credited
to\u00a0reserves
\u2013
(0.2)
\u2013
\u2013
\u2013
\u2013
0.3
0.1
Additions through business
combinations (Note 28)
\u2013
1.0
\u2013
\u2013
\u2013
\u2013
\u2013
1.0
Exchange movement
\u2013
\u2013
(0.3)
(0.7)
(0.1)
\u2013
\u2013
(1.1)
At 31 December 2024
1.7
17.4
24.4
17.2
1.1
\u2013
13.7
75.5
Set-o\ufb00 of deferred tax liabilities pursuant to set-o\ufb00 provisions
(10.7)
Deferred tax asset at 31 December 2024 in the statement of \ufb01nancial position
64.8
Deferred tax asset at 31 December 2023 in the statement of \ufb01nancial position (net of \u00a38.9m set-o\ufb00)
57.2
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Accelerated
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
capital
Provisions
Retirement
Intangible
\u00a0
\u00a0
allowances
and other*
bene\ufb01ts
assets
Total
Deferred tax liabilities \u2013 Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
(1.2)
(0.8)
(7.7)
(11.5)
(21.2)
Transfers
\u2013
(0.2)
\u2013
0.2
\u2013
Reclassi\ufb01cations to deferred tax assets
\u2013
\u2013
7.7
\u2013
7.7
Tax credited/(charged) to the income statement
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)
Reclassi\ufb01cations (to)/from deferred tax assets
\u2013
(0.1)
0.2
\u2013
0.1
Tax (charged)/credited to the income statement
\u2013
(0.8)
\u2013
1.1
0.3
Tax charged to other comprehensive income
\u2013
\u2013
(2.7)
\u2013
(2.7)
Additions through business combinations (Note 28)
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2024
(0.8)
(2.5)
(2.5)
(7.5)
(13.3)
Set-o\ufb00 of deferred tax liabilities pursuant to set-o\ufb00 provisions
\u00a0 \u00a0 \u00a0 \u00a0
10.7
Deferred tax liabilities at 31 December 2024 in the statement of \ufb01nancial position
\u00a0 \u00a0 \u00a0 \u00a0
(2.6)
Deferred tax liabilities at 31 December 2023 in the statement of \ufb01nancial position (net of \u00a38.9m set-o\ufb00)
\u00a0 \u00a0 \u00a0 \u00a0
(1.9)
Net deferred tax asset
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
62.2
At 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0
55.3
\n
*
Provisions and Other primarily includes deferred tax assets relating to accruals and provisions for expenses not deductible until paid.
**
Other Employee Bene\ufb01t Obligations includes deferred tax assets relating to unpaid bonus accruals, holiday pay provisions, long service leave provisions and
other deferred compensation accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "Material accounting policies that apply to taxation
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\u00a0this\u00a0case, 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\u00a0regulation 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 di\ufb00erences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated \ufb01nancial statements. However,
deferred\u00a0tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income
tax is\u00a0not 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 a\ufb00ects neither accounting nor taxable pro\ufb01t or loss and
does not give rise to equal taxable and deductible temporary di\ufb00erences. 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 pro\ufb01t will be
available against which the temporary di\ufb00erences 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
di\ufb00erence 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, a\ufb00ects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences.
Deferred income tax is provided on temporary di\ufb00erences arising on investments in subsidiaries, joint ventures and
associates except for deferred income tax liability where the timing of the reversal of the temporary di\ufb00erence is
controlled by the Group and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future.
In respect of deductible temporary di\ufb00erences 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 di\ufb00erences
will reverse in the foreseeable future and taxable pro\ufb01t will be available against which the temporary di\ufb00erences
can\u00a0be utilised.
Deferred income tax assets and liabilities are o\ufb00set when there is a legally enforceable right to o\ufb00set 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 di\ufb00erent taxable entities where there
is\u00a0an intention to settle the balances on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "Deferred income tax is recognised, using the liability method, on temporary di\ufb00erences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated \ufb01nancial statements. However,
deferred\u00a0tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income
tax is\u00a0not 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 a\ufb00ects neither accounting nor taxable pro\ufb01t or loss and
does not give rise to equal taxable and deductible temporary di\ufb00erences. 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 pro\ufb01t will be
available against which the temporary di\ufb00erences 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
di\ufb00erence 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, a\ufb00ects neither the accounting pro\ufb01t nor taxable pro\ufb01t or loss and does not give
rise to equal taxable and deductible temporary di\ufb00erences.
Deferred income tax is provided on temporary di\ufb00erences arising on investments in subsidiaries, joint ventures and
associates except for deferred income tax liability where the timing of the reversal of the temporary di\ufb00erence is
controlled by the Group and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future.
In respect of deductible temporary di\ufb00erences 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 di\ufb00erences
will reverse in the foreseeable future and taxable pro\ufb01t will be available against which the temporary di\ufb00erences
can\u00a0be utilised.
Deferred income tax assets and liabilities are o\ufb00set when there is a legally enforceable right to o\ufb00set 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 di\ufb00erent taxable entities where there
is\u00a0an intention to settle the balances on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "13.5 Deferred taxation \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Deferred tax assets
\u00a0 \u00a0
\u2013 Deferred tax asset to be recovered after more than 12 months
56.5
45.8
\u2013 Deferred tax asset to be recovered within 12 months
19.0
20.3
\u00a0
75.5
66.1
Deferred tax liabilities
\u00a0 \u00a0
\u2013 Deferred tax liability to be recovered after more than 12 months
(11.5)
(9.0)
\u2013 Deferred tax liability to be recovered within 12 months
(1.8)
(1.8)
\u00a0
(13.3)
(10.8)
Deferred tax asset \u2013 net
62.2
55.3
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
At 1 January \u2013 net asset
55.3
37.0
Amount credited to the income statement
10.0
11.6
E\ufb00ect of tax rate change within the income statement
\u2013
0.2
Tax credited to other comprehensive income
\u00a0 \u00a0
\u2013 De\ufb01ned bene\ufb01t pension scheme \u2013 actuarial losses
(2.9)
5.8
\u2013 De\ufb01ned bene\ufb01t pension scheme \u2013 e\ufb00ect of UK tax rate change
\u2013
2.6
Tax credited/(charged) to reserves
\u00a0 \u00a0
\u2013 Employee bene\ufb01ts
0.3
0.3
\u2013 Revaluation of FVOCI investments
\u2013
(0.2)
\u2013 IFRS 16 initial lease recognition released to reserves
(0.2)
(0.2)
Additions through business combinations (Note 28)
0.8
(0.1)
Exchange movement
(1.1)
(1.7)
At 31 December \u2013 net asset
62.2
55.3
\n\n
Deferred tax assets have been recognised for tax loss carry-forwards and other temporary di\ufb00erences in various
\n
entities in the Group. The largest amounts recognised are in the German and US businesses. The utilisation of these
\n
losses in both of these countries is dependent on the existence of taxable pro\ufb01ts, which are expected to arise in
\n
future years. In assessing the probability of recovery, management have reviewed the Group\u2019s strategic plan. This plan
\n
anticipates increased pro\ufb01tability in both the US and Germany in light of the continued recovery of those real estate
\n
markets, the results of the restructuring programs undertaken in 2023 and 2024 and the successful execution of the
\n
global strategy.
\n
As at the reporting date the Group did not recognise deferred income tax assets of \u00a33.4m (2023: \u00a33.7m) in respect
\n
of losses amounting to \u00a315.5m, which can be carried forward inde\ufb01nitely against future taxable income (2023: \u00a317.3m,
\n
which can be carried forward inde\ufb01nitely against future taxable income).
\n
The movement on the deferred tax account is shown below:
\n \n
Other
Accelerated
employee
Share-
capital
Provisions
bene\ufb01t
Tax
Retirement
based
allowances
and other*
obligations**
losses
bene\ufb01ts
Revaluations
payments
Total
Deferred tax assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2023
3.1
16.8
20.0
7.3
1.5
0.2
9.3
58.2
Reclassi\ufb01cations to deferred
tax\u00a0liabilities
\u2013
\u2013
\u2013
\u2013
(7.7)
\u2013
\u2013
(7.7)
Amount credited/(charged) to
the income statement
1.7
0.4
(1.7)
7.7
(0.6)
\u2013
1.7
9.2
E\ufb00ect of tax rate change within
the income statement
\u2013
0.1
0.1
\u2013
\u2013
\u2013
\u2013
0.2
Amount credited to other
comprehensive income
\u2013
\u2013
\u2013
\u2013
5.8
\u2013
\u2013
5.8
E\ufb00ect of tax rate change within
other comprehensive income
\u2013
\u2013
\u2013
\u2013
2.6
\u2013
\u2013
2.6
Amount (charged)/credited
to\u00a0reserves
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
0.3
(0.1)
Additions through business
combinations
\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
Reclassi\ufb01cations from/(to)
deferred tax liabilities
\u2013
0.1
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.1)
Amount (charged)/credited to
the income statement
(3.0)
0.1
7.4
3.1
\u2013
\u2013
2.1
9.7
Amount charged to other
comprehensive income
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.2)
Amount (charged)/credited
to\u00a0reserves
\u2013
(0.2)
\u2013
\u2013
\u2013
\u2013
0.3
0.1
Additions through business
combinations (Note 28)
\u2013
1.0
\u2013
\u2013
\u2013
\u2013
\u2013
1.0
Exchange movement
\u2013
\u2013
(0.3)
(0.7)
(0.1)
\u2013
\u2013
(1.1)
At 31 December 2024
1.7
17.4
24.4
17.2
1.1
\u2013
13.7
75.5
Set-o\ufb00 of deferred tax liabilities pursuant to set-o\ufb00 provisions
(10.7)
Deferred tax asset at 31 December 2024 in the statement of \ufb01nancial position
64.8
Deferred tax asset at 31 December 2023 in the statement of \ufb01nancial position (net of \u00a38.9m set-o\ufb00)
57.2
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Accelerated
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
capital
Provisions
Retirement
Intangible
\u00a0
\u00a0
allowances
and other*
bene\ufb01ts
assets
Total
Deferred tax liabilities \u2013 Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
(1.2)
(0.8)
(7.7)
(11.5)
(21.2)
Transfers
\u2013
(0.2)
\u2013
0.2
\u2013
Reclassi\ufb01cations to deferred tax assets
\u2013
\u2013
7.7
\u2013
7.7
Tax credited/(charged) to the income statement
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)
Reclassi\ufb01cations (to)/from deferred tax assets
\u2013
(0.1)
0.2
\u2013
0.1
Tax (charged)/credited to the income statement
\u2013
(0.8)
\u2013
1.1
0.3
Tax charged to other comprehensive income
\u2013
\u2013
(2.7)
\u2013
(2.7)
Additions through business combinations (Note 28)
\u2013
\u2013
\u2013
(0.2)
(0.2)
At 31 December 2024
(0.8)
(2.5)
(2.5)
(7.5)
(13.3)
Set-o\ufb00 of deferred tax liabilities pursuant to set-o\ufb00 provisions
\u00a0 \u00a0 \u00a0 \u00a0
10.7
Deferred tax liabilities at 31 December 2024 in the statement of \ufb01nancial position
\u00a0 \u00a0 \u00a0 \u00a0
(2.6)
Deferred tax liabilities at 31 December 2023 in the statement of \ufb01nancial position (net of \u00a38.9m set-o\ufb00)
\u00a0 \u00a0 \u00a0 \u00a0
(1.9)
Net deferred tax asset
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
62.2
At 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0
55.3
\n
*
Provisions and Other primarily includes deferred tax assets relating to accruals and provisions for expenses not deductible until paid.
**
Other Employee Bene\ufb01t Obligations includes deferred tax assets relating to unpaid bonus accruals, holiday pay provisions, long service leave provisions and
other deferred compensation accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "14. Earnings per share
14.1 Basic and diluted earnings per share
Basic earnings per share (\u2018EPS\u2019) are based on the pro\ufb01t 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 (2024 closing: 8,057,705 shares, 2023 closing: 7,615,420 shares) and the Rabbi Trust (2024 closing:
821,163 shares, 2023 closing: 1,502,155 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:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2024
2024
2023
2023
2023
\u00a0
Earnings
Shares
EPS
Earnings
Shares
EPS
\u00a0
\u00a3m
million
pence
\u00a3m
million
pence
Basic earnings per share
53.6
136.0
39.4
40.8
135.9
30.0
E\ufb00ect of additional shares issuable under option
\u2013
7.9
(2.2)
\u2013
5.8
(1.2)
Diluted earnings per share
53.6
143.9
37.2
40.8
141.7
28.8
14.2 Underlying basic and diluted earnings per share
Signi\ufb01cant judgement
See Note 10 for further information on the use of non-GAAP measures.
A reconciliation between GAAP and underlying measures are set out below (underlying basic earnings per share and
underlying diluted earnings per share).
\n \n
\u00a0
2024
2024
2024
2023
2023
2023
\u00a0
Earnings
Shares
EPS
Earnings
Shares
EPS
\u00a0
\u00a3m
million
pence
\u00a3m
million
pence
Basic earnings per share
53.6
136.0
39.4
40.8
135.9
30.0
Amortisation of intangible assets arising
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
from business combinations after tax
7.0
\u2013
5.1
7.6
\u2013
5.6
Impairment of goodwill after tax
1.4
\u2013
1.0
4.0
\u2013
2.9
Share-based payment adjustment after tax
(0.7)
\u2013
(0.5)
(0.6)
\u2013
(0.4)
Pro\ufb01t on disposal of joint ventures after tax
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.3)
Restructuring costs after tax
14.1
\u2013
10.4
10.6
\u2013
7.8
Transaction-related costs after tax
15.6
\u2013
11.5
14.3
\u2013
10.5
Fair value gain step acquisition of subsidiaries
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
previously classi\ufb01ed as associates
(4.4)
\u2013
(3.2)
\u2013
\u2013
\u2013
Fair value loss on transaction-related options
3.4
\u2013
2.5
(1.4)
\u2013
(1.0)
Underlying basic earnings per share
90.0
136.0
66.2
74.9
135.9
55.1
E\ufb00ect of additional shares issuable under option
\u2013
7.9
(3.7)
\u2013
5.8
(2.2)
Underlying diluted earnings per share
90.0
143.9
62.5
74.9
141.7
52.9
\n
Refer to Note 10 for the gross amounts of the above adjustments and a reconciliation between reported pro\ufb01t before
tax and underlying pro\ufb01t before tax, alongside further details on each of the adjustments.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "15. Dividends
Material accounting policies that apply to dividends
Dividend distributions are recognised as a liability in the Group\u2019s \ufb01nancial statements in the period in which they are
approved by the Company\u2019s Shareholders.
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Amounts recognised as distribution to equity holders in the year:
\u00a0 \u00a0
In respect of the previous year
\u00a0 \u00a0
Ordinary \ufb01nal dividend of 13.9p per share (2022: 13.4p)
18.8
18.2
Supplemental interim dividend of 2.0p per share (2022: 15.6p)
2.8
21.2
In respect of the current year
\u00a0 \u00a0
Interim dividend of 7.1p per share (2023: 6.9p)
9.6
9.4
\u00a0
31.2
48.8
\n
The Group paid \u00a32.6m (2023: \u00a32.2m) of dividends to non-controlling interests.
Under the terms of the Savills plc 1992 Employee Bene\ufb01t 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 \ufb01nal dividend of 14.5p per ordinary share (amounting to \u00a319.8m), alongside the
supplemental interim dividend of 8.6p per ordinary share (amounting to \u00a311.7m), to be paid on 22 May 2025 to
Shareholders on the register at 11 April 2025. These \ufb01nancial statements do not re\ufb02ect this dividend payable.
The total paid and recommended ordinary and supplemental dividend for the 2024 \ufb01nancial year comprises an
aggregate distribution of 30.2p per ordinary share (2023: 22.8p per ordinary share).", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "Material accounting policies that apply to dividends
Dividend distributions are recognised as a liability in the Group\u2019s \ufb01nancial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "0.302", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "0.228", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WXICGMBWHTA933", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "16. Goodwill and intangible assets
Material accounting policies that apply to goodwill and intangible assets
Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or associate over the Group\u2019s share of the
fair\u00a0value of identi\ufb01able net assets acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately recognised goodwill is tested annually
for\u00a0impairment, 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 (\u2018CGUs\u2019) or groups of CGUs that are expected to bene\ufb01t from the business combination in
which the goodwill arose. The Group allocates goodwill to each business segment in the geographical region in
which\u00a0it operates.
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.
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 signi\ufb01cant.
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use
the\u00a0speci\ufb01c 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:
\n \n
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
\n
Acquired investment management contracts relating to open-ended funds have been attributed inde\ufb01nite useful lives,
re\ufb02ecting 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 in\ufb02ows for the Group.
Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite 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-\ufb01nancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an appropriate discount rate to re\ufb02ect
market rates and speci\ufb01c risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identi\ufb01able cash \ufb02ows (CGUs). Where it is not possible to estimate the recoverable amount of an individual asset,
the\u00a0Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Critical accounting estimates made in reviewing goodwill for impairment
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 CGUs. Within this process, the Group makes a number of key
assumptions including discount rates, terminal growth rates and forecast cash \ufb02ows. The assumptions impact
the recoverability of goodwill and the requirement for impairment charges in the income statement. Additional
information is within this note, 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\u00a0estimates.
\n \n
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Additions through business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations\u00a0(Note 28)
20.1
\u2013
1.2
\u2013
1.7
\u2013
23.0
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(3.6)
(0.1)
(0.7)
(0.1)
\u2013
(0.3)
(4.8)
At 31 December 2024
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Amortisation charge for the year
\u2013
3.1
5.7
0.1
0.3
6.9
16.1
Impairment
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(0.8)
(0.2)
(0.7)
(0.1)
\u2013
(0.3)
(2.1)
At 31 December 2024
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
459.0
11.7
17.8
0.2
3.5
18.6
510.8
During the year, goodwill and intangible assets were tested for impairment in accordance with IAS 36. An impairment
charge of \u00a31.9m (2023: \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. The impairment charge was allocated against the
Transaction Advisory (\u00a31.4m, 2023: \u00a33.5m), Consultancy (\u00a30.4m, 2023: \u00a30.4m) and Property and Facility Management
(\u00a30.1m, 2023: \u00a3nil) segments.
The carrying amount of intangible assets with inde\ufb01nite useful lives totals \u00a32.0m as at 31 December 2024 (2023:
\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 identi\ufb01ed on
the\u00a0acquisition 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 2024 totals \u00a37.1m (2023: \u00a310.0m).
All intangible amortisation charges in the year are disclosed on the face of the income statement.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
505.0
44.4
59.4
3.8
4.7
45.2
662.5
Additions through business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations
10.4
\u2013
0.5
\u2013
\u2013
\u2013
10.9
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
5.5
5.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
Exchange movement
(14.2)
(0.8)
(0.7)
(0.2)
(0.1)
(0.9)
(16.9)
At 31 December 2023
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Accumulated amortisation and Impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
55.4
26.0
31.8
2.9
2.3
28.2
146.6
Amortisation charge for the year
\u2013
3.3
5.7
0.5
0.3
6.0
15.8
Impairment in the year
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.5)
(4.5)
Exchange movement
(1.7)
(0.4)
(0.6)
(0.1)
(0.1)
(0.7)
(3.6)
At 31 December 2023
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
443.6
14.7
22.3
0.3
2.1
16.4
499.4
\n
Goodwill and inde\ufb01nite life intangible assets are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identi\ufb01ed
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 inde\ufb01nite useful life intangible assets is presented below:
\n \n
\u00a0 \u00a0 \u00a0
Property and
\u00a0 \u00a0 \u00a0
Inde\ufb01nite life
\u00a0
Transaction
\u00a0
Facilities
Investment
\u00a0 \u00a0
intangible
\u00a0
Advisory
Consultancy
Management
Management
Total
Goodwill
assets*
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom
42.7
13.6
30.9
32.2
119.4
117.4
2.0
CEME
61.0
18.7
20.9
4.6
105.2
105.2
\u2013
Asia Paci\ufb01c
16.1
13.4
37.0
1.4
67.9
67.9
\u2013
North America
158.7
9.8
\u2013
\u2013
168.5
168.5
\u2013
Total goodwill and inde\ufb01nite
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
life intangible assets
278.5
55.5
88.8
38.2
461.0
459.0
2.0
\n \n
\u00a0 \u00a0 \u00a0
Property and
\u00a0 \u00a0 \u00a0
Inde\ufb01nite life
\u00a0
Transaction
\u00a0
Facilities
Investment
\u00a0 \u00a0
intangible
\u00a0
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 Paci\ufb01c
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 inde\ufb01nite
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
life intangible assets
269.2
47.8
90.3
38.3
445.6
443.6
2.0
\n
*
Inde\ufb01nite life intangible assets relate to investment management contracts.
16.1 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 \ufb02ows, derived from latest \ufb01nancial
budgets and strategic plans covering a \ufb01ve-year period, prepared by management and approved by the Board. Cash
\ufb02ows beyond this are extrapolated using perpetuity growth rates. These projected cash \ufb02ows were discounted at
CGU\u00a0speci\ufb01c, risk adjusted, discount rates to calculate their net present value.
16.2 Key assumptions
The calculation of value-in-use is most sensitive to the following assumptions:
(a) CGU speci\ufb01c operating assumptions
CGU speci\ufb01c operating assumptions are applicable to the forecasted cash \ufb02ows for the years 2025 to 2029 and
relate to revenue forecasts and underlying pro\ufb01t margins in each of the operating CGUs. The value ascribed to
each\u00a0assumption will vary between CGUs as the forecasts are built up from the underlying business units within
each CGU group.
(b) Discount rate
Future cash \ufb02ows are discounted using a pre-tax discount rate that re\ufb02ects current market assessments of the
time value of money. The discount rate used in each CGU is adjusted for the risk speci\ufb01c to the asset, including
the countries in which cash \ufb02ow will be generated, for which the future cash \ufb02ow estimates have not been
adjusted. The\u00a0pre-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 speci\ufb01c risk premium.
The risk-adjusted discount range of rates used in each region for impairment testing are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
Discount rate
Discount rate
\u00a0
range
range
United Kingdom
12.8%
12.4%
Continental Europe
10.5% \u2013 15.0%
10.6% \u2013 14.7%
Asia Paci\ufb01c
10.8% \u2013 15.4%
10.4% \u2013 15.1%
North America
12.1% \u2013 12.6%
11.7% \u2013 12.1%
Middle East
12.3%
14.0%
\n
(c) Perpetuity growth rates
A terminal value was calculated using perpetuity growth rates in order to forecast beyond the \ufb01ve years covered by
detailed forecasts. 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:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
Long-term
Long-term
\u00a0
growth rate
growth rate
\u00a0
range
range
United Kingdom
1.4%
1.5%
Continental Europe
0.7% \u2013 3.1%
0.9% \u2013 3.1%
Asia Paci\ufb01c
0.6% \u2013 6.5%
0.4% \u2013 6.8%
North America
1.8% \u2013 2.1%
1.7% \u2013 2.1%
Middle East
4.5%
4.3%
\n
16.3 Sensitivity to changes in assumptions
The Indonesia CGU goodwill balance was fully impaired during the year (2024: \u00a31.9m impairment, 2023:
\u00a33.9m\u00a0impairment).
Management have determined that there has been no impairment to the other CGUs within the Group. This
assessment is a re\ufb02ection of best estimates in arriving at value-in-use, future growth rates and the discount rate
applied to cash \ufb02ow projections.
The US and Australia CGUs were identi\ufb01ed as the material CGUs that are considered to be sensitive to changes in
key\u00a0assumptions, but for which no impairment charge was considered to be required at 31 December 2024.
The key assumption applied to the US CGU relates to the average underlying pro\ufb01t margin of 7.1% and average
revenue growth of 12.5% over the \ufb01ve year forecast period. The headroom in the value-in-use model for this CGU
of \u00a3192.1m (85%) would be reduced to nil if the average underlying pro\ufb01t margin decreased to 4.0% (assuming no
change in revenue assumptions) or the average revenue growth decreased to 7.2% (assuming variable costs changed
in proportion to the change in revenue). In the Australian CGU the key assumptions relate to the average underlying
pro\ufb01t margin of 4.1% and average revenue growth of 3.4% over the \ufb01ve year forecast period. The headroom in the
value-in-use model for this CGU of \u00a35.2m (19%) would be reduced to nil if the average underlying pro\ufb01t margin
decreased to 3.2% (assuming no change in revenue assumptions) or the average revenue growth decreased to
3.0%\u00a0(assuming variable costs changed in proportion to the change in revenue). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "Material accounting policies that apply to goodwill and intangible assets
Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or associate over the Group\u2019s share of the
fair\u00a0value of identi\ufb01able net assets acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately recognised goodwill is tested annually
for\u00a0impairment, 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 (\u2018CGUs\u2019) or groups of CGUs that are expected to bene\ufb01t from the business combination in
which the goodwill arose. The Group allocates goodwill to each business segment in the geographical region in
which\u00a0it operates.
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.Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite 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-\ufb01nancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an appropriate discount rate to re\ufb02ect
market rates and speci\ufb01c risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identi\ufb01able cash \ufb02ows (CGUs). Where it is not possible to estimate the recoverable amount of an individual asset,
the\u00a0Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "Material accounting policies that apply to goodwill and intangible assetsIntangible 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 signi\ufb01cant.
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use
the\u00a0speci\ufb01c 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:
\n \n
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
\n
Acquired investment management contracts relating to open-ended funds have been attributed inde\ufb01nite useful lives,
re\ufb02ecting 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 in\ufb02ows for the Group.
Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite 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-\ufb01nancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an appropriate discount rate to re\ufb02ect
market rates and speci\ufb01c risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identi\ufb01able cash \ufb02ows (CGUs). Where it is not possible to estimate the recoverable amount of an individual asset,
the\u00a0Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00534": { "value": "Material accounting policies that apply to goodwill and intangible assets
Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or associate over the Group\u2019s share of the
fair\u00a0value of identi\ufb01able net assets acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately recognised goodwill is tested annually
for\u00a0impairment, 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 (\u2018CGUs\u2019) or groups of CGUs that are expected to bene\ufb01t from the business combination in
which the goodwill arose. The Group allocates goodwill to each business segment in the geographical region in
which\u00a0it operates.
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.
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 signi\ufb01cant.
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use
the\u00a0speci\ufb01c 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:
\n \n
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
\n
Acquired investment management contracts relating to open-ended funds have been attributed inde\ufb01nite useful lives,
re\ufb02ecting 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 in\ufb02ows for the Group.
Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite 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-\ufb01nancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an appropriate discount rate to re\ufb02ect
market rates and speci\ufb01c risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identi\ufb01able cash \ufb02ows (CGUs). Where it is not possible to estimate the recoverable amount of an individual asset,
the\u00a0Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "Goodwill
Goodwill represents the excess of the cost of acquisition of a subsidiary or associate over the Group\u2019s share of the
fair\u00a0value of identi\ufb01able net assets acquired.
Goodwill is carried at cost less accumulated impairment losses. Separately recognised goodwill is tested annually
for\u00a0impairment, 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 (\u2018CGUs\u2019) or groups of CGUs that are expected to bene\ufb01t from the business combination in
which the goodwill arose. The Group allocates goodwill to each business segment in the geographical region in
which\u00a0it operates.
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.Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite 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-\ufb01nancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an appropriate discount rate to re\ufb02ect
market rates and speci\ufb01c risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identi\ufb01able cash \ufb02ows (CGUs). Where it is not possible to estimate the recoverable amount of an individual asset,
the\u00a0Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Critical accounting estimates made in reviewing goodwill for impairment
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 CGUs. Within this process, the Group makes a number of key
assumptions including discount rates, terminal growth rates and forecast cash \ufb02ows. The assumptions impact
the recoverability of goodwill and the requirement for impairment charges in the income statement. Additional
information is within this note, 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\u00a0estimates.
\n \n
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Additions through business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations\u00a0(Note 28)
20.1
\u2013
1.2
\u2013
1.7
\u2013
23.0
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(3.6)
(0.1)
(0.7)
(0.1)
\u2013
(0.3)
(4.8)
At 31 December 2024
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Amortisation charge for the year
\u2013
3.1
5.7
0.1
0.3
6.9
16.1
Impairment
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(0.8)
(0.2)
(0.7)
(0.1)
\u2013
(0.3)
(2.1)
At 31 December 2024
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
459.0
11.7
17.8
0.2
3.5
18.6
510.8
During the year, goodwill and intangible assets were tested for impairment in accordance with IAS 36. An impairment
charge of \u00a31.9m (2023: \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. The impairment charge was allocated against the
Transaction Advisory (\u00a31.4m, 2023: \u00a33.5m), Consultancy (\u00a30.4m, 2023: \u00a30.4m) and Property and Facility Management
(\u00a30.1m, 2023: \u00a3nil) segments.
The carrying amount of intangible assets with inde\ufb01nite useful lives totals \u00a32.0m as at 31 December 2024 (2023:
\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 identi\ufb01ed on
the\u00a0acquisition 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 2024 totals \u00a37.1m (2023: \u00a310.0m).
All intangible amortisation charges in the year are disclosed on the face of the income statement.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
505.0
44.4
59.4
3.8
4.7
45.2
662.5
Additions through business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations
10.4
\u2013
0.5
\u2013
\u2013
\u2013
10.9
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
5.5
5.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
Exchange movement
(14.2)
(0.8)
(0.7)
(0.2)
(0.1)
(0.9)
(16.9)
At 31 December 2023
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Accumulated amortisation and Impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
55.4
26.0
31.8
2.9
2.3
28.2
146.6
Amortisation charge for the year
\u2013
3.3
5.7
0.5
0.3
6.0
15.8
Impairment in the year
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.5)
(4.5)
Exchange movement
(1.7)
(0.4)
(0.6)
(0.1)
(0.1)
(0.7)
(3.6)
At 31 December 2023
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
443.6
14.7
22.3
0.3
2.1
16.4
499.4
\n
Goodwill and inde\ufb01nite life intangible assets are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identi\ufb01ed
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 inde\ufb01nite useful life intangible assets is presented below:
\n \n
\u00a0 \u00a0 \u00a0
Property and
\u00a0 \u00a0 \u00a0
Inde\ufb01nite life
\u00a0
Transaction
\u00a0
Facilities
Investment
\u00a0 \u00a0
intangible
\u00a0
Advisory
Consultancy
Management
Management
Total
Goodwill
assets*
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom
42.7
13.6
30.9
32.2
119.4
117.4
2.0
CEME
61.0
18.7
20.9
4.6
105.2
105.2
\u2013
Asia Paci\ufb01c
16.1
13.4
37.0
1.4
67.9
67.9
\u2013
North America
158.7
9.8
\u2013
\u2013
168.5
168.5
\u2013
Total goodwill and inde\ufb01nite
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
life intangible assets
278.5
55.5
88.8
38.2
461.0
459.0
2.0
\n \n
\u00a0 \u00a0 \u00a0
Property and
\u00a0 \u00a0 \u00a0
Inde\ufb01nite life
\u00a0
Transaction
\u00a0
Facilities
Investment
\u00a0 \u00a0
intangible
\u00a0
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 Paci\ufb01c
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 inde\ufb01nite
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
life intangible assets
269.2
47.8
90.3
38.3
445.6
443.6
2.0
\n
*
Inde\ufb01nite life intangible assets relate to investment management contracts.
16.1 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 \ufb02ows, derived from latest \ufb01nancial
budgets and strategic plans covering a \ufb01ve-year period, prepared by management and approved by the Board. Cash
\ufb02ows beyond this are extrapolated using perpetuity growth rates. These projected cash \ufb02ows were discounted at
CGU\u00a0speci\ufb01c, risk adjusted, discount rates to calculate their net present value.
16.2 Key assumptions
The calculation of value-in-use is most sensitive to the following assumptions:
(a) CGU speci\ufb01c operating assumptions
CGU speci\ufb01c operating assumptions are applicable to the forecasted cash \ufb02ows for the years 2025 to 2029 and
relate to revenue forecasts and underlying pro\ufb01t margins in each of the operating CGUs. The value ascribed to
each\u00a0assumption will vary between CGUs as the forecasts are built up from the underlying business units within
each CGU group.
(b) Discount rate
Future cash \ufb02ows are discounted using a pre-tax discount rate that re\ufb02ects current market assessments of the
time value of money. The discount rate used in each CGU is adjusted for the risk speci\ufb01c to the asset, including
the countries in which cash \ufb02ow will be generated, for which the future cash \ufb02ow estimates have not been
adjusted. The\u00a0pre-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 speci\ufb01c risk premium.
The risk-adjusted discount range of rates used in each region for impairment testing are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
Discount rate
Discount rate
\u00a0
range
range
United Kingdom
12.8%
12.4%
Continental Europe
10.5% \u2013 15.0%
10.6% \u2013 14.7%
Asia Paci\ufb01c
10.8% \u2013 15.4%
10.4% \u2013 15.1%
North America
12.1% \u2013 12.6%
11.7% \u2013 12.1%
Middle East
12.3%
14.0%
\n
(c) Perpetuity growth rates
A terminal value was calculated using perpetuity growth rates in order to forecast beyond the \ufb01ve years covered by
detailed forecasts. 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:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
Long-term
Long-term
\u00a0
growth rate
growth rate
\u00a0
range
range
United Kingdom
1.4%
1.5%
Continental Europe
0.7% \u2013 3.1%
0.9% \u2013 3.1%
Asia Paci\ufb01c
0.6% \u2013 6.5%
0.4% \u2013 6.8%
North America
1.8% \u2013 2.1%
1.7% \u2013 2.1%
Middle East
4.5%
4.3%
\n
16.3 Sensitivity to changes in assumptions
The Indonesia CGU goodwill balance was fully impaired during the year (2024: \u00a31.9m impairment, 2023:
\u00a33.9m\u00a0impairment).
Management have determined that there has been no impairment to the other CGUs within the Group. This
assessment is a re\ufb02ection of best estimates in arriving at value-in-use, future growth rates and the discount rate
applied to cash \ufb02ow projections.
The US and Australia CGUs were identi\ufb01ed as the material CGUs that are considered to be sensitive to changes in
key\u00a0assumptions, but for which no impairment charge was considered to be required at 31 December 2024.
The key assumption applied to the US CGU relates to the average underlying pro\ufb01t margin of 7.1% and average
revenue growth of 12.5% over the \ufb01ve year forecast period. The headroom in the value-in-use model for this CGU
of \u00a3192.1m (85%) would be reduced to nil if the average underlying pro\ufb01t margin decreased to 4.0% (assuming no
change in revenue assumptions) or the average revenue growth decreased to 7.2% (assuming variable costs changed
in proportion to the change in revenue). In the Australian CGU the key assumptions relate to the average underlying
pro\ufb01t margin of 4.1% and average revenue growth of 3.4% over the \ufb01ve year forecast period. The headroom in the
value-in-use model for this CGU of \u00a35.2m (19%) would be reduced to nil if the average underlying pro\ufb01t margin
decreased to 3.2% (assuming no change in revenue assumptions) or the average revenue growth decreased to
3.0%\u00a0(assuming variable costs changed in proportion to the change in revenue). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "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 signi\ufb01cant.
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use
the\u00a0speci\ufb01c 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:
\n \n
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
\n
Acquired investment management contracts relating to open-ended funds have been attributed inde\ufb01nite useful lives,
re\ufb02ecting 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 in\ufb02ows for the Group.
Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite 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-\ufb01nancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an appropriate discount rate to re\ufb02ect
market rates and speci\ufb01c risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identi\ufb01able cash \ufb02ows (CGUs). Where it is not possible to estimate the recoverable amount of an individual asset,
the\u00a0Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Critical accounting estimates made in reviewing goodwill for impairment
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 CGUs. Within this process, the Group makes a number of key
assumptions including discount rates, terminal growth rates and forecast cash \ufb02ows. The assumptions impact
the recoverability of goodwill and the requirement for impairment charges in the income statement. Additional
information is within this note, 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\u00a0estimates.
\n \n
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Additions through business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations\u00a0(Note 28)
20.1
\u2013
1.2
\u2013
1.7
\u2013
23.0
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(3.6)
(0.1)
(0.7)
(0.1)
\u2013
(0.3)
(4.8)
At 31 December 2024
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Amortisation charge for the year
\u2013
3.1
5.7
0.1
0.3
6.9
16.1
Impairment
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(0.8)
(0.2)
(0.7)
(0.1)
\u2013
(0.3)
(2.1)
At 31 December 2024
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
459.0
11.7
17.8
0.2
3.5
18.6
510.8
During the year, goodwill and intangible assets were tested for impairment in accordance with IAS 36. An impairment
charge of \u00a31.9m (2023: \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. The impairment charge was allocated against the
Transaction Advisory (\u00a31.4m, 2023: \u00a33.5m), Consultancy (\u00a30.4m, 2023: \u00a30.4m) and Property and Facility Management
(\u00a30.1m, 2023: \u00a3nil) segments.
The carrying amount of intangible assets with inde\ufb01nite useful lives totals \u00a32.0m as at 31 December 2024 (2023:
\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 identi\ufb01ed on
the\u00a0acquisition 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 2024 totals \u00a37.1m (2023: \u00a310.0m).
All intangible amortisation charges in the year are disclosed on the face of the income statement.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
505.0
44.4
59.4
3.8
4.7
45.2
662.5
Additions through business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations
10.4
\u2013
0.5
\u2013
\u2013
\u2013
10.9
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
5.5
5.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
Exchange movement
(14.2)
(0.8)
(0.7)
(0.2)
(0.1)
(0.9)
(16.9)
At 31 December 2023
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Accumulated amortisation and Impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
55.4
26.0
31.8
2.9
2.3
28.2
146.6
Amortisation charge for the year
\u2013
3.3
5.7
0.5
0.3
6.0
15.8
Impairment in the year
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.5)
(4.5)
Exchange movement
(1.7)
(0.4)
(0.6)
(0.1)
(0.1)
(0.7)
(3.6)
At 31 December 2023
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
443.6
14.7
22.3
0.3
2.1
16.4
499.4
\n
Goodwill and inde\ufb01nite life intangible assets are allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identi\ufb01ed
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 inde\ufb01nite useful life intangible assets is presented below:
\n \n
\u00a0 \u00a0 \u00a0
Property and
\u00a0 \u00a0 \u00a0
Inde\ufb01nite life
\u00a0
Transaction
\u00a0
Facilities
Investment
\u00a0 \u00a0
intangible
\u00a0
Advisory
Consultancy
Management
Management
Total
Goodwill
assets*
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom
42.7
13.6
30.9
32.2
119.4
117.4
2.0
CEME
61.0
18.7
20.9
4.6
105.2
105.2
\u2013
Asia Paci\ufb01c
16.1
13.4
37.0
1.4
67.9
67.9
\u2013
North America
158.7
9.8
\u2013
\u2013
168.5
168.5
\u2013
Total goodwill and inde\ufb01nite
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
life intangible assets
278.5
55.5
88.8
38.2
461.0
459.0
2.0
\n \n
\u00a0 \u00a0 \u00a0
Property and
\u00a0 \u00a0 \u00a0
Inde\ufb01nite life
\u00a0
Transaction
\u00a0
Facilities
Investment
\u00a0 \u00a0
intangible
\u00a0
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 Paci\ufb01c
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 inde\ufb01nite
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
life intangible assets
269.2
47.8
90.3
38.3
445.6
443.6
2.0
\n
*
Inde\ufb01nite life intangible assets relate to investment management contracts.
16.1 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 \ufb02ows, derived from latest \ufb01nancial
budgets and strategic plans covering a \ufb01ve-year period, prepared by management and approved by the Board. Cash
\ufb02ows beyond this are extrapolated using perpetuity growth rates. These projected cash \ufb02ows were discounted at
CGU\u00a0speci\ufb01c, risk adjusted, discount rates to calculate their net present value.
16.2 Key assumptions
The calculation of value-in-use is most sensitive to the following assumptions:
(a) CGU speci\ufb01c operating assumptions
CGU speci\ufb01c operating assumptions are applicable to the forecasted cash \ufb02ows for the years 2025 to 2029 and
relate to revenue forecasts and underlying pro\ufb01t margins in each of the operating CGUs. The value ascribed to
each\u00a0assumption will vary between CGUs as the forecasts are built up from the underlying business units within
each CGU group.
(b) Discount rate
Future cash \ufb02ows are discounted using a pre-tax discount rate that re\ufb02ects current market assessments of the
time value of money. The discount rate used in each CGU is adjusted for the risk speci\ufb01c to the asset, including
the countries in which cash \ufb02ow will be generated, for which the future cash \ufb02ow estimates have not been
adjusted. The\u00a0pre-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 speci\ufb01c risk premium.
The risk-adjusted discount range of rates used in each region for impairment testing are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
Discount rate
Discount rate
\u00a0
range
range
United Kingdom
12.8%
12.4%
Continental Europe
10.5% \u2013 15.0%
10.6% \u2013 14.7%
Asia Paci\ufb01c
10.8% \u2013 15.4%
10.4% \u2013 15.1%
North America
12.1% \u2013 12.6%
11.7% \u2013 12.1%
Middle East
12.3%
14.0%
\n
(c) Perpetuity growth rates
A terminal value was calculated using perpetuity growth rates in order to forecast beyond the \ufb01ve years covered by
detailed forecasts. 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:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
Long-term
Long-term
\u00a0
growth rate
growth rate
\u00a0
range
range
United Kingdom
1.4%
1.5%
Continental Europe
0.7% \u2013 3.1%
0.9% \u2013 3.1%
Asia Paci\ufb01c
0.6% \u2013 6.5%
0.4% \u2013 6.8%
North America
1.8% \u2013 2.1%
1.7% \u2013 2.1%
Middle East
4.5%
4.3%
\n
16.3 Sensitivity to changes in assumptions
The Indonesia CGU goodwill balance was fully impaired during the year (2024: \u00a31.9m impairment, 2023:
\u00a33.9m\u00a0impairment).
Management have determined that there has been no impairment to the other CGUs within the Group. This
assessment is a re\ufb02ection of best estimates in arriving at value-in-use, future growth rates and the discount rate
applied to cash \ufb02ow projections.
The US and Australia CGUs were identi\ufb01ed as the material CGUs that are considered to be sensitive to changes in
key\u00a0assumptions, but for which no impairment charge was considered to be required at 31 December 2024.
The key assumption applied to the US CGU relates to the average underlying pro\ufb01t margin of 7.1% and average
revenue growth of 12.5% over the \ufb01ve year forecast period. The headroom in the value-in-use model for this CGU
of \u00a3192.1m (85%) would be reduced to nil if the average underlying pro\ufb01t margin decreased to 4.0% (assuming no
change in revenue assumptions) or the average revenue growth decreased to 7.2% (assuming variable costs changed
in proportion to the change in revenue). In the Australian CGU the key assumptions relate to the average underlying
pro\ufb01t margin of 4.1% and average revenue growth of 3.4% over the \ufb01ve year forecast period. The headroom in the
value-in-use model for this CGU of \u00a35.2m (19%) would be reduced to nil if the average underlying pro\ufb01t margin
decreased to 3.2% (assuming no change in revenue assumptions) or the average revenue growth decreased to
3.0%\u00a0(assuming variable costs changed in proportion to the change in revenue). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite 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-\ufb01nancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an appropriate discount rate to re\ufb02ect
market rates and speci\ufb01c risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identi\ufb01able cash \ufb02ows (CGUs). Where it is not possible to estimate the recoverable amount of an individual asset,
the\u00a0Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite 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-\ufb01nancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an appropriate discount rate to re\ufb02ect
market rates and speci\ufb01c risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identi\ufb01able cash \ufb02ows (CGUs). Where it is not possible to estimate the recoverable amount of an individual asset,
the\u00a0Group 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "Impairment of goodwill and intangible assets
Assets that have inde\ufb01nite 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-\ufb01nancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Value-in-use is determined using the discounted cash \ufb02ow method, with an appropriate discount rate to re\ufb02ect
market rates and speci\ufb01c risks associated with the asset.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identi\ufb01able cash \ufb02ows (CGUs). Where it is not possible to estimate the recoverable amount of an individual asset,
the\u00a0Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.\n \n
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Additions through business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations\u00a0(Note 28)
20.1
\u2013
1.2
\u2013
1.7
\u2013
23.0
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(3.6)
(0.1)
(0.7)
(0.1)
\u2013
(0.3)
(4.8)
At 31 December 2024
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Amortisation charge for the year
\u2013
3.1
5.7
0.1
0.3
6.9
16.1
Impairment
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(0.8)
(0.2)
(0.7)
(0.1)
\u2013
(0.3)
(2.1)
At 31 December 2024
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
459.0
11.7
17.8
0.2
3.5
18.6
510.8
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
505.0
44.4
59.4
3.8
4.7
45.2
662.5
Additions through business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations
10.4
\u2013
0.5
\u2013
\u2013
\u2013
10.9
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
5.5
5.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
Exchange movement
(14.2)
(0.8)
(0.7)
(0.2)
(0.1)
(0.9)
(16.9)
At 31 December 2023
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Accumulated amortisation and Impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
55.4
26.0
31.8
2.9
2.3
28.2
146.6
Amortisation charge for the year
\u2013
3.3
5.7
0.5
0.3
6.0
15.8
Impairment in the year
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.5)
(4.5)
Exchange movement
(1.7)
(0.4)
(0.6)
(0.1)
(0.1)
(0.7)
(3.6)
At 31 December 2023
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
443.6
14.7
22.3
0.3
2.1
16.4
499.4
\n16.1 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 \ufb02ows, derived from latest \ufb01nancial
budgets and strategic plans covering a \ufb01ve-year period, prepared by management and approved by the Board. Cash
\ufb02ows beyond this are extrapolated using perpetuity growth rates. These projected cash \ufb02ows were discounted at
CGU\u00a0speci\ufb01c, risk adjusted, discount rates to calculate their net present value.\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Leasehold
Equipment and
\u00a0
\u00a0
improvements
motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
104.3
82.9
187.2
Additions through business combinations (Note 28)
\u2013
1.5
1.5
Additions
4.9
6.8
11.7
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(8.7)
8.7
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.4
\u2013
0.4
Disposals
(1.2)
(2.7)
(3.9)
Exchange movement
0.2
(1.0)
(0.8)
At 31 December 2024
103.3
100.2
203.5
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
63.6
55.5
119.1
Charge for the year
8.0
10.4
18.4
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(4.4)
4.4
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.2
\u2013
0.2
Disposals
(1.2)
(2.4)
(3.6)
Exchange movement
0.3
(0.6)
(0.3)
At 31 December 2024
69.9
71.3
141.2
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
33.4
28.9
62.3
\n
*
Adjustments and reclassi\ufb01cations arise from a review of \ufb01xed asset classi\ufb01cations following system migrations within the Group.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Freehold
Leasehold
Equipment and
\u00a0
\u00a0
property
improvements
motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
0.1
104.8
86.7
191.6
Additions through business combinations
\u2013
0.1
0.2
0.3
Additions
\u2013
8.9
8.5
17.4
Reclassi\ufb01cation to equipment and motor vehicles
\u2013
(1.2)
1.2
\u2013
Reclassi\ufb01cation 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
\u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
\u2013
40.7
27.4
68.1
\n\n \n
\u00a0
Leasehold
Equipment and
Total right-of-use
\u00a0
properties
motor vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
366.6
14.7
381.3
Additions
19.7
4.3
24.0
Additions through business combinations (Note 28)
1.7
\u2013
1.7
Reclassi\ufb01cation from leasehold improvements
(0.4)
\u2013
(0.4)
Lease modi\ufb01cations
14.4
\u2013
14.4
Disposals (including disposals relating to sub-lets)
(24.1)
(3.3)
(27.4)
Exchange movement
(4.1)
(0.9)
(5.0)
At 31 December 2024
373.8
14.8
388.6
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
175.7
7.3
183.0
Charge for the year
48.0
3.8
51.8
Disposals (including disposals relating to sub-lets)
(23.6)
(3.2)
(26.8)
Reclassi\ufb01cation from leasehold improvements
(0.2)
\u2013
(0.2)
Exchange movement
(2.0)
(0.2)
(2.2)
At 31 December 2024
197.9
7.7
205.6
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
175.9
7.1
183.0
\n \n
\u00a0
Leasehold
Equipment and
Total right-of-use
\u00a0
properties
motor vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2023
368.6
8.5
377.1
Additions
28.0
4.2
32.2
Additions through business combinations
0.5
\u2013
0.5
Lease modi\ufb01cations
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
\u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0
At 31 December 2023
190.9
7.4
198.3
\n21.1 Impairment of trade and other receivables
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 speci\ufb01c to the debtors and economic environment, as evidence of a likely
reduction in the recoverability of the cash \ufb02ows. Local management have assessed the expected credit losses for
trade\u00a0receivables 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 identi\ufb01ed as having a signi\ufb01cantly elevated risk and have been provided for on a speci\ufb01c basis. Overall,
the\u00a0expected loss rate on trade receivables has remained stable at 4.1% (31 December 2023: 4.0%).
The loss allowance provision for trade receivables as at 31 December 2024 and 31 December 2023 was determined
as\u00a0follows:
\n \n
\u00a0 \u00a0
More than
More than
More than
More than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2024
Current
past due
past due
past due
past due
Total
Expected loss rate
0.3%
0.4%
3.1%
7.0%
45.2%
4.1%
Gross carrying amount (\u00a3m)
398.1
48.7
29.1
25.8
40.9
542.6
Loss allowance provision (\u00a3m)
(1.1)
(0.2)
(0.9)
(1.8)
(18.5)
(22.5)
\n \n
\u00a0 \u00a0
More than
More than
More than
More than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2023 restated*
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)
364.8
43.6
24.3
28.2
35.1
496.0
Loss allowance provision (\u00a3m)
(1.0)
(0.2)
(0.5)
(1.8)
(16.1)
(19.6)
\n
*
See Note 28 for details on the prior year restatement.
The loss allowance provision for trade receivables as at 31 December reconciles to the opening loss allowance
provision as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
At 1 January
(19.6)
(24.1)
Increase in loss allowance recognised in the income statement during the period
(7.6)
(0.7)
Receivables written o\ufb00 during the year as uncollectible
4.3
3.9
Foreign exchange
0.4
1.3
At 31 December
(22.5)
(19.6)
\nA 1% increase in the expected loss rate in each ageing category would increase the loss allowance provision by \u00a35.4m.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "\n \n
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Additions through business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations\u00a0(Note 28)
20.1
\u2013
1.2
\u2013
1.7
\u2013
23.0
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
9.1
9.1
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(3.6)
(0.1)
(0.7)
(0.1)
\u2013
(0.3)
(4.8)
At 31 December 2024
517.7
43.5
59.7
3.5
6.3
53.4
684.1
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Amortisation charge for the year
\u2013
3.1
5.7
0.1
0.3
6.9
16.1
Impairment
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
1.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange movement
(0.8)
(0.2)
(0.7)
(0.1)
\u2013
(0.3)
(2.1)
At 31 December 2024
58.7
31.8
41.9
3.3
2.8
34.8
173.3
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
459.0
11.7
17.8
0.2
3.5
18.6
510.8
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Investment
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Customer/
and property
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
business
management
Order
\u00a0
Computer
\u00a0
\u00a0
Goodwill
relationships
contracts
backlogs
Brands
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
505.0
44.4
59.4
3.8
4.7
45.2
662.5
Additions through business
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
combinations
10.4
\u2013
0.5
\u2013
\u2013
\u2013
10.9
Other additions
\u2013
\u2013
\u2013
\u2013
\u2013
5.5
5.5
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
Exchange movement
(14.2)
(0.8)
(0.7)
(0.2)
(0.1)
(0.9)
(16.9)
At 31 December 2023
501.2
43.6
59.2
3.6
4.6
45.4
657.6
Accumulated amortisation and Impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
55.4
26.0
31.8
2.9
2.3
28.2
146.6
Amortisation charge for the year
\u2013
3.3
5.7
0.5
0.3
6.0
15.8
Impairment in the year
3.9
\u2013
\u2013
\u2013
\u2013
\u2013
3.9
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(4.5)
(4.5)
Exchange movement
(1.7)
(0.4)
(0.6)
(0.1)
(0.1)
(0.7)
(3.6)
At 31 December 2023
57.6
28.9
36.9
3.3
2.5
29.0
158.2
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
443.6
14.7
22.3
0.3
2.1
16.4
499.4
\n\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Leasehold
Equipment and
\u00a0
\u00a0
improvements
motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
104.3
82.9
187.2
Additions through business combinations (Note 28)
\u2013
1.5
1.5
Additions
4.9
6.8
11.7
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(8.7)
8.7
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.4
\u2013
0.4
Disposals
(1.2)
(2.7)
(3.9)
Exchange movement
0.2
(1.0)
(0.8)
At 31 December 2024
103.3
100.2
203.5
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
63.6
55.5
119.1
Charge for the year
8.0
10.4
18.4
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(4.4)
4.4
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.2
\u2013
0.2
Disposals
(1.2)
(2.4)
(3.6)
Exchange movement
0.3
(0.6)
(0.3)
At 31 December 2024
69.9
71.3
141.2
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
33.4
28.9
62.3
\n
*
Adjustments and reclassi\ufb01cations arise from a review of \ufb01xed asset classi\ufb01cations following system migrations within the Group.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Freehold
Leasehold
Equipment and
\u00a0
\u00a0
property
improvements
motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
0.1
104.8
86.7
191.6
Additions through business combinations
\u2013
0.1
0.2
0.3
Additions
\u2013
8.9
8.5
17.4
Reclassi\ufb01cation to equipment and motor vehicles
\u2013
(1.2)
1.2
\u2013
Reclassi\ufb01cation 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
\u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
\u2013
40.7
27.4
68.1
\n\n \n
\u00a0
Leasehold
Equipment and
Total right-of-use
\u00a0
properties
motor vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
366.6
14.7
381.3
Additions
19.7
4.3
24.0
Additions through business combinations (Note 28)
1.7
\u2013
1.7
Reclassi\ufb01cation from leasehold improvements
(0.4)
\u2013
(0.4)
Lease modi\ufb01cations
14.4
\u2013
14.4
Disposals (including disposals relating to sub-lets)
(24.1)
(3.3)
(27.4)
Exchange movement
(4.1)
(0.9)
(5.0)
At 31 December 2024
373.8
14.8
388.6
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
175.7
7.3
183.0
Charge for the year
48.0
3.8
51.8
Disposals (including disposals relating to sub-lets)
(23.6)
(3.2)
(26.8)
Reclassi\ufb01cation from leasehold improvements
(0.2)
\u2013
(0.2)
Exchange movement
(2.0)
(0.2)
(2.2)
At 31 December 2024
197.9
7.7
205.6
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
175.9
7.1
183.0
\n \n
\u00a0
Leasehold
Equipment and
Total right-of-use
\u00a0
properties
motor vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2023
368.6
8.5
377.1
Additions
28.0
4.2
32.2
Additions through business combinations
0.5
\u2013
0.5
Lease modi\ufb01cations
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
\u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0
At 31 December 2023
190.9
7.4
198.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "17. Property, plant and equipment
Material accounting policies that apply to property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment.
Historical\u00a0cost 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\u00a0when it is probable that the future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and
the\u00a0cost of the item can be measured reliably.
Provision for depreciation is made at rates calculated on a straight-line basis to write o\ufb00 the assets over their
estimated useful lives as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
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
\n
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\u00a0greater than its estimated recoverable amount.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Leasehold
Equipment and
\u00a0
\u00a0
improvements
motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
104.3
82.9
187.2
Additions through business combinations (Note 28)
\u2013
1.5
1.5
Additions
4.9
6.8
11.7
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(8.7)
8.7
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.4
\u2013
0.4
Disposals
(1.2)
(2.7)
(3.9)
Exchange movement
0.2
(1.0)
(0.8)
At 31 December 2024
103.3
100.2
203.5
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
63.6
55.5
119.1
Charge for the year
8.0
10.4
18.4
Adjustment*
3.4
4.0
7.4
Reclassi\ufb01cation to equipment*
(4.4)
4.4
\u2013
Reclassi\ufb01cation to right-of-use assets*
0.2
\u2013
0.2
Disposals
(1.2)
(2.4)
(3.6)
Exchange movement
0.3
(0.6)
(0.3)
At 31 December 2024
69.9
71.3
141.2
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
33.4
28.9
62.3
\n
*
Adjustments and reclassi\ufb01cations arise from a review of \ufb01xed asset classi\ufb01cations following system migrations within the Group.
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Freehold
Leasehold
Equipment and
\u00a0
\u00a0
property
improvements
motor vehicles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
0.1
104.8
86.7
191.6
Additions through business combinations
\u2013
0.1
0.2
0.3
Additions
\u2013
8.9
8.5
17.4
Reclassi\ufb01cation to equipment and motor vehicles
\u2013
(1.2)
1.2
\u2013
Reclassi\ufb01cation 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
\u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
\u2013
40.7
27.4
68.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "Material accounting policies that apply to property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment.
Historical\u00a0cost 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\u00a0when it is probable that the future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and
the\u00a0cost of the item can be measured reliably.
Provision for depreciation is made at rates calculated on a straight-line basis to write o\ufb00 the assets over their
estimated useful lives as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
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
\n
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\u00a0greater than its estimated recoverable amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "Provision for depreciation is made at rates calculated on a straight-line basis to write o\ufb00 the assets over their
estimated useful lives as follows:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
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
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "18. Leases
Material accounting policies that apply to 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 di\ufb00erent 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:
\u00a7
\ufb01xed payments (including in-substance \ufb01xed payments), less any lease incentives receivable;
\u00a7
variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the
commencement date;
\u00a7
amounts expected to be payable by the Group under residual value guarantees;
\u00a7
the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and
\u00a7
payments of penalties for terminating the lease, if the lease term re\ufb02ects 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\u00a0not included in the lease liability until they take e\ufb00ect. When adjustments to lease payments based on an index
or\u00a0rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and interest cost. The \ufb01nance 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\u00a0the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u00a7
the amount of the initial measurement of lease liability;
\u00a7
any lease payments made at or before the commencement date less any lease incentives received;
\u00a7
any initial direct costs; and
\u00a7
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\u00a0recoverable 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 o\ufb03ce furniture.
Extension and termination options are included in a number of property and equipment leases across the Group.
These are used to maximise operational \ufb02exibility 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.
Sub-leases
The Group sometimes enters into sub-lease agreements where the underlying asset is sub-let to a third-party sub-
lessee. In a sublease transaction, the lease between the original lessee and lessor (the head lease) remains in e\ufb00ect.
The Group classi\ufb01es the sub-lease at lease inception as a \ufb01nance lease or operating lease based on the extent to
which risks and rewards incidental to ownership of the underlying asset lie with the lessor or the lessee.
The Group\u2019s sub-leases are all classi\ufb01ed as \ufb01nance leases. The Group therefore derecognises the original right-of-use
asset relating to the head lease and continues to account for the original lease liability as it did before commencement
of the sublease. A receivable for the net investment in sub-lease is recognised and evaluated for impairment annually.
Finance income is recognised over the lease term based on a pattern re\ufb02ecting a constant periodic rate of return on
the net investment in sub-lease.
Any di\ufb00erence between the right-of-use asset and the net investment in the sublease is recognised in the Income
Statement in the relevant period.
Signi\ufb01cant judgement
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\u00a0\ufb01nancial position upon initial recognition of a lease.
The assessment is reviewed if a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs which a\ufb00ects this
assessment and that is within the control of the lessee.
18.1 Right-of-use assets
\n \n
\u00a0
Leasehold
Equipment and
Total right-of-use
\u00a0
properties
motor vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2024
366.6
14.7
381.3
Additions
19.7
4.3
24.0
Additions through business combinations (Note 28)
1.7
\u2013
1.7
Reclassi\ufb01cation from leasehold improvements
(0.4)
\u2013
(0.4)
Lease modi\ufb01cations
14.4
\u2013
14.4
Disposals (including disposals relating to sub-lets)
(24.1)
(3.3)
(27.4)
Exchange movement
(4.1)
(0.9)
(5.0)
At 31 December 2024
373.8
14.8
388.6
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0
At 1 January 2024
175.7
7.3
183.0
Charge for the year
48.0
3.8
51.8
Disposals (including disposals relating to sub-lets)
(23.6)
(3.2)
(26.8)
Reclassi\ufb01cation from leasehold improvements
(0.2)
\u2013
(0.2)
Exchange movement
(2.0)
(0.2)
(2.2)
At 31 December 2024
197.9
7.7
205.6
Net book value
\u00a0 \u00a0 \u00a0
At 31 December 2024
175.9
7.1
183.0
\n \n
\u00a0
Leasehold
Equipment and
Total right-of-use
\u00a0
properties
motor vehicles
assets
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
At 1 January 2023
368.6
8.5
377.1
Additions
28.0
4.2
32.2
Additions through business combinations
0.5
\u2013
0.5
Lease modi\ufb01cations
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
\u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0
At 31 December 2023
190.9
7.4
198.3
\n
*
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\u2019s
statement of \ufb01nancial position (\u00a312.3m). The di\ufb00erence 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 pro\ufb01t 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 \ufb01nancial position.
18.2 Lease liabilities
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
At 1 January
254.2
277.6
Additions
24.9
32.2
Lease modi\ufb01cations
14.4
8.5
Additions through business combinations (Note 28)
1.7
0.4
Transfers from accruals
\u2013
0.3
Disposal of leases
(0.4)
(2.6)
Repayments of lease liabilities
(68.7)
(63.9)
Unwinding of discount
9.1
9.2
Exchange movement
(2.1)
(7.5)
Closing amount as at 31 December
233.1
254.2
Current
49.7
52.9
Non-current
183.4
201.3
\n
Cash out\ufb02ows with respect to leases, which includes short-term lease payments, totalled \u00a369.3m (2023: \u00a365.1m). Refer
to Note 9 for information on the amount charged to the income statement with respect to short-term and variable
lease payments.
18.3 Net investment in sub-leases
The Group sub-leases o\ufb03ce space. Sub-lease receivables (net investment in sub-lease) amount to \u00a311.2m as
at\u00a031\u00a0December 2024 (31 December 2023: \u00a312.3m), split between non-current of \u00a39.5m and current of \u00a31.7m
(31\u00a0December 2023: non-current \u00a310.3m, current \u00a32.0m). The current balance is included in other receivables.
The future lease payments receivable are as follows:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Less than a year
2.0
2.0
Between 1 and 2 years
1.7
1.8
Between 2 and 3 years
1.7
1.6
Between 3 and 4 years
1.7
1.6
Between 4 and 5 years
1.8
1.6
Over 5 years
3.0
4.6
Total undiscounted cash \ufb02ows
11.9
13.2
Discounting
(0.7)
(0.9)
Carrying value of net investment in sub-lease
11.2
12.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "Material accounting policies that apply to 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 di\ufb00erent 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:
\u00a7
\ufb01xed payments (including in-substance \ufb01xed payments), less any lease incentives receivable;
\u00a7
variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the
commencement date;
\u00a7
amounts expected to be payable by the Group under residual value guarantees;
\u00a7
the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and
\u00a7
payments of penalties for terminating the lease, if the lease term re\ufb02ects 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\u00a0not included in the lease liability until they take e\ufb00ect. When adjustments to lease payments based on an index
or\u00a0rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and interest cost. The \ufb01nance 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\u00a0the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u00a7
the amount of the initial measurement of lease liability;
\u00a7
any lease payments made at or before the commencement date less any lease incentives received;
\u00a7
any initial direct costs; and
\u00a7
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\u00a0recoverable 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 o\ufb03ce furniture.
Extension and termination options are included in a number of property and equipment leases across the Group.
These are used to maximise operational \ufb02exibility 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.
Sub-leases
The Group sometimes enters into sub-lease agreements where the underlying asset is sub-let to a third-party sub-
lessee. In a sublease transaction, the lease between the original lessee and lessor (the head lease) remains in e\ufb00ect.
The Group classi\ufb01es the sub-lease at lease inception as a \ufb01nance lease or operating lease based on the extent to
which risks and rewards incidental to ownership of the underlying asset lie with the lessor or the lessee.
The Group\u2019s sub-leases are all classi\ufb01ed as \ufb01nance leases. The Group therefore derecognises the original right-of-use
asset relating to the head lease and continues to account for the original lease liability as it did before commencement
of the sublease. A receivable for the net investment in sub-lease is recognised and evaluated for impairment annually.
Finance income is recognised over the lease term based on a pattern re\ufb02ecting a constant periodic rate of return on
the net investment in sub-lease.
Any di\ufb00erence between the right-of-use asset and the net investment in the sublease is recognised in the Income
Statement in the relevant period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "19. Investments in joint ventures and associates
Material accounting policies that apply to investments in joint ventures and associates
Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.
\n \n
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0
Investment
(including loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
10.6
2.5
3.6
6.1
Additions
0.3
\u2013
\u2013
\u2013
Reclassi\ufb01cation to associate
(0.5)
0.5
\u2013
0.5
Fair value re-measurement prior to
\u00a0 \u00a0 \u00a0 \u00a0
subsidiary\u00a0acquisition
\u2013
4.4
\u2013
4.4
Transfer upon subsidiary acquisition (Note 28)
\u2013
(5.6)
\u2013
(5.6)
Impairment
\u2013
(0.2)
\u2013
(0.2)
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
(0.1)
0.1
\u2013
0.1
At 31 December 2024
10.2
1.7
3.6
5.3
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
16.7
5.5
\u2013
5.5
Group\u2019s share of pro\ufb01t from continuing operations
7.0
0.5
\u2013
0.5
Dividends received
(4.2)
(2.8)
\u2013
(2.8)
Exchange movement
0.4
(0.2)
\u2013
(0.2)
At 31 December 2024
19.9
3.0
\u2013
3.0
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
30.1
4.7
3.6
8.3
\n \n
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0
Investment
(including loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
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 pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
18.5
4.6
\u2013
4.6
Group\u2019s share of pro\ufb01t 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
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
27.3
8.0
3.6
11.6
\n
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.
On 31 December 2023, the Group converted loans to additional equity in Vucity Limited. This investment was
previously classi\ufb01ed as a FVOCI investment. Following the loan conversion, the Group\u2019s equity investment in Vucity
Limited increased to 29.68% resulting in the treatment of this investment as an associate, with \u00a33.2m recognised as
an\u00a0addition in the year.
The Group has one associate and one joint venture with net liabilities as at 31 December 2024 (2023: one joint
venture and two associates), restricting the ability of these entities to transfer funds to its Shareholders in the
form of dividends. The associate and joint venture have no signi\ufb01cant liabilities to which the Group is exposed, nor
has the Group any signi\ufb01cant contingent liabilities or capital commitments in relation to its interests in the joint
ventures\u00a0and\u00a0associates.
Refer to Note 38 for a full list of the Group\u2019s subsidiaries, joint ventures and associates.Other non-current receivables include loans of \u00a30.1m receivable from associates (2023: \u00a31.3m), \u00a31.9m of loans issued to
entities that the Group recognises as \ufb01nancial assets held at FVOCI (2023: \u00a31.4m) and insurance receivable assets of
\u00a36.7m (2023: \u00a37.0m).
Other current 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 \u00a30.5m receivable from joint ventures
(2023: \u00a30.1m) and loans of \u00a31.1m receivable from associates (2023: \u00a30.6m).36. Related party transactions
Other than disclosed below and the information provided within the Remuneration Report and Note 11.3 (Key
management compensation), there were no signi\ufb01cant related party transactions during the year.
(a) Loans to related parties
Refer to Note 21 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 (2023: no material transactions),
with the exception of transactions and balances disclosed in Notes 21 and 23.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "19. Investments in joint ventures and associates
Material accounting policies that apply to investments in joint ventures and associates
Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.
\n \n
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0
Investment
(including loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
10.6
2.5
3.6
6.1
Additions
0.3
\u2013
\u2013
\u2013
Reclassi\ufb01cation to associate
(0.5)
0.5
\u2013
0.5
Fair value re-measurement prior to
\u00a0 \u00a0 \u00a0 \u00a0
subsidiary\u00a0acquisition
\u2013
4.4
\u2013
4.4
Transfer upon subsidiary acquisition (Note 28)
\u2013
(5.6)
\u2013
(5.6)
Impairment
\u2013
(0.2)
\u2013
(0.2)
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
(0.1)
0.1
\u2013
0.1
At 31 December 2024
10.2
1.7
3.6
5.3
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
16.7
5.5
\u2013
5.5
Group\u2019s share of pro\ufb01t from continuing operations
7.0
0.5
\u2013
0.5
Dividends received
(4.2)
(2.8)
\u2013
(2.8)
Exchange movement
0.4
(0.2)
\u2013
(0.2)
At 31 December 2024
19.9
3.0
\u2013
3.0
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
30.1
4.7
3.6
8.3
\n \n
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0
Investment
(including loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
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 pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
18.5
4.6
\u2013
4.6
Group\u2019s share of pro\ufb01t 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
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
27.3
8.0
3.6
11.6
\n
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.
On 31 December 2023, the Group converted loans to additional equity in Vucity Limited. This investment was
previously classi\ufb01ed as a FVOCI investment. Following the loan conversion, the Group\u2019s equity investment in Vucity
Limited increased to 29.68% resulting in the treatment of this investment as an associate, with \u00a33.2m recognised as
an\u00a0addition in the year.
The Group has one associate and one joint venture with net liabilities as at 31 December 2024 (2023: one joint
venture and two associates), restricting the ability of these entities to transfer funds to its Shareholders in the
form of dividends. The associate and joint venture have no signi\ufb01cant liabilities to which the Group is exposed, nor
has the Group any signi\ufb01cant contingent liabilities or capital commitments in relation to its interests in the joint
ventures\u00a0and\u00a0associates.
Refer to Note 38 for a full list of the Group\u2019s subsidiaries, joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "19. Investments in joint ventures and associates
Material accounting policies that apply to investments in joint ventures and associates
Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.
\n \n
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0
Investment
(including loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
10.6
2.5
3.6
6.1
Additions
0.3
\u2013
\u2013
\u2013
Reclassi\ufb01cation to associate
(0.5)
0.5
\u2013
0.5
Fair value re-measurement prior to
\u00a0 \u00a0 \u00a0 \u00a0
subsidiary\u00a0acquisition
\u2013
4.4
\u2013
4.4
Transfer upon subsidiary acquisition (Note 28)
\u2013
(5.6)
\u2013
(5.6)
Impairment
\u2013
(0.2)
\u2013
(0.2)
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
(0.1)
0.1
\u2013
0.1
At 31 December 2024
10.2
1.7
3.6
5.3
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
16.7
5.5
\u2013
5.5
Group\u2019s share of pro\ufb01t from continuing operations
7.0
0.5
\u2013
0.5
Dividends received
(4.2)
(2.8)
\u2013
(2.8)
Exchange movement
0.4
(0.2)
\u2013
(0.2)
At 31 December 2024
19.9
3.0
\u2013
3.0
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
30.1
4.7
3.6
8.3
\n \n
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0
Investment
(including loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
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 pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
18.5
4.6
\u2013
4.6
Group\u2019s share of pro\ufb01t 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
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
27.3
8.0
3.6
11.6
\n
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.
On 31 December 2023, the Group converted loans to additional equity in Vucity Limited. This investment was
previously classi\ufb01ed as a FVOCI investment. Following the loan conversion, the Group\u2019s equity investment in Vucity
Limited increased to 29.68% resulting in the treatment of this investment as an associate, with \u00a33.2m recognised as
an\u00a0addition in the year.
The Group has one associate and one joint venture with net liabilities as at 31 December 2024 (2023: one joint
venture and two associates), restricting the ability of these entities to transfer funds to its Shareholders in the
form of dividends. The associate and joint venture have no signi\ufb01cant liabilities to which the Group is exposed, nor
has the Group any signi\ufb01cant contingent liabilities or capital commitments in relation to its interests in the joint
ventures\u00a0and\u00a0associates.
Refer to Note 38 for a full list of the Group\u2019s subsidiaries, joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "19. Investments in joint ventures and associates
Material accounting policies that apply to investments in joint ventures and associates
Refer to Note 4.1 for the accounting policy with respect to investments in joint ventures and associates.
\n \n
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0
Investment
(including loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
10.6
2.5
3.6
6.1
Additions
0.3
\u2013
\u2013
\u2013
Reclassi\ufb01cation to associate
(0.5)
0.5
\u2013
0.5
Fair value re-measurement prior to
\u00a0 \u00a0 \u00a0 \u00a0
subsidiary\u00a0acquisition
\u2013
4.4
\u2013
4.4
Transfer upon subsidiary acquisition (Note 28)
\u2013
(5.6)
\u2013
(5.6)
Impairment
\u2013
(0.2)
\u2013
(0.2)
Disposals
(0.1)
\u2013
\u2013
\u2013
Exchange movement
(0.1)
0.1
\u2013
0.1
At 31 December 2024
10.2
1.7
3.6
5.3
Share of pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
16.7
5.5
\u2013
5.5
Group\u2019s share of pro\ufb01t from continuing operations
7.0
0.5
\u2013
0.5
Dividends received
(4.2)
(2.8)
\u2013
(2.8)
Exchange movement
0.4
(0.2)
\u2013
(0.2)
At 31 December 2024
19.9
3.0
\u2013
3.0
Total
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2024
30.1
4.7
3.6
8.3
\n \n
\u00a0
Joint ventures
\u00a0
Associates
\u00a0
\u00a0 \u00a0
Investment
\u00a0 \u00a0
\u00a0
Investment
(including loans)
Goodwill
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
\u00a0 \u00a0 \u00a0 \u00a0
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 pro\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2023
18.5
4.6
\u2013
4.6
Group\u2019s share of pro\ufb01t 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
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2023
27.3
8.0
3.6
11.6
\n
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.
On 31 December 2023, the Group converted loans to additional equity in Vucity Limited. This investment was
previously classi\ufb01ed as a FVOCI investment. Following the loan conversion, the Group\u2019s equity investment in Vucity
Limited increased to 29.68% resulting in the treatment of this investment as an associate, with \u00a33.2m recognised as
an\u00a0addition in the year.
The Group has one associate and one joint venture with net liabilities as at 31 December 2024 (2023: one joint
venture and two associates), restricting the ability of these entities to transfer funds to its Shareholders in the
form of dividends. The associate and joint venture have no signi\ufb01cant liabilities to which the Group is exposed, nor
has the Group any signi\ufb01cant contingent liabilities or capital commitments in relation to its interests in the joint
ventures\u00a0and\u00a0associates.
Refer to Note 38 for a full list of the Group\u2019s subsidiaries, joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "20. Investments and derivative \ufb01nancial instruments
Material accounting policies that apply to investments and derivative \ufb01nancial instruments
Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity investments to be classi\ufb01ed as
FVOCI (fair value through other comprehensive income). Changes in fair value are recognised through other
comprehensive income rather than pro\ufb01t or loss. Dividends from these investments are recognised in pro\ufb01t 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 reclassi\ufb01ed to retained earnings and will not
be\u00a0recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with changes in fair value recognised
through pro\ufb01t or loss. Any gains or losses that arise when such instruments are disposed are recognised in
operating pro\ufb01t/(loss) within the income statement.
Derivative \ufb01nancial 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.
The three levels of valuation methodology used are:
Level 1 \u2013
uses quoted active market prices.
Level 2 \u2013
uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign exchange contracts are determined
by\u00a0using valuation techniques using observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and
losses\u00a0in\u00a0the income statement.
Level 3 \u2013
uses inputs that are not based on observable market data, such as internal models or other
valuation\u00a0methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3 fall under two categories.
The \ufb01rst, 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 insu\ufb03cient 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 \ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow valuation
and/or considering evidence from recent fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories. The \ufb01rst, where the fair value of
investment funds is based on underlying asset values determined by the Fund Manager\u2019s quarterly \ufb01nancial
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 \ufb02ow forecasts of the investments and applying
these to a discounted cash \ufb02ow valuation. See Note 20.4 for the terms of these loans.
20.1 Categories of \ufb01nancial instruments
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial
\u00a0
\u00a0 \u00a0 \u00a0
Financial
\u00a0 \u00a0 \u00a0
assets at
Total
\u00a0
Financial
Financial
assets at
Total
Financial
Financial
amortised
carrying
\u00a0
assets at
assets at
amortised
carrying
assets at
assets at
cost
amount
\u00a0
FVPL
FVOCI
cost
amount
FVPL
FVOCI
2023
2023
\u00a3m
2024
2024
2024
2024
2023
2023
restated*
restated*
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u2013
4.6
\u2013
4.6
\u2013
5.0
\u2013
5.0
Financial assets at FVPL
27.3
\u2013
\u2013
27.3
38.5
\u2013
\u2013
38.5
Trade and other receivables
\u2013
\u2013
684.1
684.1
\u2013
\u2013
625.7
625.7
Derivative \ufb01nancial instruments
0.3
\u2013
\u2013
0.3
1.0
\u2013
\u2013
1.0
Cash and cash equivalents
\u2013
\u2013
536.5
536.5
\u2013
\u2013
506.6
506.6
Total \ufb01nancial assets
27.6
4.6
1,220.6
1,252.8
39.5
5.0
1,132.3
1,176.8
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial
\u00a0
\u00a0 \u00a0
Financial
\u00a0 \u00a0
liabilities at
Total
\u00a0
Financial
liabilities at
Total
Financial
amortised
carrying
\u00a0
liabilities
amortised
carrying
liabilities
cost
amount
\u00a0
at FVPL
cost
amount
at FVPL
2023
2023
\u00a3m
2024
2024
2024
2023
restated*
restated*
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
\u2013
160.9
160.9
\u2013
157.2
157.2
Overdrafts in notional pooling
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
arrangements
\u2013
199.3
199.3
\u2013
192.3
192.3
Lease liabilities
\u2013
233.1
233.1
\u2013
254.2
254.2
Trade and other payables
2.3
352.9
355.2
\u2013
298.5
298.5
Derivative \ufb01nancial instruments
13.9
\u2013
13.9
5.7
\u2013
5.7
Total \ufb01nancial liabilities
16.2
946.2
962.4
5.7
902.2
907.9
\n
*
2023 has been restated due to the prior year restatement included in Note 28 as well as a recalculation of the Group\u2019s \ufb01nancial assets included within trade
and other receivables and the Group\u2019s \ufb01nancial liabilities included within trade and other payables.
20.2 Fair value hierarchy
\n \n
\u00a0
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.6
4.6
Financial assets at FVPL
\u2013
27.3
27.3
Derivative \ufb01nancial instruments
0.3
\u2013
0.3
Total assets
0.3
31.9
32.2
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.3
2.3
Derivative \ufb01nancial instruments
1.3
12.6
13.9
Total liabilities
1.3
14.9
16.2
\n \n
\u00a0
Level 2
Level 3
Total
2023
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
5.0
5.0
Financial assets at FVPL
\u2013
38.5
38.5
Derivative \ufb01nancial instruments
1.0
\u2013
1.0
Total assets
1.0
43.5
44.5
Liabilities
\u00a0 \u00a0 \u00a0
Derivative \ufb01nancial instruments
\u2013
5.7
5.7
Total liabilities
\u2013
5.7
5.7
\n
The gross notional principal amounts of the outstanding forward foreign exchange contracts at 31 December 2024
were \u00a3135.4m (2023: \u00a3107.9m). All contracts mature within one year and are classed as current.
The following table presents the changes in Level 3 \ufb01nancial (liabilities)/assets for the period ended 31 December 2024:
\u00a0
Contingent
Derivative
Financial
Financial
\u00a0
deferred
\ufb01nancial
assets at
assets at
\u00a3m
consideration
instruments
FVOCI
FVPL
Opening balance 1 January 2024
\u2013
(5.7)
5.0
38.5
Additions
(1.0)
(8.4)
\u2013
6.1
Reclassi\ufb01cation
(1.0)
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.3)
(0.7)
Settlement
0.4
4.4
\u2013
\u2013
Reversal of impairment
\u2013
\u2013
0.1
\u2013
Eliminated upon consolidation
\u2013
\u2013
\u2013
(14.6)
Re-measurement
(0.8)
(2.8)
(0.1)
(1.1)
Exchange movement
0.1
(0.1)
(0.1)
(0.9)
Closing balance 31 December 2024
(2.3)
(12.6)
4.6
27.3
\n
The derivative \ufb01nancial liabilities classi\ufb01ed 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. Subsequent to initial
recognition, gains and losses on these options are recognised in operating pro\ufb01ts in the income statement.
Derivative \ufb01nancial liabilities as at 31 December 2024 include:
\u00a7
A call option on the Savills IM Holdings Limited group. Under this agreement Samsung Life (29% non-controlling
interest holder) has the option to increase its interest by up to 6%. The option is exercisable within 30 days from
31\u00a0December 2025 and is dependent upon the quantum and timing of the provision of capital to Savills Investment
Management\u2019s investment products. This option is classed as non-current.
\u00a7
A put and call option on the remaining 20% of Absolute Maintenance Services Pte Limited and Solute Pte Limited
(\u2018AMS\u2019), exercisable in 2027. This option is classi\ufb01ed as non-current. During the year, the Group acquired an
additional 20% of AMS under the \ufb01rst tranche of the put and call option.
\u00a7
A put and call option for the remaining 40% shareholding in LCA Core Sdn Bhd Group (\u2018LCA\u2019), exercisable in
2026.\u00a0The charge upon initial recognition of the option has been recognised in reserves. The option is classi\ufb01ed as
non-current.
\u00a7
A put and call option for the remaining 45% shareholding in Savills Property Services (India) Private Limited (\u2018Savills
India\u2019), exercisable in \ufb01ve tranches between 2029 and 2034. The charge upon recognition of the liability has been
recognised in reserves. This option is classi\ufb01ed as non-current.
20.3 Financial assets at FVOCI
Financial assets at FVOCI comprise the following individual equity investments:
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Unlisted securities
\u00a0 \u00a0
Andor Holdco Limited
1.7
1.7
Income Analytics Limited
1.2
1.2
Thirdfort Limited
0.2
0.3
Home Click Pte Limited
0.2
0.2
Other smaller investments
1.3
1.6
\u00a0
4.6
5.0
\n
In the prior 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. In the prior year, 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 19).
Equity investments at FVOCI are denominated in the following currencies:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Sterling
3.1
3.4
Japanese yen
0.6
0.6
Other
0.9
1.0
\u00a0
4.6
5.0
\n
20.4 Financial assets at FVPL
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Convertible loans
\u2013
15.1
Instruments held in investment funds
27.3
23.4
\u00a0
27.3
38.5
\n
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 20
for further details on fair value measurement). The CCPS issued in 2019 were converted in August 2024 leading to Savills
Property Services (India) Private Limited becoming a subsidiary of the Group. Upon consolidation of Savills Property
Services (India) Private Ltd, the CCDs are eliminated as an intercompany balance.
At 31 December, the Group held the following conditional commitments to co-invest in a number of Savills Investment
Management funds:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Asia Paci\ufb01c Income and Growth Fund FCP-RAIF
0.5
1.0
Savills IM UK Value Boxes Fund FCP-RAIF
2.3
2.3
DRC European Real Estate Debt Fund IV LP
0.9
1.2
Vestas European Strategic Allocation Logistics Fund II
\u2013
2.9
Simply A\ufb00ordable Homes 2 LP
0.7
\u2013
Savills IM UK Build to Rent Fund FCP-RAIF
0.3
1.7
Savills IM European Urban Logistics & Industrial Fund FCP-RAIF
1.2
2.8
Savills IM European Living Fund FCP-RAIF
0.5
1.2
\u00a0
6.4
13.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "20. Investments and derivative \ufb01nancial instruments
Material accounting policies that apply to investments and derivative \ufb01nancial instruments
Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity investments to be classi\ufb01ed as
FVOCI (fair value through other comprehensive income). Changes in fair value are recognised through other
comprehensive income rather than pro\ufb01t or loss. Dividends from these investments are recognised in pro\ufb01t 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 reclassi\ufb01ed to retained earnings and will not
be\u00a0recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with changes in fair value recognised
through pro\ufb01t or loss. Any gains or losses that arise when such instruments are disposed are recognised in
operating pro\ufb01t/(loss) within the income statement.
Derivative \ufb01nancial 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.
The three levels of valuation methodology used are:
Level 1 \u2013
uses quoted active market prices.
Level 2 \u2013
uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign exchange contracts are determined
by\u00a0using valuation techniques using observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and
losses\u00a0in\u00a0the income statement.
Level 3 \u2013
uses inputs that are not based on observable market data, such as internal models or other
valuation\u00a0methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3 fall under two categories.
The \ufb01rst, 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 insu\ufb03cient 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 \ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow valuation
and/or considering evidence from recent fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories. The \ufb01rst, where the fair value of
investment funds is based on underlying asset values determined by the Fund Manager\u2019s quarterly \ufb01nancial
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 \ufb02ow forecasts of the investments and applying
these to a discounted cash \ufb02ow valuation. See Note 20.4 for the terms of these loans.
20.1 Categories of \ufb01nancial instruments
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial
\u00a0
\u00a0 \u00a0 \u00a0
Financial
\u00a0 \u00a0 \u00a0
assets at
Total
\u00a0
Financial
Financial
assets at
Total
Financial
Financial
amortised
carrying
\u00a0
assets at
assets at
amortised
carrying
assets at
assets at
cost
amount
\u00a0
FVPL
FVOCI
cost
amount
FVPL
FVOCI
2023
2023
\u00a3m
2024
2024
2024
2024
2023
2023
restated*
restated*
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u2013
4.6
\u2013
4.6
\u2013
5.0
\u2013
5.0
Financial assets at FVPL
27.3
\u2013
\u2013
27.3
38.5
\u2013
\u2013
38.5
Trade and other receivables
\u2013
\u2013
684.1
684.1
\u2013
\u2013
625.7
625.7
Derivative \ufb01nancial instruments
0.3
\u2013
\u2013
0.3
1.0
\u2013
\u2013
1.0
Cash and cash equivalents
\u2013
\u2013
536.5
536.5
\u2013
\u2013
506.6
506.6
Total \ufb01nancial assets
27.6
4.6
1,220.6
1,252.8
39.5
5.0
1,132.3
1,176.8
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial
\u00a0
\u00a0 \u00a0
Financial
\u00a0 \u00a0
liabilities at
Total
\u00a0
Financial
liabilities at
Total
Financial
amortised
carrying
\u00a0
liabilities
amortised
carrying
liabilities
cost
amount
\u00a0
at FVPL
cost
amount
at FVPL
2023
2023
\u00a3m
2024
2024
2024
2023
restated*
restated*
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
\u2013
160.9
160.9
\u2013
157.2
157.2
Overdrafts in notional pooling
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
arrangements
\u2013
199.3
199.3
\u2013
192.3
192.3
Lease liabilities
\u2013
233.1
233.1
\u2013
254.2
254.2
Trade and other payables
2.3
352.9
355.2
\u2013
298.5
298.5
Derivative \ufb01nancial instruments
13.9
\u2013
13.9
5.7
\u2013
5.7
Total \ufb01nancial liabilities
16.2
946.2
962.4
5.7
902.2
907.9
\n
*
2023 has been restated due to the prior year restatement included in Note 28 as well as a recalculation of the Group\u2019s \ufb01nancial assets included within trade
and other receivables and the Group\u2019s \ufb01nancial liabilities included within trade and other payables.
20.2 Fair value hierarchy
\n \n
\u00a0
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.6
4.6
Financial assets at FVPL
\u2013
27.3
27.3
Derivative \ufb01nancial instruments
0.3
\u2013
0.3
Total assets
0.3
31.9
32.2
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.3
2.3
Derivative \ufb01nancial instruments
1.3
12.6
13.9
Total liabilities
1.3
14.9
16.2
\n \n
\u00a0
Level 2
Level 3
Total
2023
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
5.0
5.0
Financial assets at FVPL
\u2013
38.5
38.5
Derivative \ufb01nancial instruments
1.0
\u2013
1.0
Total assets
1.0
43.5
44.5
Liabilities
\u00a0 \u00a0 \u00a0
Derivative \ufb01nancial instruments
\u2013
5.7
5.7
Total liabilities
\u2013
5.7
5.7
\n
The gross notional principal amounts of the outstanding forward foreign exchange contracts at 31 December 2024
were \u00a3135.4m (2023: \u00a3107.9m). All contracts mature within one year and are classed as current.
The following table presents the changes in Level 3 \ufb01nancial (liabilities)/assets for the period ended 31 December 2024:
\u00a0
Contingent
Derivative
Financial
Financial
\u00a0
deferred
\ufb01nancial
assets at
assets at
\u00a3m
consideration
instruments
FVOCI
FVPL
Opening balance 1 January 2024
\u2013
(5.7)
5.0
38.5
Additions
(1.0)
(8.4)
\u2013
6.1
Reclassi\ufb01cation
(1.0)
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.3)
(0.7)
Settlement
0.4
4.4
\u2013
\u2013
Reversal of impairment
\u2013
\u2013
0.1
\u2013
Eliminated upon consolidation
\u2013
\u2013
\u2013
(14.6)
Re-measurement
(0.8)
(2.8)
(0.1)
(1.1)
Exchange movement
0.1
(0.1)
(0.1)
(0.9)
Closing balance 31 December 2024
(2.3)
(12.6)
4.6
27.3
\n
The derivative \ufb01nancial liabilities classi\ufb01ed 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. Subsequent to initial
recognition, gains and losses on these options are recognised in operating pro\ufb01ts in the income statement.
Derivative \ufb01nancial liabilities as at 31 December 2024 include:
\u00a7
A call option on the Savills IM Holdings Limited group. Under this agreement Samsung Life (29% non-controlling
interest holder) has the option to increase its interest by up to 6%. The option is exercisable within 30 days from
31\u00a0December 2025 and is dependent upon the quantum and timing of the provision of capital to Savills Investment
Management\u2019s investment products. This option is classed as non-current.
\u00a7
A put and call option on the remaining 20% of Absolute Maintenance Services Pte Limited and Solute Pte Limited
(\u2018AMS\u2019), exercisable in 2027. This option is classi\ufb01ed as non-current. During the year, the Group acquired an
additional 20% of AMS under the \ufb01rst tranche of the put and call option.
\u00a7
A put and call option for the remaining 40% shareholding in LCA Core Sdn Bhd Group (\u2018LCA\u2019), exercisable in
2026.\u00a0The charge upon initial recognition of the option has been recognised in reserves. The option is classi\ufb01ed as
non-current.
\u00a7
A put and call option for the remaining 45% shareholding in Savills Property Services (India) Private Limited (\u2018Savills
India\u2019), exercisable in \ufb01ve tranches between 2029 and 2034. The charge upon recognition of the liability has been
recognised in reserves. This option is classi\ufb01ed as non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00544": { "value": "Material accounting policies that apply to investments and derivative \ufb01nancial instrumentsDerivative \ufb01nancial 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.
The three levels of valuation methodology used are:
Level 1 \u2013
uses quoted active market prices.
Level 2 \u2013
uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign exchange contracts are determined
by\u00a0using valuation techniques using observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and
losses\u00a0in\u00a0the income statement.
Level 3 \u2013
uses inputs that are not based on observable market data, such as internal models or other
valuation\u00a0methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3 fall under two categories.
The \ufb01rst, 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 insu\ufb03cient 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 \ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow valuation
and/or considering evidence from recent fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories. The \ufb01rst, where the fair value of
investment funds is based on underlying asset values determined by the Fund Manager\u2019s quarterly \ufb01nancial
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 \ufb02ow forecasts of the investments and applying
these to a discounted cash \ufb02ow valuation. See Note 20.4 for the terms of these loans.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00542": { "value": "Material accounting policies that apply to investments and derivative \ufb01nancial instruments
Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity investments to be classi\ufb01ed as
FVOCI (fair value through other comprehensive income). Changes in fair value are recognised through other
comprehensive income rather than pro\ufb01t or loss. Dividends from these investments are recognised in pro\ufb01t 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 reclassi\ufb01ed to retained earnings and will not
be\u00a0recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with changes in fair value recognised
through pro\ufb01t or loss. Any gains or losses that arise when such instruments are disposed are recognised in
operating pro\ufb01t/(loss) within the income statement.
Derivative \ufb01nancial 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.
The three levels of valuation methodology used are:
Level 1 \u2013
uses quoted active market prices.
Level 2 \u2013
uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign exchange contracts are determined
by\u00a0using valuation techniques using observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and
losses\u00a0in\u00a0the income statement.
Level 3 \u2013
uses inputs that are not based on observable market data, such as internal models or other
valuation\u00a0methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3 fall under two categories.
The \ufb01rst, 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 insu\ufb03cient 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 \ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow valuation
and/or considering evidence from recent fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories. The \ufb01rst, where the fair value of
investment funds is based on underlying asset values determined by the Fund Manager\u2019s quarterly \ufb01nancial
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 \ufb02ow forecasts of the investments and applying
these to a discounted cash \ufb02ow valuation. See Note 20.4 for the terms of these loans.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00546": { "value": "Financial assets held at FVOCI
The Group has made an irrevocable election at initial recognition for equity investments to be classi\ufb01ed as
FVOCI (fair value through other comprehensive income). Changes in fair value are recognised through other
comprehensive income rather than pro\ufb01t or loss. Dividends from these investments are recognised in pro\ufb01t 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 reclassi\ufb01ed to retained earnings and will not
be\u00a0recycled to the income statement.
Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with changes in fair value recognised
through pro\ufb01t or loss. Any gains or losses that arise when such instruments are disposed are recognised in
operating pro\ufb01t/(loss) within the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00543": { "value": "Financial assets held at FVPL
The Group holds loans and other debt like \ufb01nancial instruments at fair value with changes in fair value recognised
through pro\ufb01t or loss. Any gains or losses that arise when such instruments are disposed are recognised in
operating pro\ufb01t/(loss) within the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00545": { "value": "The three levels of valuation methodology used are:
Level 1 \u2013
uses quoted active market prices.
Level 2 \u2013
uses observable inputs other than quoted active market prices.
The fair value of derivative \ufb01nancial instruments relating to forward foreign exchange contracts are determined
by\u00a0using valuation techniques using observable market data.
Gains and losses on forward foreign exchange contracts are recognised in net foreign exchange gains and
losses\u00a0in\u00a0the income statement.
Level 3 \u2013
uses inputs that are not based on observable market data, such as internal models or other
valuation\u00a0methods.
Financial assets held at FVOCI (unlisted equity investments) included in Level 3 fall under two categories.
The \ufb01rst, 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 insu\ufb03cient 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 \ufb02ow forecasts of the investments and applying these to a discounted cash \ufb02ow valuation
and/or considering evidence from recent fundraising initiatives undertaken.
Financial assets held at FVPL included in Level 3 fall under two categories. The \ufb01rst, where the fair value of
investment funds is based on underlying asset values determined by the Fund Manager\u2019s quarterly \ufb01nancial
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 \ufb02ow forecasts of the investments and applying
these to a discounted cash \ufb02ow valuation. See Note 20.4 for the terms of these loans.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "20.2 Fair value hierarchy \n \n
\u00a0
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
4.6
4.6
Financial assets at FVPL
\u2013
27.3
27.3
Derivative \ufb01nancial instruments
0.3
\u2013
0.3
Total assets
0.3
31.9
32.2
Liabilities
\u00a0 \u00a0 \u00a0
Deferred consideration
\u2013
2.3
2.3
Derivative \ufb01nancial instruments
1.3
12.6
13.9
Total liabilities
1.3
14.9
16.2
\n \n
\u00a0
Level 2
Level 3
Total
2023
\u00a3m
\u00a3m
\u00a3m
Assets
\u00a0 \u00a0 \u00a0
Financial assets at FVOCI
\u00a0 \u00a0 \u00a0
\u2013 Unlisted equity investments
\u2013
5.0
5.0
Financial assets at FVPL
\u2013
38.5
38.5
Derivative \ufb01nancial instruments
1.0
\u2013
1.0
Total assets
1.0
43.5
44.5
Liabilities
\u00a0 \u00a0 \u00a0
Derivative \ufb01nancial instruments
\u2013
5.7
5.7
Total liabilities
\u2013
5.7
5.7
\n
The gross notional principal amounts of the outstanding forward foreign exchange contracts at 31 December 2024
were \u00a3135.4m (2023: \u00a3107.9m). All contracts mature within one year and are classed as current.
The following table presents the changes in Level 3 \ufb01nancial (liabilities)/assets for the period ended 31 December 2024:
\u00a0
Contingent
Derivative
Financial
Financial
\u00a0
deferred
\ufb01nancial
assets at
assets at
\u00a3m
consideration
instruments
FVOCI
FVPL
Opening balance 1 January 2024
\u2013
(5.7)
5.0
38.5
Additions
(1.0)
(8.4)
\u2013
6.1
Reclassi\ufb01cation
(1.0)
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(0.3)
(0.7)
Settlement
0.4
4.4
\u2013
\u2013
Reversal of impairment
\u2013
\u2013
0.1
\u2013
Eliminated upon consolidation
\u2013
\u2013
\u2013
(14.6)
Re-measurement
(0.8)
(2.8)
(0.1)
(1.1)
Exchange movement
0.1
(0.1)
(0.1)
(0.9)
Closing balance 31 December 2024
(2.3)
(12.6)
4.6
27.3
\n
The derivative \ufb01nancial liabilities classi\ufb01ed 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. Subsequent to initial
recognition, gains and losses on these options are recognised in operating pro\ufb01ts in the income statement.
Derivative \ufb01nancial liabilities as at 31 December 2024 include:
\u00a7
A call option on the Savills IM Holdings Limited group. Under this agreement Samsung Life (29% non-controlling
interest holder) has the option to increase its interest by up to 6%. The option is exercisable within 30 days from
31\u00a0December 2025 and is dependent upon the quantum and timing of the provision of capital to Savills Investment
Management\u2019s investment products. This option is classed as non-current.
\u00a7
A put and call option on the remaining 20% of Absolute Maintenance Services Pte Limited and Solute Pte Limited
(\u2018AMS\u2019), exercisable in 2027. This option is classi\ufb01ed as non-current. During the year, the Group acquired an
additional 20% of AMS under the \ufb01rst tranche of the put and call option.
\u00a7
A put and call option for the remaining 40% shareholding in LCA Core Sdn Bhd Group (\u2018LCA\u2019), exercisable in
2026.\u00a0The charge upon initial recognition of the option has been recognised in reserves. The option is classi\ufb01ed as
non-current.
\u00a7
A put and call option for the remaining 45% shareholding in Savills Property Services (India) Private Limited (\u2018Savills
India\u2019), exercisable in \ufb01ve tranches between 2029 and 2034. The charge upon recognition of the liability has been
recognised in reserves. This option is classi\ufb01ed as non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "20.3 Financial assets at FVOCI
Financial assets at FVOCI comprise the following individual equity investments:
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Unlisted securities
\u00a0 \u00a0
Andor Holdco Limited
1.7
1.7
Income Analytics Limited
1.2
1.2
Thirdfort Limited
0.2
0.3
Home Click Pte Limited
0.2
0.2
Other smaller investments
1.3
1.6
\u00a0
4.6
5.0
\n
In the prior 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. In the prior year, 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 19).
Equity investments at FVOCI are denominated in the following currencies:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Sterling
3.1
3.4
Japanese yen
0.6
0.6
Other
0.9
1.0
\u00a0
4.6
5.0
\n
20.4 Financial assets at FVPL
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Convertible loans
\u2013
15.1
Instruments held in investment funds
27.3
23.4
\u00a0
27.3
38.5
\n
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 20
for further details on fair value measurement). The CCPS issued in 2019 were converted in August 2024 leading to Savills
Property Services (India) Private Limited becoming a subsidiary of the Group. Upon consolidation of Savills Property
Services (India) Private Ltd, the CCDs are eliminated as an intercompany balance.
At 31 December, the Group held the following conditional commitments to co-invest in a number of Savills Investment
Management funds:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Asia Paci\ufb01c Income and Growth Fund FCP-RAIF
0.5
1.0
Savills IM UK Value Boxes Fund FCP-RAIF
2.3
2.3
DRC European Real Estate Debt Fund IV LP
0.9
1.2
Vestas European Strategic Allocation Logistics Fund II
\u2013
2.9
Simply A\ufb00ordable Homes 2 LP
0.7
\u2013
Savills IM UK Build to Rent Fund FCP-RAIF
0.3
1.7
Savills IM European Urban Logistics & Industrial Fund FCP-RAIF
1.2
2.8
Savills IM European Living Fund FCP-RAIF
0.5
1.2
\u00a0
6.4
13.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "20.4 Financial assets at FVPL \n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Convertible loans
\u2013
15.1
Instruments held in investment funds
27.3
23.4
\u00a0
27.3
38.5
\n
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 20
for further details on fair value measurement). The CCPS issued in 2019 were converted in August 2024 leading to Savills
Property Services (India) Private Limited becoming a subsidiary of the Group. Upon consolidation of Savills Property
Services (India) Private Ltd, the CCDs are eliminated as an intercompany balance.
At 31 December, the Group held the following conditional commitments to co-invest in a number of Savills Investment
Management funds:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Asia Paci\ufb01c Income and Growth Fund FCP-RAIF
0.5
1.0
Savills IM UK Value Boxes Fund FCP-RAIF
2.3
2.3
DRC European Real Estate Debt Fund IV LP
0.9
1.2
Vestas European Strategic Allocation Logistics Fund II
\u2013
2.9
Simply A\ufb00ordable Homes 2 LP
0.7
\u2013
Savills IM UK Build to Rent Fund FCP-RAIF
0.3
1.7
Savills IM European Urban Logistics & Industrial Fund FCP-RAIF
1.2
2.8
Savills IM European Living Fund FCP-RAIF
0.5
1.2
\u00a0
6.4
13.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "21. Trade and other receivables
Material accounting policies that apply to 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 simpli\ufb01ed 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 speci\ufb01c to the debtors
and macro-economic and speci\ufb01c country-risk considerations with higher default rates applied to older balances.
In addition, if speci\ufb01c circumstances exist which would indicate that the receivable is irrecoverable then a speci\ufb01c
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 o\ufb00.
Critical accounting estimate made when reviewing debtor recoverability
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 speci\ufb01c to the debtors and economic environment.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Trade receivables
10.7
10.4
Other receivables
8.7
9.8
Other assets
43.7
38.8
Net investment in sub lease (Note 18.3)
9.5
10.3
\u00a0
72.6
69.3
Current
\u00a0 \u00a0
Trade receivables
542.6
496.0
Less: loss allowance/impairment of receivables provision
(22.5)
(19.6)
Trade receivables \u2013 net
520.1
476.4
Other receivables
70.8
72.0
Prepayments
57.1
54.5
Accrued income
70.9
53.8
\u00a0
718.9
656.7
\n
*
See Note 28 for details on the prior year restatement.
The carrying value of the above receivables is approximate to their fair value.
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 signi\ufb01cant 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 non-current assets relate to signing-on bonuses that are amortised to the income statement over the relevant
contractual clawback period.
Other non-current receivables include loans of \u00a30.1m receivable from associates (2023: \u00a31.3m), \u00a31.9m of loans issued to
entities that the Group recognises as \ufb01nancial assets held at FVOCI (2023: \u00a31.4m) and insurance receivable assets of
\u00a36.7m (2023: \u00a37.0m).
Other current 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 \u00a30.5m receivable from joint ventures
(2023: \u00a30.1m) and loans of \u00a31.1m receivable from associates (2023: \u00a30.6m).
The carrying amounts of the Group\u2019s gross current trade receivables are denominated in the following currencies:
\n \n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Sterling
213.4
212.9
Euro
98.1
82.2
Hong Kong dollar
38.9
40.6
US dollar
66.0
55.5
Australian dollar
23.4
24.2
Chinese renminbi
36.0
34.1
Other**
66.8
46.5
\u00a0
542.6
496.0
\n
*
See Note 28 for details on the prior year restatement.
**
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, Thai baht, Polish zloty,
Swedish krona, Indian rupee, New Zealand dollar, Vietnamese dong and Canadian dollar.
21.1 Impairment of trade and other receivables
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 speci\ufb01c to the debtors and economic environment, as evidence of a likely
reduction in the recoverability of the cash \ufb02ows. Local management have assessed the expected credit losses for
trade\u00a0receivables 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 identi\ufb01ed as having a signi\ufb01cantly elevated risk and have been provided for on a speci\ufb01c basis. Overall,
the\u00a0expected loss rate on trade receivables has remained stable at 4.1% (31 December 2023: 4.0%).
The loss allowance provision for trade receivables as at 31 December 2024 and 31 December 2023 was determined
as\u00a0follows:
\n \n
\u00a0 \u00a0
More than
More than
More than
More than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2024
Current
past due
past due
past due
past due
Total
Expected loss rate
0.3%
0.4%
3.1%
7.0%
45.2%
4.1%
Gross carrying amount (\u00a3m)
398.1
48.7
29.1
25.8
40.9
542.6
Loss allowance provision (\u00a3m)
(1.1)
(0.2)
(0.9)
(1.8)
(18.5)
(22.5)
\n \n
\u00a0 \u00a0
More than
More than
More than
More than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2023 restated*
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)
364.8
43.6
24.3
28.2
35.1
496.0
Loss allowance provision (\u00a3m)
(1.0)
(0.2)
(0.5)
(1.8)
(16.1)
(19.6)
\n
*
See Note 28 for details on the prior year restatement.
The loss allowance provision for trade receivables as at 31 December reconciles to the opening loss allowance
provision as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
At 1 January
(19.6)
(24.1)
Increase in loss allowance recognised in the income statement during the period
(7.6)
(0.7)
Receivables written o\ufb00 during the year as uncollectible
4.3
3.9
Foreign exchange
0.4
1.3
At 31 December
(22.5)
(19.6)
\nA 1% increase in the expected loss rate in each ageing category would increase the loss allowance provision by \u00a35.4m.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00547": { "value": "Material accounting policies that apply to 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 simpli\ufb01ed 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 speci\ufb01c to the debtors
and macro-economic and speci\ufb01c country-risk considerations with higher default rates applied to older balances.
In addition, if speci\ufb01c circumstances exist which would indicate that the receivable is irrecoverable then a speci\ufb01c
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 o\ufb00.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Trade receivables
10.7
10.4
Other receivables
8.7
9.8
Other assets
43.7
38.8
Net investment in sub lease (Note 18.3)
9.5
10.3
\u00a0
72.6
69.3
Current
\u00a0 \u00a0
Trade receivables
542.6
496.0
Less: loss allowance/impairment of receivables provision
(22.5)
(19.6)
Trade receivables \u2013 net
520.1
476.4
Other receivables
70.8
72.0
Prepayments
57.1
54.5
Accrued income
70.9
53.8
\u00a0
718.9
656.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "Other non-current assets relate to signing-on bonuses that are amortised to the income statement over the relevant
contractual clawback period.
Other non-current receivables include loans of \u00a30.1m receivable from associates (2023: \u00a31.3m), \u00a31.9m of loans issued to
entities that the Group recognises as \ufb01nancial assets held at FVOCI (2023: \u00a31.4m) and insurance receivable assets of
\u00a36.7m (2023: \u00a37.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "Other non-current assets relate to signing-on bonuses that are amortised to the income statement over the relevant
contractual clawback period.
Other non-current receivables include loans of \u00a30.1m receivable from associates (2023: \u00a31.3m), \u00a31.9m of loans issued to
entities that the Group recognises as \ufb01nancial assets held at FVOCI (2023: \u00a31.4m) and insurance receivable assets of
\u00a36.7m (2023: \u00a37.0m).
Other current 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 \u00a30.5m receivable from joint ventures
(2023: \u00a30.1m) and loans of \u00a31.1m receivable from associates (2023: \u00a30.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "Other current 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 \u00a30.5m receivable from joint ventures
(2023: \u00a30.1m) and loans of \u00a31.1m receivable from associates (2023: \u00a30.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "The loss allowance provision for trade receivables as at 31 December 2024 and 31 December 2023 was determined
as\u00a0follows:
\n \n
\u00a0 \u00a0
More than
More than
More than
More than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2024
Current
past due
past due
past due
past due
Total
Expected loss rate
0.3%
0.4%
3.1%
7.0%
45.2%
4.1%
Gross carrying amount (\u00a3m)
398.1
48.7
29.1
25.8
40.9
542.6
Loss allowance provision (\u00a3m)
(1.1)
(0.2)
(0.9)
(1.8)
(18.5)
(22.5)
\n \n
\u00a0 \u00a0
More than
More than
More than
More than
\u00a0
\u00a0 \u00a0
30 days
60 days
90 days
180 days
\u00a0
2023 restated*
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)
364.8
43.6
24.3
28.2
35.1
496.0
Loss allowance provision (\u00a3m)
(1.0)
(0.2)
(0.5)
(1.8)
(16.1)
(19.6)
\n
*
See Note 28 for details on the prior year restatement.
The loss allowance provision for trade receivables as at 31 December reconciles to the opening loss allowance
provision as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
At 1 January
(19.6)
(24.1)
Increase in loss allowance recognised in the income statement during the period
(7.6)
(0.7)
Receivables written o\ufb00 during the year as uncollectible
4.3
3.9
Foreign exchange
0.4
1.3
At 31 December
(22.5)
(19.6)
\nA 1% increase in the expected loss rate in each ageing category would increase the loss allowance provision by \u00a35.4m.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "22. Cash and cash equivalents
Material accounting policies that apply to 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 insigni\ufb01cant 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 \ufb01nancial position when IAS 32 o\ufb00setting requirements
are\u00a0not met. Bank overdrafts are included under borrowings in the statement of \ufb01nancial position.
For the purpose of the consolidated statement of cash \ufb02ows, cash and cash equivalents, as de\ufb01ned above, are 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.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Cash at bank and in hand
427.5
416.3
Short-term bank deposits
109.0
90.3
\u00a0
536.5
506.6
\n
*
See Note 28 for details on the prior year restatement.
The carrying value of cash and cash equivalents approximates their fair value.
The e\ufb00ective interest rate on short-term bank deposits as at 31 December 2024 was 3.72% (2023: 4.86%); these
deposits have an average maturity of 35 days (2023: 29 days).
Cash subject to restrictions in Asia Paci\ufb01c amounts to \u00a331.5m (2023: \u00a334.3m) which is cash pledged to banks in
relation to property management contracts and cash remittance restrictions in certain countries. These amounts
are\u00a0accessible by the Group and are consolidated within the Group\u2019s cash and cash equivalents.
Cash and cash equivalents are denominated in the following currencies:
\n \n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Sterling
237.8
223.8
Hong Kong dollar
98.7
96.4
Euro
60.1
55.6
Chinese renminbi
33.1
40.0
US dollar
12.8
11.0
Japanese yen
16.8
12.9
Australian dollar
8.5
7.7
South Korean won
9.2
9.1
Singapore dollar
10.7
11.3
Other currencies**
48.8
38.8
\u00a0
536.5
506.6
\n
*
See Note 28 for details on the prior year restatement.
**
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, Malaysian ringgit, Indian rupee, Danish krone, Polish zloty,
Swiss\u00a0franc and Swedish krona.
22.1 Notional pooling arrangement
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 o\ufb00set. There is no
overdraft cost or charge associated with any pooled overdraft that is fully o\ufb00set by pooled credit cash balances. As at
31 December 2024, the notional cash pooling arrangement included cash balances of \u00a3200.2m presented in cash and
cash equivalents (31 December 2023: \u00a3193.3m) and overdrafts of \u00a3199.3m (31 December 2023: \u00a3192.3m) presented in
current liabilities. This represents as at 31 December 2024 surplus pooled credit cash balances of \u00a30.9m (31 December
2023: surplus pooled credit cash \u00a31.0m).
For the purpose of the statement of cash \ufb02ows, cash and cash equivalents net of overdrafts comprise the following:
\n \n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
536.5
506.6
Overdrafts in notional pooling arrangement
(199.3)
(192.3)
Bank overdrafts (see Note 24)
(9.8)
(4.2)
\u00a0
327.4
310.1
\n
*
See Note 28 for details on the prior year restatement.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "Material accounting policies that apply to 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 insigni\ufb01cant 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 \ufb01nancial position when IAS 32 o\ufb00setting requirements
are\u00a0not met. Bank overdrafts are included under borrowings in the statement of \ufb01nancial position.
For the purpose of the consolidated statement of cash \ufb02ows, cash and cash equivalents, as de\ufb01ned above, are 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "Cash subject to restrictions in Asia Paci\ufb01c amounts to \u00a331.5m (2023: \u00a334.3m) which is cash pledged to banks in
relation to property management contracts and cash remittance restrictions in certain countries. These amounts
are\u00a0accessible 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "For the purpose of the statement of cash \ufb02ows, cash and cash equivalents net of overdrafts comprise the following: \n \n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
536.5
506.6
Overdrafts in notional pooling arrangement
(199.3)
(192.3)
Bank overdrafts (see Note 24)
(9.8)
(4.2)
\u00a0
327.4
310.1
\n34. Cash generated from operations \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t for the year
52.9
39.5
Adjustments for:
\u00a0 \u00a0
Income tax (Note 13.1)
35.4
15.9
Depreciation (Note 17 and 18.1)
70.2
69.6
Amortisation of intangible assets (Note 16)
16.1
15.8
Fair value gain on step acquisition of subsidiaries previously classi\ufb01ed as associates
(4.4)
\u2013
Net fair value loss/(gain) on derivative \ufb01nancial instrument and FVPL investments
6.0
(2.1)
Gain on disposal of property, plant and equipment, intangible assets and leases
(0.2)
(4.0)
Impairment of goodwill
1.9
3.9
Net \ufb01nance income (Note 12)
(14.5)
(12.1)
Share of post-tax pro\ufb01t from joint ventures and associates (Note 19)
(7.5)
(10.2)
Dividends from other parties
(0.5)
(0.2)
Increase in employee and retirement obligations
0.6
2.5
Exchange movement in operating activities
(3.4)
0.5
Increase in provisions
2.0
11.2
Decrease/(increase) in insurance reimbursement asset
0.4
(3.4)
Charge for share-based compensation (Note 32)
31.4
28.8
Operating cash \ufb02ows before movements in working capital
186.4
155.7
Increase in trade and other receivables and contract assets
(49.9)
(45.5)
Increased/(decrease) in trade and other payables and contract liabilities
40.8
(61.0)
Cash generated from operations
177.3
49.2
\n
Foreign exchange movements resulted in a \u00a32.6m increase in current and non-current trade and other
receivables\u00a0(2023: \u00a320.1m decrease) and a \u00a35.7m decrease in current and non-current trade and other payables
(2023: \u00a321.3m decrease).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "23. Trade and other payables
Material accounting policies that apply to trade and other payables
Trade and other payables are initially measured at fair value and subsequently measured at amortised cost using the
e\ufb00ective interest rate method. Trade payables and other payables are classi\ufb01ed as current liabilities if payment is due
within one year or less. If not, they are presented as non-current liabilities.
\n \n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Deferred consideration
3.1
1.4
Accruals \u2013 relating to deferred and contingent business
\u00a0 \u00a0
acquisition payments linked to employment conditions
7.1
3.6
Other payables
4.6
5.4
\u00a0
14.8
10.4
Current
\u00a0 \u00a0
Deferred consideration
0.9
1.8
Trade payables
141.0
107.1
Other taxation and social security
61.7
65.5
Other payables
59.8
57.2
Accruals
466.3
450.9
\u00a0
729.7
682.5
\n
*
See Note 28 for details on the prior year restatement.
The carrying value of trade and other payables is approximate to their fair value.
Deferred consideration relates to deferred business acquisition payments not linked to continuing employment.
The Group\u2019s current accruals include bonus and commission accruals of \u00a3295.3m (2023: \u00a3275.9m) and accruals
relating to deferred and contingent business acquisition payments that are linked to employment conditions of \u00a31.2m
(2023: \u00a327.5m). The Group\u2019s current other payables include amounts owed to employees with respect to commissions
of \u00a320.5m (2023: \u00a318.5m), amounts owed to clients with respect to cash held on their behalf of \u00a322.8m (2023: \u00a324.1m)
and loans payable to associates of \u00a30.2m (2023: \u00a30.2m).
23.1 Liabilities under supplier \ufb01nance arrangements
The Group has supplier \ufb01nance arrangements within the business in Spain. Participation in these arrangements is at
the suppliers\u2019 own discretion. Suppliers that participate in the supplier \ufb01nance arrangement will receive early payment
on invoices sent to the business from the external \ufb01nance providers. If suppliers choose to receive early payment, they
pay a fee to the \ufb01nance provider, to which the Group is not party. In order for the \ufb01nance provider to pay the invoices,
the goods must have been received or supplied and the invoices approved by the business. Payments to suppliers
ahead of the invoice due date are processed by the \ufb01nance providers and, in the majority of cases, the business settles
the original invoice by paying the \ufb01nance providers in line with the original invoice maturity date. Payment terms with
suppliers have not been renegotiated in conjunction with these arrangements. The Group provides no security to the
\ufb01nance provider.
All trade payables subject to the supplier \ufb01nance arrangement are included in trade and other payables in the
consolidated statement of \ufb01nancial position.
All amounts are presented within trade and other payables.
\n \n
\u00a0
2024
\u00a0
\u00a3m
Carrying amount of liabilities under supplier \ufb01nance arrangement
\u00a0
Liabilities presented within trade payables
13.9
\u2013 of which suppliers have received payment from the \ufb01nance provider
5.3
Range of payment due dates
\u00a0
Liabilities under supplier \ufb01nance arrangement
30\u201390 days after invoice date
Comparable trade payables that are not part of the supplier \ufb01nance arrangement
30\u201390 days after invoice date
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00549": { "value": "Material accounting policies that apply to trade and other payables
Trade and other payables are initially measured at fair value and subsequently measured at amortised cost using the
e\ufb00ective interest rate method. Trade payables and other payables are classi\ufb01ed 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "\n \n
\u00a0 \u00a0
2023
\u00a0
2024
restated*
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Deferred consideration
3.1
1.4
Accruals \u2013 relating to deferred and contingent business
\u00a0 \u00a0
acquisition payments linked to employment conditions
7.1
3.6
Other payables
4.6
5.4
\u00a0
14.8
10.4
Current
\u00a0 \u00a0
Deferred consideration
0.9
1.8
Trade payables
141.0
107.1
Other taxation and social security
61.7
65.5
Other payables
59.8
57.2
Accruals
466.3
450.9
\u00a0
729.7
682.5
\nThe Group\u2019s current accruals include bonus and commission accruals of \u00a3295.3m (2023: \u00a3275.9m) and accruals
relating to deferred and contingent business acquisition payments that are linked to employment conditions of \u00a31.2m
(2023: \u00a327.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "24. Borrowings
Material accounting policies that apply to borrowings
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 e\ufb00ective interest rate method.
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Unsecured bank loans
\u2013
0.1
Loan notes
120.0
150.0
Transaction costs (issuance of loan notes and RCF arrangement fees)
(0.4)
(0.8)
\u00a0
119.6
149.3
Current
\u00a0 \u00a0
Bank overdrafts
9.8
4.2
Unsecured bank loans due within one year or on demand
1.5
3.0
Loan notes due within one year or on demand
30.0
0.7
\u00a0
41.3
7.9
\u00a0
160.9
157.2
\n
As at 31 December 2024, the Group held a \u00a3360.0m multi-currency revolving credit facility (\u2018RCF\u2019), which included
an additional \u00a390.0m accordion facility, expiring in June 2026. As at 31 December 2024 none (2023: none) of the
RCF was drawn. On 20 February 2025, the \u00a3360.0m RCF was cancelled and replaced with a new \u00a3360.0m RCF,
which has an initial 4-year term (with two 1-year extension options) and can be increased by an additional \u00a390.0m
accordion\u00a0facility.
The unsecured bank loans re\ufb02ect a \u00a30.9m working capital loan in Thailand, which is repayable on demand and
denominated in Thai baht (2023: \u00a30.9m), and \u00a30.6m of loans in Singapore, denominated in Singapore dollar (2023:
\u00a30.8m). The loans in Singapore include a \u00a30.1m bank loan maturing within one year and a \u00a30.5m factoring facility
maturing within one year.
Non-current loan notes re\ufb02ect the \u00a3150.0m of debt held by the Group through the issuance of 7, 10 and 12 year \ufb01xed-
rate private note placements in the US institutional market, which were issued in June 2018. \u00a330.0m is repayable in
June 2025.
Movements in borrowings are analysed as follows:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Opening amount as at 1 January
157.2
159.7
Additional borrowings (including overdraft movement)*
90.3
107.2
Repayments of borrowings (including overdraft movement)*
(88.2)
(109.9)
Addition through business combination
1.3
\u2013
Amortisation of transaction costs
0.4
0.6
Foreign exchange
(0.1)
(0.4)
Closing amount as at 31 December
160.9
157.2
\n
*
2024 includes a \u00a35.1m increase in overdraft balances within additional borrowings and \u00a30.8m increase in repayments of borrowings. 2023 includes \u00a31.5m
increase in overdraft balances.
The carrying value of the Group\u2019s borrowings exposed to interest rate changes at the reporting date is:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Less than 1 year
11.1
6.9
\u00a0
11.1
6.9
\n
The Group\u2019s remaining borrowings are \ufb01xed rate instruments and therefore excluded from the above analysis.
The e\ufb00ective interest rates at the reporting date were as follows:
\n \n
\u00a0
2024
2023
\u00a0
%
%
Bank overdrafts
5.52
5.96
Bank loans
5.80
6.95
Loan notes
3.16
3.15
\n
The carrying amounts of borrowings are materially approximate to their fair value, with the exception of the Group\u2019s
long-term \ufb01xed rate private note placements. The fair value of these loan notes as at 31 December 2024 is \u00a3136.7m
(31 December 2023: \u00a3135.6m). The di\ufb00erence 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 \ufb02ow 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:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Sterling
158.9
153.4
Indonesian rupiah
\u2013
1.4
Singapore dollar
0.6
1.5
Other
1.4
0.9
\u00a0
160.9
157.2
\n
The Group has the following undrawn borrowing facilities:
\n \n
\u00a0
2024
2023
\u00a0
Fixed
Floating
Total
Fixed
Floating
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expiring within 1 year or on demand
0.1
61.2
61.3
3.0
58.8
61.8
Expiring between 1 and 5 years
\u2013
360.0
360.0
0.2
360.0
360.2
\u00a0
0.1
421.2
421.3
3.2
418.8
422.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00550": { "value": "Material accounting policies that apply to borrowings
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 e\ufb00ective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "25. Provisions
Material accounting policies that apply to 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 e\ufb00ect is material, with the unwinding of the discount
included in \ufb01nance costs.
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 non-current portion of these provisions is expected to be utilised within the next two to \ufb01ve years.
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\u00a0Group recognises a provision based on the expected settlement amount for the claim, based on management\u2019s
best estimate and taking into account 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 \ufb02ows can be di\ufb03cult to
estimate and the ultimate liability may vary from the amounts provided.
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.
Dilapidation provisions
The Group is required to perform dilapidation repairs and restore properties to agreed speci\ufb01cations 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 identi\ufb01ed and the liability can be reasonably quanti\ufb01ed. The provisions are reviewed
on\u00a0an annual basis for changes in cost estimates. 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 out\ufb02ows, given that these are subject to repair and restoration cost price \ufb02uctuations and the extent of
repairs\u00a0to\u00a0be completed at the end of the lease term.
Restructuring provisions
A provision is recognised when there is a present constructive obligation to meet the costs of restructure.
This\u00a0arises when there is a detailed formal plan for the restructuring, identifying at least the business or part of the
business concerned, principal locations a\ufb00ected 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 a\ufb00ected
by it, raising an expectation that the plan will be carried out. These amounts are based on management\u2019s best
estimates and comprise primarily termination payments to employees a\ufb00ected by restructuring.
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, with provision based on management\u2019s estimated losses over the length of the contract.
\n \n
\u00a0
Professional
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
indemnity
Dilapidation
Restructuring
Other
\u00a0
\u00a0
claims
provisions
provision
provisions
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
12.6
13.0
9.0
6.5
41.1
Provided during the year
1.7
0.5
18.1
1.7
22.0
Interest unwind
\u2013
0.2
\u2013
\u2013
0.2
Utilised during the year
(1.6)
\u2013
(13.8)
(0.1)
(15.5)
Released during the year
(1.2)
\u2013
(1.0)
(2.6)
(4.8)
Exchange movement
0.1
(0.1)
(0.3)
(0.1)
(0.4)
Closing amount as at 31 December 2024
11.6
13.6
12.0
5.4
42.6
Current
0.4
1.7
12.0
5.1
19.2
Non-current
11.2
11.9
\u2013
0.3
23.4
Expected utilisation of non-current portion
2\u20135 years
2\u201313 years
\u2013
2\u20135 years
\u2013
\n \n
\u00a0
Professional
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
indemnity
Dilapidation
Restructuring
Other
\u00a0
\u00a0
claims
provisions
provision
provisions
Total
At 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current
1.6
1.7
9.0
4.9
17.2
Non-current
11.0
11.3
\u2013
1.6
23.9
Total
12.6
13.0
9.0
6.5
41.1
\n
Other information about provisions
The professional indemnity claims provision and related insurance asset are presented in the accounts as follows:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Provisions \u2013 current
0.4
1.6
Provisions \u2013 non-current
11.2
11.0
Trade and other receivables \u2013 non-current
(6.7)
(7.0)
\u00a0
4.9
5.6
33. Contingent liabilities
The Group is involved in a number of disputes in the ordinary course of business. Provision is made in the \ufb01nancial
statements for all claims where costs can be estimated reliably and settlement is probable, refer to Note 25 for
further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "25. Provisions
Material accounting policies that apply to 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 e\ufb00ect is material, with the unwinding of the discount
included in \ufb01nance costs.
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 non-current portion of these provisions is expected to be utilised within the next two to \ufb01ve years.
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\u00a0Group recognises a provision based on the expected settlement amount for the claim, based on management\u2019s
best estimate and taking into account 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 \ufb02ows can be di\ufb03cult to
estimate and the ultimate liability may vary from the amounts provided.
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.
Dilapidation provisions
The Group is required to perform dilapidation repairs and restore properties to agreed speci\ufb01cations 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 identi\ufb01ed and the liability can be reasonably quanti\ufb01ed. The provisions are reviewed
on\u00a0an annual basis for changes in cost estimates. 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 out\ufb02ows, given that these are subject to repair and restoration cost price \ufb02uctuations and the extent of
repairs\u00a0to\u00a0be completed at the end of the lease term.
Restructuring provisions
A provision is recognised when there is a present constructive obligation to meet the costs of restructure.
This\u00a0arises when there is a detailed formal plan for the restructuring, identifying at least the business or part of the
business concerned, principal locations a\ufb00ected 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 a\ufb00ected
by it, raising an expectation that the plan will be carried out. These amounts are based on management\u2019s best
estimates and comprise primarily termination payments to employees a\ufb00ected by restructuring.
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, with provision based on management\u2019s estimated losses over the length of the contract.
\n \n
\u00a0
Professional
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
indemnity
Dilapidation
Restructuring
Other
\u00a0
\u00a0
claims
provisions
provision
provisions
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
12.6
13.0
9.0
6.5
41.1
Provided during the year
1.7
0.5
18.1
1.7
22.0
Interest unwind
\u2013
0.2
\u2013
\u2013
0.2
Utilised during the year
(1.6)
\u2013
(13.8)
(0.1)
(15.5)
Released during the year
(1.2)
\u2013
(1.0)
(2.6)
(4.8)
Exchange movement
0.1
(0.1)
(0.3)
(0.1)
(0.4)
Closing amount as at 31 December 2024
11.6
13.6
12.0
5.4
42.6
Current
0.4
1.7
12.0
5.1
19.2
Non-current
11.2
11.9
\u2013
0.3
23.4
Expected utilisation of non-current portion
2\u20135 years
2\u201313 years
\u2013
2\u20135 years
\u2013
\n \n
\u00a0
Professional
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
indemnity
Dilapidation
Restructuring
Other
\u00a0
\u00a0
claims
provisions
provision
provisions
Total
At 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current
1.6
1.7
9.0
4.9
17.2
Non-current
11.0
11.3
\u2013
1.6
23.9
Total
12.6
13.0
9.0
6.5
41.1
\n
Other information about provisions
The professional indemnity claims provision and related insurance asset are presented in the accounts as follows:
\n \n
\u00a0
2024
2023
\u00a0
\u00a3m
\u00a3m
Provisions \u2013 current
0.4
1.6
Provisions \u2013 non-current
11.2
11.0
Trade and other receivables \u2013 non-current
(6.7)
(7.0)
\u00a0
4.9
5.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00551": { "value": "Material accounting policies that apply to 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 e\ufb00ect is material, with the unwinding of the discount
included in \ufb01nance costs.
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 non-current portion of these provisions is expected to be utilised within the next two to \ufb01ve years.
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\u00a0Group recognises a provision based on the expected settlement amount for the claim, based on management\u2019s
best estimate and taking into account 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 \ufb02ows can be di\ufb03cult to
estimate and the ultimate liability may vary from the amounts provided.
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.
Dilapidation provisions
The Group is required to perform dilapidation repairs and restore properties to agreed speci\ufb01cations 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 identi\ufb01ed and the liability can be reasonably quanti\ufb01ed. The provisions are reviewed
on\u00a0an annual basis for changes in cost estimates. 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 out\ufb02ows, given that these are subject to repair and restoration cost price \ufb02uctuations and the extent of
repairs\u00a0to\u00a0be completed at the end of the lease term.
Restructuring provisions
A provision is recognised when there is a present constructive obligation to meet the costs of restructure.
This\u00a0arises when there is a detailed formal plan for the restructuring, identifying at least the business or part of the
business concerned, principal locations a\ufb00ected 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 a\ufb00ected
by it, raising an expectation that the plan will be carried out. These amounts are based on management\u2019s best
estimates and comprise primarily termination payments to employees a\ufb00ected by restructuring.
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, with provision based on management\u2019s estimated losses over the length of the contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00552": { "value": "Types of retirement bene\ufb01t plans
De\ufb01ned bene\ufb01t plans
A de\ufb01ned bene\ufb01t plan is a pension plan that de\ufb01nes an amount of pension bene\ufb01t that an employee will receive
on\u00a0retirement, usually dependent on one or more factors, such as age, years of service and compensation.
The asset or liability recognised in the statement of \ufb01nancial position in respect of de\ufb01ned bene\ufb01t pension plans
is the present value of the de\ufb01ned bene\ufb01t obligations at the reporting date less the fair value of plan assets.
The\u00a0de\ufb01ned bene\ufb01t obligations are calculated annually by independent actuaries using the projected unit credit
method. The present value of the de\ufb01ned bene\ufb01t obligations are determined by discounting the estimated future
cash out\ufb02ows.
The de\ufb01ned bene\ufb01t 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.
De\ufb01ned contribution plans
A de\ufb01ned contribution plan is a pension plan under which the Group pays \ufb01xed contributions into a separate entity.
The Group has no legal or constructive obligations to pay further contributions if the fund does not hold su\ufb03cient
assets to pay all employees the bene\ufb01ts relating to employee service in the current and prior years. Contributions
in respect of de\ufb01ned 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "28. 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 \ufb01nalised within 12 months of the acquisition date. These are summarised below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Provisional fair value to the Group
\u00a0 \u00a0
Savills India
Others
Total
\u00a0 \u00a0
\u00a3m
\u00a3m
\u00a3m
Non-current assets:
Property, plant and equipment
0.8
0.7
1.5
\u00a0
Right-of-use asset
1.7
\u2013
1.7
\u00a0
Intangible assets
0.5
2.4
2.9
\u00a0
Deferred tax asset
1.0
\u2013
1.0
Current assets:
Trade and other receivables
13.6
1.7
15.3
\u00a0
Income tax receivable
\u2013
0.1
0.1
\u00a0
Cash and cash equivalents
\u2013
6.1
6.1
Current liabilities:
Borrowings \u2013 bank overdrafts
(1.3)
\u2013
(1.3)
\u00a0
Lease liabilities
(0.4)
\u2013
(0.4)
\u00a0
Trade and other payables
(15.0)
(5.1)
(20.1)
\u00a0
Deferred income
\u2013
(2.0)
(2.0)
\u00a0
Income tax liabilities
\u2013
(0.4)
(0.4)
\u00a0
Employee bene\ufb01t obligations
(0.6)
\u2013
(0.6)
Non-current liabilities:
Lease liabilities
(1.3)
\u2013
(1.3)
\u00a0
Trade and other payables
(14.4)
\u2013
(14.4)
\u00a0
Deferred tax liabilities
\u2013
(0.2)
(0.2)
Net (liabilities)/assets
\u00a0
(15.4)
3.3
(12.1)
Non-controlling interest share
\u00a0 \u00a0 \u00a0 \u00a0
of net liabilities/assets
\u00a0
6.9
(0.1)
6.8
Net (liabilities)/assets acquired
\u00a0
(8.5)
3.2
(5.3)
Goodwill (provisional)
\u00a0
8.6
11.5
20.1
Purchase consideration
\u00a0
0.1
14.7
14.8
Consideration satis\ufb01ed by:
\u00a0 \u00a0 \u00a0 \u00a0
Cash paid
\u00a0
\u2013
7.4
7.4
Fair value of associate holding,
\u00a0 \u00a0 \u00a0 \u00a0
prior to acquisition
\u00a0
\u2013
5.6
5.6
Deferred consideration > 1 year
\u00a0
\u2013
1.7
1.7
Conversion of convertible
\u00a0 \u00a0 \u00a0 \u00a0
cumulative preference shares
\u00a0 \u00a0 \u00a0 \u00a0
(\u2018CCPS\u2019)
\u00a0
0.1
\u2013
0.1
\u00a0 \u00a0
0.1
14.7
14.8
\n
Savills Property Services (India) Private Limited (\u2018Savills India\u2019)
On 12 August 2024, the Group increased its shareholding in Savills India, a full-service real estate consultancy business
in India. CCPS held by the Group converted into Class A equity shares, bringing the Group\u2019s shareholding from a 19.5%
investment to a 55% owned subsidiary. The CCPS were held as a \ufb01nancial asset held at FVPL and immediately prior to
the transaction were fair valued to \u00a30.1m, with the fair value re-measurement recognised in the income statement.
Total acquisition consideration is provisionally determined at \u00a30.1m, being the fair value of the original 19.5%
investment and the CCPS that converted into equity.
Goodwill of \u00a38.6m has been determined. Goodwill is attributable to the experience and expertise of key sta\ufb00 members
and is not expected to be deductible for tax purposes.
The acquired business contributed revenue of \u00a323.8m and pro\ufb01t of \u00a31.3m to the Group for the period from the date of
acquisition to 31 December 2024. Had the acquisition been made at the beginning of the \ufb01nancial year, revenue would
have been \u00a352.9m and a pro\ufb01t of \u00a31.1m would have been recognised.
The fair value of trade and other receivables is \u00a313.6m, of which \u00a36.9m relates to trade receivables. The gross
contractual amount for trade receivables is \u00a37.4m, \u00a30.5m of which is expected to be uncollectible.
Other acquisitions
On 3 January 2024, the Group acquired 100% of the equity interest in Verbier Hospitality SA, which specialises in
holiday rentals in Verbier, Switzerland. In addition, on 11 April 2024, the Group acquired Situu Limited and Situu
Management Limited, a \ufb02exible o\ufb03ce advisory business in the UK. On 12 April 2024, the Group also acquired a
further 24% equity interest in Riviera Estates SAS, a luxury property agency in the south of France, bringing the total
shareholding to 75%. On 1 July 2024, Savills Projects Holdings Pte Ltd acquired 100% shareholding of PMCC Actus Sdn
Bhd (subsequently renamed Actus Sdn Bhd), leading to a 60% e\ufb00ective Group shareholding of the specialist project
management business in Malaysia. In addition, on 29 July 2024 the Group purchased a further 20% equity interest
in LCA Core Sdn Bhd Group, a leading supply chain and logistics consultancy business in Malaysia, bringing total
shareholding to 60%. Furthermore, on 1 August 2024, the Group acquired 100% of Medasil Desarrollos S.L, a residential
property management business in Spain.
Total acquisition consideration for these transactions is provisionally determined at \u00a314.7m. Cash consideration
for these transactions amounted to \u00a37.4m. An additional \u00a31.7m of the acquisition consideration relates to deferred
consideration. The remainder of the acquisition consideration relates to the fair value of the initial 50% investment in
Riviera Estates SAS and the initial 40% investment in LCA Core Sdn Bhd as both were previously held as associates.
Goodwill of \u00a311.5m has been provisionally determined. Goodwill is attributable to the experience and expertise of key
sta\ufb00 and strong industry reputation and is not expected to be deductible for tax purposes.
Acquisition-related costs of \u00a30.2m have been expensed as incurred to the income statement and classi\ufb01ed within
other operating expenses.
The acquired businesses contributed revenue of \u00a32.8m and a pro\ufb01t of \u00a30.3m to the Group for the period from
acquisition to 31 December 2024. Had the acquisitions been made at the beginning of the \ufb01nancial year, revenue would
have been \u00a38.0m and the pro\ufb01t would have been \u00a30.4m. The impact on the Group\u2019s overall revenue and pro\ufb01ts is
not\u00a0material.
The fair value of trade and other receivables acquired is \u00a31.7m, \u00a31.1m of which relates to trade receivables. The gross
contractual amount for trade receivables is \u00a31.3m, \u00a30.2m of which is expected to be uncollectible.
2023 acquisitions and prior year restatement
In the year ended 31 December 2023 the Group acquired 100% equity interest in Nash Bond, 100% of the equity
interest in Automotive Property Consultancy Holdings Limited, 51% of the equity interest in BeLiving SRL
(subsequently renamed Savills Residential Italy SRL), 100% of the equity of Predibisa, Sociedade de Media\u00e7\u0101o
Imobili\u00e1ria, Lda. and a 55% equity interest in Site 8 Pty Limited (subsequently renamed Savills Retail Management
Pty\u00a0Ltd).
During the current year, provisional fair values relating to the acquisition of Nash Bond were \ufb01nalised, resulting in an
increase of \u00a30.4m to the value of current assets and a \u00a30.3m decrease to current liabilities acquired. The value of
deferred consideration payable also increased by \u00a30.7m (impacting current liabilities), therefore there was no change
to the value of goodwill recognised upon acquisition. This adjustment is considered a measurement period adjustment
in accordance with IFRS 3 and as a result the 31 December 2023 comparatives have been restated.38. Group investments
In accordance with Section 409 of the Companies Act 2006 a full list of subsidiaries, partnerships, associates and
joint ventures, the registered o\ufb03ce and the e\ufb00ective percentage of equity owned by the Group, as at 31 December
2024, are disclosed below. Unless otherwise stated, all subsidiary undertakings are consolidated into the Group
\ufb01nancial statements and share capital wholly comprises ordinary shares which are indirectly held by the Company.
Unless\u00a0otherwise stated, percentage of equity owned is the same as the percentage of voting rights.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Country of
\u00a0
Fully owned subsidiary
\u00a0
incorporation
Registered o\ufb03ce
Incoll Group Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Incoll Management Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Moores Cost Consulting Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (ACT) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (Aust) Holdings Pty Ltd
(ii)
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (Aust) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (NSW) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (QLD) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (SA) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (TAS) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (VIC) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (WA) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Capital Advisory Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Occupier Services Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Project Management Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Project Services (SA) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Valuations Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Sales W.L.L.
\u00a0
Bahrain
Flat/shop: 2802, Building: 2504, Road: 2832,
Savills Middle East Co. W.L.L.
\u00a0
Bahrain
Flat/shop: 2804, Building: 2504, Road: 2832,
Savills Canada, Inc.
\u00a0
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
Savills Inc.
\u00a0
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
Savills Services Inc.
\u00a0
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
Guardian Property Services
\u00a0
China
Room 220, Block 1, No.100 Jinyu Road,
(Shanghai) Company Ltd
\u00a0 \u00a0
Pu Dong, Shanghai
Savills Business Information
\u00a0
China
Unit 201, A Tower, No.1 QianWan Yi Road, Qianhai
Technology (Shenzhen) Limited
\u00a0 \u00a0
Shengan Cooperation District, Shenzhen
Savills Property Services (Beijing)
\u00a0
China
2101 East Tower, Twin Towers, B-12 Jianguomenwai
Company Ltd
\u00a0 \u00a0
Avenue, Chaoyang District, Beijing 100022
Savills Property Services (Chengdu)
\u00a0
China
Room 2106, Yanlord Landmark, No.1 Section 2, Renmin
Company Ltd
\u00a0 \u00a0
South Road, Chengdu 610016
Savills Property Services (Chongqing)
\u00a0
China
Room 1601, 16th \ufb02oor, GuoHua Financial Center, No. 9
Company Ltd
\u00a0 \u00a0
JuXianYan Square, JiangBeiZui, Chongqing
Savills Property Services
\u00a0
China
Room 1301, R&F Center, No.10 Hua Xia Road, Zhujiang
(Guangzhou) Company Ltd
\u00a0 \u00a0
New Town, Guangzhou 510623
\n \n
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills Property Services (Hainan)
China
Room 9A, Baifang Building, Baifang Square, No.105
Limited
Binhai Avenue, Longhua District, Haikou, China
Savills Property Services (Hengqin)
China
Room 105-19233, No. 6 Baohua Road,
Limited
Hengqin new area, Zhuhai
Savills Property Services (Shanghai)
China
Unit D, Room 62,Block 3, No.227,
Company Ltd
Ru Shan Road, Shanghai
Savills Property Services (Tianjin)
China
Unit 4607, Tianjin World Financial Center, No.2 Dagu
Company Ltd
North Road, Xiaobailou Street, Heping District, Tianjin
Savills Property Services (Wuhan)
China
Unit 08-10, 27th Floor, CITIC PACIFIC Mansion, No.1627
Company Ltd
Zhongshan Avenue, Jiang\u2019an District
Savills Property Services (Zhuhai)
China
Unit 3702-12, CITIC Southern Airlines International Plaza,
Company Ltd
No. 52 South Haibin Road, Xiangzhou District, Zhuhai
Savills Corporate Appraisal
China
Unit 01, 21/F, East Tower, Twin Towers, B-12
& Advisory Ltd
Jianguomenwai Avenue, Chaoyang District, Beijing 100022
Savills Real Estate Valuation
China
Room 2105, R&F Center, No.10 Hua Xia Road, Zhujiang
(Guangzhou) Company Ltd
New Town, Guangzhou 510623
Savills Technology Innovation
China
Room 205, \ufb02oor 2 west, No. 707 zhangyang road, China
Services (Shanghai) Company Ltd
(Shanghai) Pilot Free Trade Zone
Shenzhen Guardian Property
China
Unit 03, 9/F, China Resources Tower, No.2666, Keyuan
Management Ltd
South Road, Nanshan District, Shenzhen, 518000, China
Swan Property Services (Beijing)
China
2101 East Tower, Twin Towers, B-12 Jianguomenwai
Company Ltd
Avenue, Chaoyang District, Beijing 100022
Savills Engineering Consulting
China
Room 205, \ufb02oor 2 west, No. 707 zhangyang road, China
Shanghai Company Ltd
(Shanghai) Pilot Free Trade Zone
Savills CZ s.r.o.
Czech Republic
Florentinum, Building C, Na Florenci 2116/15,
Prague 1, 110 00
Cluttons Egypt Consulting JSC
Egypt
Building 17, Street 210, Al Maadi, Cairo
Savills Egypt Consulting JSC
Egypt
Building 17, Street 210, Maadi, Cairo.
Savills SA
France
59, Rue De Tocqueville, 75017, Paris France
Savills Valuation SAS
France
59, Rue De Tocqueville, 75017, Paris France
BRICKBYTE GmbH
Germany
Rosental 4, 80331 M\u00fcnchen, Germany
Savills Advisory Services GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Immobilien Beratungs GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Immobilien Beteiligungs \u2013
Germany
Taunusanlage 18, 60325 Frankfurt am Main
GmbH
Savills Immobilien Management
Germany
Taunusanlage 18, 60325 Frankfurt am Main
GmbH
Savills Property Management
Germany
Bonner Stra\u00dfe 209, 50968 K\u00f6ln, Germany
Deutschland GmbH
Savills Facility Management
Germany
Bonner Stra\u00dfe 209, 50968 K\u00f6ln, Germany
Deutschland GmbH
Savills Channel Islands Limited
Guernsey
Royal Terrace, Glategny Esplanade, St Peter Port,
Guernsey, GY1 2HN
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Absolute Result Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Bridgewater Management Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
BTHK Property Management Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Champion Insurance and Computer
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Services Ltd
Dominion O\ufb03ce Centre Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills IT Solutions Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Express Engineering Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Express Maintenance Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Gateway Contractors Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Greenscape Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
GRVM Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guard Able Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Care Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Management Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Mandarin Management Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Partners Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Property Agencies Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Property Management Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Integrated Management
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Services Limited
Guardian ProTech Facilities
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Management Limited
Hip Kwan Property Management Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Kenda Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Kwik Park Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Mount Link Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Quartey Properties Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills (China) Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills (Hong Kong) Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Asia Paci\ufb01c Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Building Services Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Design Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Engineering Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Guardian (Holdings) Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills India Holding Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
\n
\n \n
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills Indonesia Holding Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Management Services Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Philippines Holding Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Project Consultancy Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Property Management
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Holdings Ltd
Savills Property Management Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Realty Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Regional Services Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Property Services Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Valuation and Professional
Hong Kong
Room 1208, 1111 King\u2019s Road, Taikoo Shing
Services Ltd
Savills Valuation and Professional
Hong Kong
Room 1208, 1111 King\u2019s Road, Taikoo Shing
Services (China) Ltd
Security and Safety Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Hygiene Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Hygiene Solutions Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Pest Control Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Tarrayon Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
The Peninsular Centre Retailers
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Association Ltd
Savills International Realty Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Prestige Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills Smart Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills Smart Parking Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills-One Management
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Services Limited
PT Savills Indonesia IRE
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19,
Jakarta 10270
PT Savills Consultants Indonesia
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19,
Jakarta 10270
Savills Valuation Advisor LLP
India
463 Embassy Lake Terrace, L-6,T-4, Kempapura Hebbal,
P&T Col. Kavalbyrasandra, Bangalore North, Bangalore-
560032, Karnataka
Actium
(ii)
Ireland
33 Molesworth Street, Dublin 2
Anateo Ltd
(ii)
Ireland
33 Molesworth Street, Dublin 2
Savills Advisory Services (Ireland)
Ireland
33 Molesworth Street, Dublin 2
Limited
Savills Commercial (Ireland) Limited
(ii)
Ireland
33 Molesworth Street, Dublin 2
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills Management Resource
Ireland
33 Molesworth Street, Dublin 2
Ireland Ltd
Savills Residential (Ireland) Ltd
Ireland
33 Molesworth Street, Dublin 2
Savills Italia S.r.l.
Italy
Via Manzoni, 37 \u2013 20121 Milano
Savills Italy SRL (EUR)
Italy
Via Manzoni, 37 \u2013 20121 Milano
Savills Asset Advisory Company Ltd
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho,
Chiyoda-ku, Tokyo 100-0006
Savills Japan Company Ltd
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho,
Chiyoda-ku, Tokyo 100-0006
Savills Japan Valuation GK
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho,
Chiyoda-ku, Tokyo 100-0006
Savills plc 1992 Employee
(v)
Jersey
Third Floor Cambridge House, Le Truchot, St Peter Port,
Bene\ufb01t Trust
GY1 1WD, Guernsey
1992 EBT Holdings Ltd
(v)
Jersey
50 La Colomberie, St. Helier, JE2 4QB
Savills (Jersey) Ltd
Jersey
19 Halkett Place, St Helier, JE2 4WG
Savills (Macau) Ltd
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da
Amizade
Savills Project Consultancy
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da
(Macau) Ltd
Amizade
Savills Property Management
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da
(Macau) Ltd
Amizade
Savills (Myanmar) Ltd
Myanmar
No. 8, Unit 8-A, Centerpoint Towers, No. 65, Corner
of Sule Pagoda Road & Merchant Street, Kyauktada
Township, Yangon
Savills Asset and Property
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
Management BV
1082 MD
Savills Agency B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills Building & Project
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
Consultancy B.V.
1082 MD
Savills Consultancy B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills Holdings B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills Investments B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills Nederland Holdings BV
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills Retail B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
\n
\n \n
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills (NZ) Ltd
New Zealand
Level 6, 41 Shortland Street, Auckland Central,
Auckland,\u00a01010
Savills Sp Z o.o.
Poland
Al. Jana Paw\u0142a II 22, Warszawa
Savills Portugal \u2013 Consultoria, Lda.
Portugal
Avenida Miguel Bombarda 4, 1000-208 Lisboa
Savills Portugal \u2013 Media\u00e7ao
Portugal
Avenida Miguel Bombarda 4, 1000-208 Lisboa
Imobiliaria Lda
Predibisa \u2013 Sociedade de Mediacao
Portugal
R. Jos\u00e9 Gomes Ferreira 117
imobiliaria Lda
Savills for Business Services SPC
Saudi Arabia
PO Box 17, Riyadh, Post Code: 11411
Savills Arabia for Real Estate
Saudi Arabia
PO Box 17, Riyadh, Post Code: 11411
Valuation LLC
Savills Regional Headquarters
Saudi Arabia
2908 Prince Muhammad Ibn Abdulaziz, Riyadh, 12241
Savills (SEA) Pte Ltd
(ii)
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills (Singapore) Pte Ltd
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills Property Management Pte Ltd
Singapore
20 Martin Road #03-01/02 Seng Kee Building, 239070
Savills Valuation & Professional
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Services (S) Pte Ltd
Savills Korea Advisors Realty
South Korea
13/F Seoul Finance Center, 136 Sejong-daero Jung-gu,
Company Ltd
Seoul
Savills Korea Company Ltd
South Korea
13/F Seoul Finance Center, 136 Sejong-daero Jung-gu,
Seoul
Savills Diseno y Construccion
Spain
Avda. Diagonal 609-615, Barcelona
Barcelona, SAU
Savills Arquitectura SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Barcelona SAU
Spain
Avda. Diagonal 609-615, Barcelona
Savills Consultores Real Estate, SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Corporate Finance, SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills RE Spain SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Valoraciones y Tasaciones SA
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Consultores Inmobiliarios SA
Spain
Paseo de la Castellana, 81 28046 Madrid
Medasil Desarrollos S.L
Spain
calle Pedro I Pons, n\u00ba 9-11, Puerta 6, Planta 2. Barcelona
Loudden Bygg-och
Sweden
Box 6317, 102 35 Stockholm
Fastighetsservice AB
Savills F\u00f6rvaltning AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Savills Sweden AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Savills Sweden Investment AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Verbier Hospitality SA
Switzerland
45 Route de Verbier Station, CH-1936 Verbier, Valais
Savills (Taiwan) Ltd
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
Savills Residential Services
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
(Taiwan) Ltd
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills Valuation & Professional
(iii)
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
Services (Taiwan)
Savills (Thailand) Ltd
Thailand
990 Abdulrahim Place Building, 26/F, Rama IV Road,
Silom Subdistrict, Bang Rak District, Bangkok
Savills Services (Thailand) Limited
Thailand
990 Abdulrahim Place Building, 26/F, Rama IV Road,
Silom Subdistrict, Bang Rak District, Bangkok
Savills Real Estate LLC (Dubai)
United Arab
22nd Floor, Arenco Tower, Sheikh Zayed Road,
Emirates
PO Box 3087 Dubai
Savills Real Estate LLC (Sharjah)
United Arab
2702C, Al Marzouqi Towers, King Faisal Street
Emirates
Automotive Property Consultancy
United Kingdom
33 Margaret Street, London, W1G 0JD
Holdings Ltd
Automotive Property Consultancy Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
B Bids Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Buckleys Estate Agents Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Chester\ufb01eld & Co (Rentals) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Cordea Savills Investments Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Cureoscity Technologies Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Currell Residential Limited
United Kingdom
9 Bonhill Street, London, EC2A 4DJ
Grosvenor Hill Ventures Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Hepher Dixon Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Holden Matthews Estate Agents Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Humphriss & Ryde Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Jago Dean PR Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
LIBRA Housing Advisory Services Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Mans\ufb01eld Elstob Main Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Nash Bond Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
PCA Holdings Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
PCA Management Consultants
United Kingdom
33 Margaret Street, London, W1G 0JD
Limited
Portnalls Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Prime Purchase Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Rickitt Grant & Company Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
S F Securities Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (Europe) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (L&P) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (NI) Ltd
United Kingdom
2nd Floor, Longbridge House, 16-24 Waring Street,
Belfast, BT1 2DX, Northern Ireland
\n
\n \n
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills (Overseas Holdings) Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (UK) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Advisory Services (L&P) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Advisory Services Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Asia Paci\ufb01c Holding Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Asset Warehouse 1 Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Co-Investment
United Kingdom
33 Margaret Street, London, W1G 0JD
Holdings Limited
Savills Capital Advisors Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Commercial (Leeds) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Commercial Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Finance Holdings plc
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Financial Services Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Holding Company Ltd
(i)
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills India Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Italy Holding Limited
United Kingdom
33 Margaret Street, London W1G 0JD
Savills KSA Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Lending Solutions Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Management Resources Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Management Resources
United Kingdom
2nd Floor, Longbridge House, 16-24 Waring Street,
Northern Ireland Ltd
Belfast, BT1 2DX, Northern Ireland
Savills ME Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Middle East Holdings Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Pension Trust Company Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Telecom Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Trust Company Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Situu Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Situu Management Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Smith Woolley Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Smiths Gore Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
The Currell Group Limited
United Kingdom
9 Bonhill Street, London, EC2A 4DJ
The London Planning Practice Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Wellington Holdings Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
BTR Capital Advisors I, LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
BTR Capital Advisors II, Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
BTR Capital Advisors III, Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Gravitas Lease Audit Services LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Gravitas Real Estate Solutions LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Kelly, Legan & Gerard Inc.
United States
398 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Dallas Lease Administration LLC
United States
15660 N Dallas Pkway, Ste 1200 Dallas, TX 75248
Macro Consultants LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills (L&P) Inc
United States
Unex House, 132\u2013134 Hills Road, Cambridge, CB2 8PA,
United Kingdom
Savills (ME) LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills America Ltd
United States
399 Park Avenue \u2013 11/F, New York, NY 10022
Savills Gravitas Lease Audit
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Services LLC
Savills Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Rabbi Trust
(v)
United States
570 Lexington Ave, New York, NY 10022
Savills Occupier Services Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Studley International, Inc
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Studley Advisors, Inc
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
SVS (GA) Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
T3 Reallty Advisors West Corp
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
T3 Reallty Advisors, LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
The Great Studley Stamp Company
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Vietnam Company Ltd
Vietnam
21/F, T\u00f2a T\u00e2y- Lotte Center Hanoi, 54 Lieu Giai Street,
Cong Vi Ward, Ba Dinh District, Hanoi City
SVVN Price Valuation Limited
Vietnam
17 Fl., Vincom Centre Building, 72 Le Thanh Ton Str.,
Liability Company
Ben Nghe Ward, Dist 1, Ho Chi Minh City
\n
\n \n
Subsidiaries of which the Group
Country of
owns less than 100%
% owned
incorporation
Registered o\ufb03ce
Savills Investment Management
71
Australia
Level 36, Gateway, 1 Macquarie Place,
(Australia) Pty Limited
Sydney NSW 2000
Savills Retail Management Pty Ltd
(vi)
55
Australia
Level 25, 1 Farrer Place, Sydney,
NSW 2000
Savills Belux Group SA
99.9
Belgium
Avenue Louise 81, 1050 Brussels
DRC UK Whole Loan Fund (Feeder)
71
Cayman
94 Solaris Avenue, Camana Bay,
(GP) Ltd
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
DRC UK Whole Loan Fund (GP) Ltd
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
European Real Estate Debt Fund II
71
Cayman
94 Solaris Avenue, Camana Bay,
(GP) Ltd
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
European Real Estate Senior Debt
71
Cayman
94 Solaris Avenue, Camana Bay,
(GP 1) Ltd
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
European Real Estate Senior Debt
71
Cayman
94 Solaris Avenue, Camana Bay,
(GP 2) Ltd
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
European Real Estate Senior Debt
71
Cayman
94 Solaris Avenue, Camana Bay,
(GP 3) Ltd
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
Savills IM Japan Residential Fund II
71
Cayman
c/o Walkers Corporate Limited, Cayman
Feeder GP Ltd
Corporate Centre, 27 Hospital Road,
George Town, Grand Cayman KY1-9008,
Cayman Islands
Savills Property Services (Shenzhen)
85
China
Unit 02, 9/F, China Resources Tower,
Company Ltd
No.2666, Keyuan South Road, Nanshan
District, Shenzhen, 518000
Savills Egypt
55
Egypt
Building 17, Street 210, Maadi, Cairo
Riviera Estates SAS
75
France
11 Avenue Jean Medecin, 06000, Nice
Savills Investment Management SAS
71
France
54\u201356 Avenue Hoche, 75008 Paris
Savills Fund Management GmbH
71
Germany
Rotfeder-Ring 7, D-60327 Frankfurt-am-
Main
Savills Fund Management Holding AG
71
Germany
Rotfeder-Ring 7, D-60327
Frankfurt-am-Main
Savills Investment Management
71
Germany
Sonnenstrasse 19, Munich
(Germany) GmbH
Savills Investment Management (KVG)
63.83
Germany
Rotfeder-Ring 7, D-60327
GmbH
Frankfurt-am-Main
Jiayi Savills Property Services Ltd
51
Hong Kong
23/F, Two Exchange Square, 8 Connaught
Place, Central
Savills Projects HK Ltd
60
Hong Kong
Rooms 1202-04, 12/F, 1111 King's Road,
Taikoo Shing
Subsidiaries of which the Group
Country of
owns less than 100%
% owned
incorporation
Registered o\ufb03ce
Savills Billion Property
80
Hong Kong
Rooms 805-813, 8/F, 1111 King's Road,
Management\u00a0Ltd
Taikoo Shing
Savills Investment Management
71
Hong Kong
Level 54, Hopewell Centre, 183 Queen\u2019s
Asia\u00a0Limited
Road East
The Aurora Management Services Ltd
80
Hong Kong
Rooms 805-813, 8/F, 1111 King's Road,
Taikoo Shing
Savills Vignature Property
70
Hong Kong
Rooms 805-813, 8/F, 1111 King's Road,
Management Limited
Taikoo Shing
Savills The Vision Property
60
Hong Kong
Rooms 805-813, 8/F, 1111 King's Road,
Management Limited
Taikoo Shing
Savills Property Services (India)
55
India
15th Floor, SKAV SEETHALAKSHMI,
Private\u00a0Limited
Corporation No.21, Kasturba Road,
Bangalore-560001, Karnataka
PT Savills Advisory Services
70
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia
Afrika Lot.19, Jakarta 10270
PT Savills Management Services
60
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia
Afrika Lot.19, Jakarta 10270
PT CB Advisory
60
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia
Afrika Lot.19, Jakarta 10270
Savills Investment Management SGR
71
Italy
Via San Paolo 7, 20121 Milan
S.p.A
Savills Residential Italy SRL
(vi)
51
Italy
Via di Montoro, 8 \u2013 00186 Roma (RM)
JVF GP GK
64.52
Japan
c/o Akasaka International Accounting
O\ufb03ce 2-10-5 Akasaka, Minato-ku, Tokyo
Savills Investment Architecture
71
Japan
3F BPR Place Kamiyacho, 1-11-9 Azabudai,
Design\u00a0GK
1 Chome-11 Azabudai, Minato-ku, Tokyo
106-0041
SIM Real Estate GK
71
Japan
3F BPR Place Kamiyacho, 1-11-9 Azabudai,
1 Chome-11 Azabudai, Minato-ku, Tokyo
106-0041
DRC European Real Estate
71
Jersey
The Forum, 4 Grenville Street, St Helier,
Debt Fund III (GP) Ltd
JE2 4UF
DRC European Real Estate
71
Jersey
The Forum, 4 Grenville Street, St Helier,
Debt Fund III (SLI GP) Ltd
JE2 4UF
DRC European Real Estate
71
Jersey
The Forum, 4 Grenville Street, St Helier,
Debt Fund IV (GP) Ltd
JE2 4UF
DRC European Real Estate Debt Fund
71
Jersey
4th Floor, Ensign House, 29 Seaton Place,
IV (SLI) LP
St. Helier, JE2 3QL
DRC Evergreen Whole Loan (GP) Ltd
71
Jersey
The Forum, 4 Grenville Street, St Helier,
JE2 4UF
DRC UK Whole Loan Fund II (GP) Ltd
71
Jersey
The Forum, 4 Grenville Street, St Helier,
JE2 4UF
European Real Estate Senior Debt 4
71
Jersey
The Forum, 4 Grenville Street, St Helier,
(GP) Ltd
JE2 4UF
\n
\n \n
Subsidiaries of which the Group
Country of
owns less than 100%
% owned
incorporation
Registered o\ufb03ce
European Real Estate Senior Debt
71
Jersey
IFC 5, St Helier, JE1 1ST
Fund (GP 7) Ltd
Prime London Residential
71
Jersey
3rd Floor Walker House, 28-34 Hill Street,
Development Jersey GP Limited
St Helier, JE4 8PN
Prime London Residential
71
Jersey
3rd Floor Walker House, 28-34 Hill Street,
Development Jersey II GP Limited
St Helier, JE4 8PN
Savills Investment Management
71
Jersey
3rd Floor, Walker House, 28-34 Hill St, St
(Jersey) Limited
Helier, JE4 8PN
DRC European Real Estate Debt Fund
71
Luxembourg
6H Route de Treves, Senningerberg
IV (GP II) Sarl
L-2633
DRC SIM Australia Real Estate Debt
71
Luxembourg
10, rue C.M. Spoo
Fund I (GP) Sarl
European Real Estate Senior Debt 5
71
Luxembourg
Airport Center Luxembourg 5, Heienha\ufb00,
(GP) Sarl
L-1736 Senningerberg
European Real Estate Senior Debt 6
71
Luxembourg
Airport Center Luxembourg 5, Heienha\ufb00,
(GP) Sarl
L-1736 Senningerberg
European Real Estate Senior Debt 8
71
Luxembourg
6H Route de Treves, Senningerberg
Sarl
L-2633
Savills IM European Fund V GP S.a.r.l
71
Luxembourg
10, rue C.M. Spoo
Savills IM Japan Residential Evergreen
71
Luxembourg
10, rue C.M. Spoo
Feeder Fund A (GP) Sarl
Savills Investment Management
63.83
Luxembourg
10, rue C.M. Spoo
(Luxembourg) S.\u00e0 r.l.
Merx Macau Limited
60
Macau
Avenida da Praia Grande, n\u00ba 665,
Edif\u00edcio Great Will, 16\u00ba andar, Unidade A
Actus Sdn. Bhd.
60
Malaysia
D-2-5, Megan Avenue 1, 189, Jalan Tun
Razak, 50400 Kuala Lumpur, Wilayah
Persekutuan
Savills Projects Malaysia Sdn. Bhd.
60
Malaysia
Unit 1336, Suite-A, Lobby 7, Block A,
Damansara Intan No 1, Jalan SS20/27
47400 Petaling Jaya, Selangor
LCA Core Sdn. Bhd.
60
Malaysia
18-2, Jalan PJU 5/4, Dataran Sunway, Kota
Damansara, 47810 Petaling Jaya, Selangor
Lucia Sdn. Bhd.
60
Malaysia
18-2, Jalan PJU 5/4, Dataran Sunway, Kota
Damansara, 47810 Petaling Jaya, Selangor
Savills Investment Management B.V
71
Netherlands
Vida Building, Kabelweg 57, 1014 BA
Amsterdam
Savills & Partners LLC
65
Oman
Hatat Complex Suite 30-36, Ground Floor,
P O Box 1475, Ruwi, Sultanate of Oman,
Location \u2013 Wadi Adai \u2013 Romellah
Savills Investment Management
71
Poland
Gdanski Business Center \u2013 building B
SP Z o.o.
(3rd \ufb02oor), In\ufb02ancka 4 st., 00-189 Warsaw
Absolute Maintenance Services Pte Ltd
80
Singapore
13 Kaki Bukit Place Absolute Maintenance
Building S416191
Subsidiaries of which the Group
Country of
owns less than 100%
% owned
incorporation
Registered o\ufb03ce
Savills Projects Holdings Pte Ltd
60
Singapore
168 Robinson Road, #12 Capital Tower,
Singapore 068912
Savills Projects Singapore Pte Ltd
60
Singapore
168 Robinson Road, #12 Capital Tower,
Singapore 068912
Savills Investment Management Pte.
71
Singapore
83 Amoy Street, 01-01 Singapore 069960
Limited
Savills IM Japan Value Fund II GP Pte
71
Singapore
61 Robinson Road #16-02, Robinson
Ltd
Centre Singapore 068893
Savills IM Japan Residential Fund II GP
71
Singapore
61 Robinson Road #16-02, Robinson
Pte Ltd
Centre Singapore 068893
Solute Pte Ltd
80
Singapore
13 Kaki Bukit Place Absolute Maintenance
Building S416191
Savills Investment Management SLU
71
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Investment Management AB
71
Sweden
Regeringsgatan 48, 5th Floor, 111 56
Stockholm
Cordea Savills SLP GP Limited
71
United Kingdom
Wemyss House, 8 Wemyss Place,
Edinburgh, EH3 6DH
Cordea Savills SLP II LP
71
United Kingdom
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Cordea Savills SLP LP
71
United Kingdom
Wemyss House, 3 Wemyss Place,
Edinburgh, EH3 6DH
DRC Savills Investment
71
United Kingdom
4th Floor, 6 Duke Street St James's,
Management\u00a0LLP
London, SW1Y 6BN
Savills IM Residential UK Ltd
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Prime London Residential
71
United Kingdom
50 Lothian Road, Festival Square,
Development Co-Investment GP LLP
Edinburgh, EH3 9WJ
Prime London Residential
71
United Kingdom
50 Lothian Road, Festival Square,
Development Co-Investment II GP LLP
Edinburgh, EH3 9WJ
Prime London Residential
71
United Kingdom
50 Lothian Road, Festival Square,
Development Co-Investment II LP
Edinburgh, EH3 9WJ
Prime London Residential
71
United Kingdom
50 Lothian Road, Festival Square,
Development Co-Investment LP
Edinburgh, EH3 9WJ
Prime London Residential
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Development GP LLP
Prime London Residential
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Development II GP LLP
Savills IM SLP II GP LLP
71
United Kingdom
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Savills IM Euro V Co-Investment
71
United Kingdom
50 Lothian Road, Festival Square,
GP\u00a0LLP
Edinburgh, EH3 9WJ
Savills IM Euro V Co-Investment LP
71
United Kingdom
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Savills IM Holdings Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
\n
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Subsidiaries of which the Group
\u00a0
Country of
\u00a0
owns less than 100%
% owned
incorporation
Registered o\ufb03ce
Savills IM Investco Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM Investments Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM JVF II Co-Investment GP LLP
71
United Kingdom
50 Lothian Road, Festival Square,
\u00a0 \u00a0 \u00a0
Edinburgh, EH3 9WJ
Savills IM JVF II Co-Investment LP
71
United Kingdom
50 Lothian Road, Festival Square,
\u00a0 \u00a0 \u00a0
Edinburgh, EH3 9WJ
Savills IM SLP General Partner LLP
71
United Kingdom
Wemyss House, 8 Wemyss Place,
\u00a0 \u00a0 \u00a0
Edinburgh, EH3 6DH
Savills IM SLP III GP LLP
71
United Kingdom
Citypoint, 65 Haymarket Terrace,
\u00a0 \u00a0 \u00a0
Edinburgh, EH12 5HD
Savills IM SLP III LP
71
United Kingdom
Citypoint, 65 Haymarket Terrace,
\u00a0 \u00a0 \u00a0
Edinburgh, EH12 5HD
Savills IM UK One Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM UK Property Ventures No.1
71
United Kingdom
33 Margaret Street, London, W1G 0JD
GP Limited
\u00a0 \u00a0 \u00a0
Savills IM UK Two Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Investment Management (UK)
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Limited
\u00a0 \u00a0 \u00a0
Savills Investment Management LLP
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Investment Management
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Overseas Holdings Limited
\u00a0 \u00a0 \u00a0
Simply A\ufb00ordable Homes 1 GP Ltd
42.6
United Kingdom
33 Margaret Street, London, W1G 0JD
Simply A\ufb00ordable Homes 2 GP Ltd
42.6
United Kingdom
33 Margaret Street, London, W1G 0JD
Simply A\ufb00ordable Homes LLP
42.6
United Kingdom
33 Margaret Street, London, W1G 0JD
Stratland Management Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
DRCSIM US Holdings LLC
71
United States
Corporation Service Company, 251 Little
\u00a0 \u00a0 \u00a0
Falls Drives, Wilmington, Delaware
SGDN Ltd
51
United Kingdom
Stuart House, City Road, Peterborough,
\u00a0 \u00a0 \u00a0
PE1 1QF
SGDN Limited
51
United Kingdom
Stuart House, City Road, Peterborough,
\u00a0 \u00a0 \u00a0
PE1 1QF
Savills Investment Management Inc
75
United States
251 Little Falls Drive, Wilmington,
\u00a0 \u00a0 \u00a0
Delaware
\n
\u00a0 \u00a0
Country of
\u00a0
Fully owned entities not controlled by the Group
\u00a0
incorporation
Registered o\ufb03ce
Li\ufb00ey Valley Management Ltd
(iv)
Ireland
33 Molesworth Street, Dublin 2
Mahon Point Management Ltd
(iv)
Ireland
33 Molesworth Street, Dublin 2
White Water (Newbridge) Limited
(iv)
Ireland
33 Molesworth Street, Dublin 2
White Water Management Limited
(iv)
Ireland
33 Molesworth Street, Dublin 2
White Water Residential DAC (Designated Activity Company)
(iv)
Ireland
33 Molesworth Street, Dublin 2
2GCSSO Limited
(iv)
Ireland
33 Molesworth Street, Dublin 2
Liverpool ONE Management Services Ltd
(iv)
United
33 Margaret Street, London,
\u00a0 \u00a0
Kingdom
W1G 0JD
Moor House Management Services Ltd
(iv)
United
33 Margaret Street, London,
\u00a0 \u00a0
Kingdom
W1G 0JD
\n
(i)
Directly owned by Savills plc.
\n
(ii)
Both ordinary and redeemable shares owned by the Group.
\n
(iii) Partnership interest.
\n
(iv) The Group does not control these entities (as de\ufb01ned by IFRS 10) and they are not consolidated in to the Group\u2019s \ufb01nancial statements.
\n
(v)
The Group does not have a shareholding in these employee bene\ufb01t trusts, however, these trusts are speci\ufb01cally designed to serve the purposes of the
\n
sponsoring group entity and to ensure that there will be minimal risk of any con\ufb02ict arising between the duties of the trustees and the interest of the group
\n
entity. Accordingly, these trusts are under the de facto control of the group entity. IFRS 10 control assessment also supports that these trusts are under
\n
control of the group entity and are consolidated into the Group\u2019s \ufb01nancial statements on that basis.
\n
(vi)
Listed as a non-wholly owned subsidiary as equity ownership is less than 100% however due to the Group having a present ownership interest in the
\n
remaining equity shares subject to put options, it has been determined that there is no non-controlling interest present and the entity is accounted for as a
\n
wholly owned subsidiary.
\n
The Group holds a number of investments in associates and joint ventures where it holds more than 50% of the
\n
shareholding in these entities. Similarly, the Group holds a number of joint ventures and associates where the
\n
shareholding is less than 50% and three subsidiaries where the shareholding is less than 50%. In all these instances
\n
management has determined the appropriate classi\ufb01cation of these shareholdings based on the contractual
\n
arrangements and agreements in place, in particular focusing on the parties who have the ability to direct/control the
\n
relevant activities of the investment taking into account representation on the Board of Directors, ability to participate/
\ndirect policy making processes and the rights to variable returns from the investee.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "28. 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 \ufb01nalised within 12 months of the acquisition date. These are summarised below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Provisional fair value to the Group
\u00a0 \u00a0
Savills India
Others
Total
\u00a0 \u00a0
\u00a3m
\u00a3m
\u00a3m
Non-current assets:
Property, plant and equipment
0.8
0.7
1.5
\u00a0
Right-of-use asset
1.7
\u2013
1.7
\u00a0
Intangible assets
0.5
2.4
2.9
\u00a0
Deferred tax asset
1.0
\u2013
1.0
Current assets:
Trade and other receivables
13.6
1.7
15.3
\u00a0
Income tax receivable
\u2013
0.1
0.1
\u00a0
Cash and cash equivalents
\u2013
6.1
6.1
Current liabilities:
Borrowings \u2013 bank overdrafts
(1.3)
\u2013
(1.3)
\u00a0
Lease liabilities
(0.4)
\u2013
(0.4)
\u00a0
Trade and other payables
(15.0)
(5.1)
(20.1)
\u00a0
Deferred income
\u2013
(2.0)
(2.0)
\u00a0
Income tax liabilities
\u2013
(0.4)
(0.4)
\u00a0
Employee bene\ufb01t obligations
(0.6)
\u2013
(0.6)
Non-current liabilities:
Lease liabilities
(1.3)
\u2013
(1.3)
\u00a0
Trade and other payables
(14.4)
\u2013
(14.4)
\u00a0
Deferred tax liabilities
\u2013
(0.2)
(0.2)
Net (liabilities)/assets
\u00a0
(15.4)
3.3
(12.1)
Non-controlling interest share
\u00a0 \u00a0 \u00a0 \u00a0
of net liabilities/assets
\u00a0
6.9
(0.1)
6.8
Net (liabilities)/assets acquired
\u00a0
(8.5)
3.2
(5.3)
Goodwill (provisional)
\u00a0
8.6
11.5
20.1
Purchase consideration
\u00a0
0.1
14.7
14.8
Consideration satis\ufb01ed by:
\u00a0 \u00a0 \u00a0 \u00a0
Cash paid
\u00a0
\u2013
7.4
7.4
Fair value of associate holding,
\u00a0 \u00a0 \u00a0 \u00a0
prior to acquisition
\u00a0
\u2013
5.6
5.6
Deferred consideration > 1 year
\u00a0
\u2013
1.7
1.7
Conversion of convertible
\u00a0 \u00a0 \u00a0 \u00a0
cumulative preference shares
\u00a0 \u00a0 \u00a0 \u00a0
(\u2018CCPS\u2019)
\u00a0
0.1
\u2013
0.1
\u00a0 \u00a0
0.1
14.7
14.8
\n
Savills Property Services (India) Private Limited (\u2018Savills India\u2019)
On 12 August 2024, the Group increased its shareholding in Savills India, a full-service real estate consultancy business
in India. CCPS held by the Group converted into Class A equity shares, bringing the Group\u2019s shareholding from a 19.5%
investment to a 55% owned subsidiary. The CCPS were held as a \ufb01nancial asset held at FVPL and immediately prior to
the transaction were fair valued to \u00a30.1m, with the fair value re-measurement recognised in the income statement.
Total acquisition consideration is provisionally determined at \u00a30.1m, being the fair value of the original 19.5%
investment and the CCPS that converted into equity.
Goodwill of \u00a38.6m has been determined. Goodwill is attributable to the experience and expertise of key sta\ufb00 members
and is not expected to be deductible for tax purposes.
The acquired business contributed revenue of \u00a323.8m and pro\ufb01t of \u00a31.3m to the Group for the period from the date of
acquisition to 31 December 2024. Had the acquisition been made at the beginning of the \ufb01nancial year, revenue would
have been \u00a352.9m and a pro\ufb01t of \u00a31.1m would have been recognised.
The fair value of trade and other receivables is \u00a313.6m, of which \u00a36.9m relates to trade receivables. The gross
contractual amount for trade receivables is \u00a37.4m, \u00a30.5m of which is expected to be uncollectible.
Other acquisitions
On 3 January 2024, the Group acquired 100% of the equity interest in Verbier Hospitality SA, which specialises in
holiday rentals in Verbier, Switzerland. In addition, on 11 April 2024, the Group acquired Situu Limited and Situu
Management Limited, a \ufb02exible o\ufb03ce advisory business in the UK. On 12 April 2024, the Group also acquired a
further 24% equity interest in Riviera Estates SAS, a luxury property agency in the south of France, bringing the total
shareholding to 75%. On 1 July 2024, Savills Projects Holdings Pte Ltd acquired 100% shareholding of PMCC Actus Sdn
Bhd (subsequently renamed Actus Sdn Bhd), leading to a 60% e\ufb00ective Group shareholding of the specialist project
management business in Malaysia. In addition, on 29 July 2024 the Group purchased a further 20% equity interest
in LCA Core Sdn Bhd Group, a leading supply chain and logistics consultancy business in Malaysia, bringing total
shareholding to 60%. Furthermore, on 1 August 2024, the Group acquired 100% of Medasil Desarrollos S.L, a residential
property management business in Spain.
Total acquisition consideration for these transactions is provisionally determined at \u00a314.7m. Cash consideration
for these transactions amounted to \u00a37.4m. An additional \u00a31.7m of the acquisition consideration relates to deferred
consideration. The remainder of the acquisition consideration relates to the fair value of the initial 50% investment in
Riviera Estates SAS and the initial 40% investment in LCA Core Sdn Bhd as both were previously held as associates.
Goodwill of \u00a311.5m has been provisionally determined. Goodwill is attributable to the experience and expertise of key
sta\ufb00 and strong industry reputation and is not expected to be deductible for tax purposes.
Acquisition-related costs of \u00a30.2m have been expensed as incurred to the income statement and classi\ufb01ed within
other operating expenses.
The acquired businesses contributed revenue of \u00a32.8m and a pro\ufb01t of \u00a30.3m to the Group for the period from
acquisition to 31 December 2024. Had the acquisitions been made at the beginning of the \ufb01nancial year, revenue would
have been \u00a38.0m and the pro\ufb01t would have been \u00a30.4m. The impact on the Group\u2019s overall revenue and pro\ufb01ts is
not\u00a0material.
The fair value of trade and other receivables acquired is \u00a31.7m, \u00a31.1m of which relates to trade receivables. The gross
contractual amount for trade receivables is \u00a31.3m, \u00a30.2m of which is expected to be uncollectible.
2023 acquisitions and prior year restatement
In the year ended 31 December 2023 the Group acquired 100% equity interest in Nash Bond, 100% of the equity
interest in Automotive Property Consultancy Holdings Limited, 51% of the equity interest in BeLiving SRL
(subsequently renamed Savills Residential Italy SRL), 100% of the equity of Predibisa, Sociedade de Media\u00e7\u0101o
Imobili\u00e1ria, Lda. and a 55% equity interest in Site 8 Pty Limited (subsequently renamed Savills Retail Management
Pty\u00a0Ltd).
During the current year, provisional fair values relating to the acquisition of Nash Bond were \ufb01nalised, resulting in an
increase of \u00a30.4m to the value of current assets and a \u00a30.3m decrease to current liabilities acquired. The value of
deferred consideration payable also increased by \u00a30.7m (impacting current liabilities), therefore there was no change
to the value of goodwill recognised upon acquisition. This adjustment is considered a measurement period adjustment
in accordance with IFRS 3 and as a result the 31 December 2023 comparatives have been restated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "29. Non-controlling interests
Transactions with non-controlling interests
Under IFRS 10, transactions with non-controlling interests must be accounted for as equity transactions. During the
year, the Group undertook the following transactions with non-controlling interests:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
E\ufb00ective holding
Total e\ufb00ective holding
\u00a0
(disposed)/acquired
at 31 December 2024
Savills IM Holdings Limited
(4%)
71%
Absolute Maintenance Services Pte Ltd and Solute Pte Limited (\u2018AMS\u2019)
20%
80%
Savills Fund Management GmbH
3%
71%
\n
In March 2024, Samsung Life completed on its call option to purchase a further 4% in Savills IM Holdings Limited for
consideration of \u00a311.3m, increasing their shareholding to 29%. The carrying amount of the Savills IM Holdings Limited
group (\u2018Savills IM Group\u2019) net assets on the date of disposal was \u00a3133.6m. The Group has recognised an increase in
non-controlling interest of \u00a35.3m and a pro\ufb01t of \u00a36.0m to retained earnings in respect of this transaction.
In December 2024, upon exercise of the AMS put option, the Group purchased an additional 20% holding in AMS for
consideration of \u00a34.4m, increasing its shareholding to 80%. The carrying amount of AMS net assets on the date of the
transaction was \u00a33.4m. The liability for the purchase price had already been recognised at the inception of the put and
call option in 2022, with subsequent gains or losses on re-measurement of the liability recognised in operating pro\ufb01ts
in the income statement. The Group has recognised a decrease in non-controlling interest of \u00a30.8m and a pro\ufb01t of
\u00a30.8m to retained earnings in respect of this transaction.
In addition, the Group paid \u00a30.8m in total to other non-controlling interest holders to bring the Group\u2019s shareholding in
Savills Fund Management GmbH to 100%. There is no change to the value of non-controlling interest in relation to this
transactions and as a result the Group recognised a charge to retained earnings of \u00a30.8m in respect to this transaction.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Savills IM
\u00a0 \u00a0 \u00a0
\u00a0
Group
AMS
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Change in carrying amount of non-controlling interests
(5.3)
0.8
\u2013
(4.5)
Consideration paid by/(to) non-controlling interest holder
11.3
\u2013
(0.8)
10.5
Gain/(charge) recognised in parent\u2019s equity
6.0
0.8
(0.8)
6.0
\n
Material non-controlling interests
The total non-controlling interest at the end of the year is \u00a331.0m (2023: \u00a334.9m). 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 29% non-controlling interest held by Samsung Life in the Savills
IM Group (31 December 2024: \u00a336.8m, 31 December 2023: \u00a333.5m, 25% non-controlling interest held). The loss after
tax allocated to the non-controlling interest of the Savills IM Group for the year ended 31 December 2024 was \u00a32.9m
(31\u00a0December 2023: \u00a31.9m loss after tax).
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2024
2023
Savills IM Group
\u00a3m
\u00a3m
Non-current assets
101.7
106.8
Current assets
82.7
113.7
Current liabilities
(43.1)
(69.6)
Non-current liabilities
(14.3)
(16.8)
Net assets
127.0
134.1
Revenue
94.1
105.8
Loss after tax
(10.3)
(7.4)
Reconciliation of non-controlling interests
\n \n
Non-
Total non-
controlling
controlling
Savills IM
interest in
Other non-
Total non-
interests
Group net
Savills IM
controlling
controlling
presented
assets
Group
interests
Interests
Transfer
in reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
134.1
33.5
1.4
34.9
\u2013
34.9
(Loss)/pro\ufb01t for the year
(10.3)
(2.8)
2.1
(0.7)
\u2013
(0.7)
Other comprehensive loss:
Tax on items taken to other comprehensive income
(0.3)
(0.1)
\u2013
(0.1)
0.1
\u2013
Currency translation di\ufb00erences
(2.6)
(0.8)
(0.3)
(1.1)
\u2013
(1.1)
Total comprehensive (loss)/pro\ufb01t for the year
(13.2)
(3.7)
1.8
(1.9)
0.1
(1.8)
Employee share option scheme: value
of\u00a0services\u00a0provided
1.9
0.6
\u2013
0.6
(0.6)
\u2013
Dividends
\u2013
\u2013
(2.6)
(2.6)
\u2013
(2.6)
Other reserve movements:
\u2013
Issue of deferred shares
7.6
2.1
\u2013
2.1
(2.1)
\u2013
\u2013
EBT contributions to Savills plc
(2.5)
(0.7)
\u2013
(0.7)
0.7
\u2013
\u2013 Other
(0.9)
(0.3)
\u2013
(0.3)
0.3
\u2013
Transfer between reserves
\u2013
\u2013
1.2
1.2
\u2013
1.2
Transactions with non-controlling interest holders
\u2013
5.3
(0.8)
4.5
1.6
6.1
Acquisitions of subsidiaries
\u2013
\u2013
(6.8)
(6.8)
\u2013
(6.8)
Balance at 31 December 2024
127.0
36.8
(5.8)
31.0
\u2013
31.0
\n \n
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)/pro\ufb01t for the year
(7.4)
(1.9)
0.6
(1.3)
Other comprehensive (loss)/income:
Remeasurement of de\ufb01ned bene\ufb01t pension\u00a0scheme
(0.5)
(0.1)
\u2013
(0.1)
Tax on items taken to other comprehensive\u00a0income
0.1
\u2013
\u2013
\u2013
Currency translation di\ufb00erences
(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\u00a0services\u00a0provided
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
\u2013
\u2013
(0.2)
(0.2)
Balance at 31 December 2023
134.1
33.5
1.4
34.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "30. Share capital and premium
Material accounting policies relating to share capital
Ordinary shares are classi\ufb01ed 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 Bene\ufb01t Trust and the Savills Rabbi Trust,
are\u00a0classi\ufb01ed as treasury shares and presented as a deduction from total equity.
\n \n
\u00a0
2024
2023
2024
2023
Authorised and allotted
Number of shares*
Number of shares*
\u00a3m
\u00a3m
Ordinary shares of 2.5p each:
\u00a0 \u00a0 \u00a0 \u00a0
Authorised
202,000,000
202,000,000
5.1
5.1
Issued, called up and fully paid
144,560,279
144,389,919
3.6
3.6
\n
Movement in issued, called-up and fully paid share capital:
\n \n
\u00a0
2024
2023
\u00a0 \u00a0
Share
Share
\u00a0
Share
Share
\u00a0
Number
capital
premium
Number
capital
premium
\u00a0
of shares*
\u00a3m
\u00a3m
of shares*
\u00a3m
\u00a3m
At 1 January
144,389,919
3.6
104.9
144,353,048
3.6
104.9
Issued to direct participants on exercise of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
options under the Sharesave Scheme
16,140
\u2013
0.1
4,322
\u2013
\u2013
Issued to direct participants under the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Performance Share Plan
154,220
\u2013
\u2013
32,549
\u2013
\u2013
At 31 December
144,560,279
3.6
105.0
144,389,919
3.6
104.9
\n
*
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 pro\ufb01ts 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 15 May 2024, the Shareholders gave the Company authority, subject
to stated conditions, to purchase for cancellation up to 14,439,084 of its own ordinary shares (AGM held on 17 May
2023: 14,435,333). Such authority remains valid until the conclusion of the next AGM or 15 August 2025, whichever
is\u00a0the\u00a0earlier.
As at 31 December 2024, the EBT held 8,057,705 shares (2023: 7,615,420 shares) and the Rabbi Trust held 821,163
shares (2023: 1,502,155). 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\u00a0Rabbi Trust refer to Note 32. A reconciliation of the movement in treasury shares for the year ended 31 December
is shown below:
\n \n
Number of treasury shares
2024
2023
At 1 January
9,117,575
8,695,177
Shares acquired
2,112,426
2,844,065
Shares reissued
(2,351,133)
(2,421,667)
At 31 December
8,878,868
9,117,575
31. 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 32 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 di\ufb00erences 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 20). This reserve is non-distributable.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Attributable to owners of the parent
\u00a0
Share-
\u00a0 \u00a0 \u00a0
Capital
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
based
\u00a0
Pro\ufb01t
Total
redemption
Merger
Foreign
\u00a0
Total
\u00a0
payments
Treasury
and loss
retained
and capital
relief
exchange
Revaluation
other
\u00a0
reserve
shares
account*
earnings*
reserve
reserve
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
60.3
(92.6)
547.2
514.9
(0.8)
37.9
71.9
(14.5)
94.5
Pro\ufb01t attributable to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
owners of the Company
\u2013
\u2013
53.6
53.6
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(loss)/income
\u2013
\u2013
7.6
7.6
\u2013
\u2013
(4.5)
(0.8)
(5.3)
Employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
option\u00a0scheme:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013
Value of services provided
31.4
\u2013
\u2013
31.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Tax on employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
option schemes
0.8
\u2013
\u2013
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercise of options
(24.0)
24.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercise of options:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
tax on employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
option schemes
(0.5)
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Purchase of treasury shares
\u2013
(22.9)
\u2013
(22.9)
\u2013
\u2013
\u2013
\u2013
\u2013
Dividends
\u2013
\u2013
(31.2)
(31.2)
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer between reserves
\u2013
\u2013
(1.3)
(1.3)
\u2013
\u2013
\u2013
0.1
0.1
Transactions with non-
controlling interest holders
\u2013
\u2013
4.4
4.4
\u2013
\u2013
\u2013
\u2013
\u2013
Fair value of derivative
\ufb01nancial instruments
\u2013
\u2013
(8.4)
(8.4)
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024
68.0
(91.5)
572.4
548.9
(0.8)
37.9
67.4
(15.2)
89.3
\n
*
Included within pro\ufb01t and loss account is tax on items taken directly to equity (Note 13.4) as disclosed above.
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Attributable to owners of the parent
\u00a0
Share-
\u00a0 \u00a0 \u00a0
Capital
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
based
\u00a0
Pro\ufb01t
Total
redemption
Merger
Foreign
\u00a0
Total
\u00a0
payments
Treasury
and loss
retained
and capital
relief
exchange
Revaluation
Other
\u00a0
reserve
shares
account*
earnings*
reserve
reserve
reserve
reserve
reserves
\u00a0
\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
Pro\ufb01t attributable to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
owners of the Company
\u2013
\u2013
40.8
40.8
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
income/(loss)
\u2013
\u2013
(16.2)
(16.2)
\u2013
\u2013
(26.6)
0.6
(26.0)
Employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
option scheme:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013
Value of services provided
28.8
\u2013
\u2013
28.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Tax on employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
tax on employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
option schemes
(0.2)
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Tax on items taken to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial instrument
\u2013
\u2013
(0.6)
(0.6)
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2023
60.3
(92.6)
547.8
515.5
(0.8)
37.9
71.9
(14.5)
94.5
\n
*
Included within pro\ufb01t and loss account is tax on items taken directly to equity (Note 13.4) as disclosed above.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "30. Share capital and premium
Material accounting policies relating to share capital
Ordinary shares are classi\ufb01ed 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 Bene\ufb01t Trust and the Savills Rabbi Trust,
are\u00a0classi\ufb01ed as treasury shares and presented as a deduction from total equity.
\n \n
\u00a0
2024
2023
2024
2023
Authorised and allotted
Number of shares*
Number of shares*
\u00a3m
\u00a3m
Ordinary shares of 2.5p each:
\u00a0 \u00a0 \u00a0 \u00a0
Authorised
202,000,000
202,000,000
5.1
5.1
Issued, called up and fully paid
144,560,279
144,389,919
3.6
3.6
\n
Movement in issued, called-up and fully paid share capital:
\n \n
\u00a0
2024
2023
\u00a0 \u00a0
Share
Share
\u00a0
Share
Share
\u00a0
Number
capital
premium
Number
capital
premium
\u00a0
of shares*
\u00a3m
\u00a3m
of shares*
\u00a3m
\u00a3m
At 1 January
144,389,919
3.6
104.9
144,353,048
3.6
104.9
Issued to direct participants on exercise of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
options under the Sharesave Scheme
16,140
\u2013
0.1
4,322
\u2013
\u2013
Issued to direct participants under the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Performance Share Plan
154,220
\u2013
\u2013
32,549
\u2013
\u2013
At 31 December
144,560,279
3.6
105.0
144,389,919
3.6
104.9
\n
*
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 pro\ufb01ts 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 15 May 2024, the Shareholders gave the Company authority, subject
to stated conditions, to purchase for cancellation up to 14,439,084 of its own ordinary shares (AGM held on 17 May
2023: 14,435,333). Such authority remains valid until the conclusion of the next AGM or 15 August 2025, whichever
is\u00a0the\u00a0earlier.
As at 31 December 2024, the EBT held 8,057,705 shares (2023: 7,615,420 shares) and the Rabbi Trust held 821,163
shares (2023: 1,502,155). 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\u00a0Rabbi Trust refer to Note 32. A reconciliation of the movement in treasury shares for the year ended 31 December
is shown below:
\n \n
Number of treasury shares
2024
2023
At 1 January
9,117,575
8,695,177
Shares acquired
2,112,426
2,844,065
Shares reissued
(2,351,133)
(2,421,667)
At 31 December
8,878,868
9,117,575
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00553": { "value": "Material accounting policies relating to share capital
Ordinary shares are classi\ufb01ed 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 Bene\ufb01t Trust and the Savills Rabbi Trust,
are\u00a0classi\ufb01ed as treasury shares and presented as a deduction from total equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00554": { "value": "Repurchased
shares which are not cancelled, or shares purchased for the Employee Bene\ufb01t Trust and the Savills Rabbi Trust,
are\u00a0classi\ufb01ed as treasury shares and presented as a deduction from total equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "As at 31 December 2024, the EBT held 8,057,705 shares (2023: 7,615,420 shares) and the Rabbi Trust held 821,163
shares (2023: 1,502,155). 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\u00a0Rabbi Trust refer to Note 32. A reconciliation of the movement in treasury shares for the year ended 31 December
is shown below:
\n \n
Number of treasury shares
2024
2023
At 1 January
9,117,575
8,695,177
Shares acquired
2,112,426
2,844,065
Shares reissued
(2,351,133)
(2,421,667)
At 31 December
8,878,868
9,117,575
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "31. 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 32 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 di\ufb00erences 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 20). This reserve is non-distributable.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Attributable to owners of the parent
\u00a0
Share-
\u00a0 \u00a0 \u00a0
Capital
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
based
\u00a0
Pro\ufb01t
Total
redemption
Merger
Foreign
\u00a0
Total
\u00a0
payments
Treasury
and loss
retained
and capital
relief
exchange
Revaluation
other
\u00a0
reserve
shares
account*
earnings*
reserve
reserve
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
60.3
(92.6)
547.2
514.9
(0.8)
37.9
71.9
(14.5)
94.5
Pro\ufb01t attributable to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
owners of the Company
\u2013
\u2013
53.6
53.6
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(loss)/income
\u2013
\u2013
7.6
7.6
\u2013
\u2013
(4.5)
(0.8)
(5.3)
Employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
option\u00a0scheme:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013
Value of services provided
31.4
\u2013
\u2013
31.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Tax on employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
option schemes
0.8
\u2013
\u2013
0.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercise of options
(24.0)
24.0
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercise of options:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
tax on employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
option schemes
(0.5)
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Purchase of treasury shares
\u2013
(22.9)
\u2013
(22.9)
\u2013
\u2013
\u2013
\u2013
\u2013
Dividends
\u2013
\u2013
(31.2)
(31.2)
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer between reserves
\u2013
\u2013
(1.3)
(1.3)
\u2013
\u2013
\u2013
0.1
0.1
Transactions with non-
controlling interest holders
\u2013
\u2013
4.4
4.4
\u2013
\u2013
\u2013
\u2013
\u2013
Fair value of derivative
\ufb01nancial instruments
\u2013
\u2013
(8.4)
(8.4)
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024
68.0
(91.5)
572.4
548.9
(0.8)
37.9
67.4
(15.2)
89.3
\n
*
Included within pro\ufb01t and loss account is tax on items taken directly to equity (Note 13.4) as disclosed above.
\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Attributable to owners of the parent
\u00a0
Share-
\u00a0 \u00a0 \u00a0
Capital
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
based
\u00a0
Pro\ufb01t
Total
redemption
Merger
Foreign
\u00a0
Total
\u00a0
payments
Treasury
and loss
retained
and capital
relief
exchange
Revaluation
Other
\u00a0
reserve
shares
account*
earnings*
reserve
reserve
reserve
reserve
reserves
\u00a0
\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
Pro\ufb01t attributable to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
owners of the Company
\u2013
\u2013
40.8
40.8
\u2013
\u2013
\u2013
\u2013
\u2013
Other comprehensive
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
income/(loss)
\u2013
\u2013
(16.2)
(16.2)
\u2013
\u2013
(26.6)
0.6
(26.0)
Employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
option scheme:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u2013
Value of services provided
28.8
\u2013
\u2013
28.8
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Tax on employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
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:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
tax on employee share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
option schemes
(0.2)
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Tax on items taken to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial instrument
\u2013
\u2013
(0.6)
(0.6)
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2023
60.3
(92.6)
547.8
515.5
(0.8)
37.9
71.9
(14.5)
94.5
\n
*
Included within pro\ufb01t and loss account is tax on items taken directly to equity (Note 13.4) as disclosed above.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "32. Share-based payment arrangements
Material accounting policies relating to share-based payment arrangements
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 re\ufb02ected 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\u00a0any,\u00a0in 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\u00a0value) and share premium when the options are exercised.
Employee Bene\ufb01t Trust and Savills Rabbi Trust
The Company has established the Savills plc 1992 Employee Bene\ufb01t 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 \ufb01nancial position. Investments in the
Group\u2019s own shares are shown as a deduction from equity.
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 \u00a331.4m in 2024
(2023: \u00a328.8m). Of the total share-based payments charge, \u00a31.2m (2023: \u00a31.3m) relates to the Sharesave Scheme,
\u00a310.4m (2023: \u00a310.3m) relates to the DSP, \u00a319.4m (2023: \u00a316.9m) relates to the DSBP and \u00a30.4m (2023: \u00a30.3m)
relates\u00a0to the PSP.
Refer to the Remuneration Report for details of the PSP, pages 159 and 160. Refer to the Directors\u2019 Report for details
of the Sharesave Scheme, page 166. The DSBP has been established to provide employees with an element of the
annual performance-related pro\ufb01t share which is deferred and awarded as shares in Savills plc. DSBP awards have a
deferral period of between three and \ufb01ve 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 \ufb01nancial targets.
32.1 Movements in share schemes
\n \n
\u00a0
Sharesave
PSP
DSP
DSBP
2024 number of awards (\u2018000)
awards
awards
awards
awards
Outstanding at 1 January
2,091
641
3,770
6,661
Granted
\u2013
116
669
1,785
Exercised
(16)
(136)
(952)
(1,245)
Cancelled
(84)
\u2013
\u2013
\u2013
Forfeited/lapsed
(92)
(136)
(203)
(189)
Outstanding at 31 December
1,899
485
3,284
7,012
Exercisable at 31 December
\u00a0 \u00a0 \u00a0 \u00a0
Weighted average exercise price for awards outstanding
\u00a0 \u00a0 \u00a0 \u00a0
at the beginning of the year, exercised in the year and
\u00a0 \u00a0 \u00a0 \u00a0
forfeited/lapsed in the year (pence)
756.9
\u2013
\u2013
\u2013
Weighted average exercise price for awards granted and
\u00a0 \u00a0 \u00a0 \u00a0
outstanding at end of the year (pence)
756.9
\u2013
\u2013
\u2013
Weighted average remaining contractual life (years)
0.8
3.0
1.7
1.7
Weighted average share price at the date of exercise for
\u00a0 \u00a0 \u00a0 \u00a0
awards exercised in the year (pence)
1,103.8
1,020.3
1,090.8
1,092.7
\n
\n \n
\u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0
Weighted average exercise price for awards outstanding
\u00a0 \u00a0 \u00a0 \u00a0
at\u00a0the\u00a0beginning of the year, exercised in the year and
\u00a0 \u00a0 \u00a0 \u00a0
forfeited/lapsed in the year (pence)
757.0
\u2013
\u2013
\u2013
Weighted average exercise price for awards granted and
\u00a0 \u00a0 \u00a0 \u00a0
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
\u00a0 \u00a0 \u00a0 \u00a0
awards exercised in the year (pence)
890.8
976.6
927.7
962.6
\n
32.2 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 2024 are shown below.
\n \n
Performance Share Plan: Awards in the year ended 31 December 2024
17 May 2024
Share price at grant date (pence)
1,110.0
Risk-free rate
4.1%
Volatility of Savills plc share price
32% per annum
Employee turnover
Zero
\n
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.
\n \n
Grant
Grant date
Deferred period
Fair value pence
DSBP 2024
24 April 2024
3 years
1,042.0
DSBP 2024
24 April 2024
4 years
1,042.0
DSP 2024
24 April 2024
1 \u2013 5 years
1,042.0
DSP 2024
7 June 2024
3 years
1,146.0
DSP 2024
12 June 2024
2.9 years
1,112.0
DSP 2024
17 September 2024
3 \u2013 4 years
1,170.0
DSP 2024
31 May 2024
1 \u2013 5 years
1,144.0
PSP 2024 (EPS/ROCE)
17 May 2024
5 years
1,107.5
PSP 2024 (TSR)
17 May 2024
5 years
695.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00559": { "value": "Material accounting policies relating to share-based payment arrangements
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 re\ufb02ected 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\u00a0any,\u00a0in 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\u00a0value) and share premium when the options are exercised.
Employee Bene\ufb01t Trust and Savills Rabbi Trust
The Company has established the Savills plc 1992 Employee Bene\ufb01t 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 \ufb01nancial position. Investments in the
Group\u2019s own shares are shown as a deduction from equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "33. Contingent liabilities
The Group is involved in a number of disputes in the ordinary course of business. Provision is made in the \ufb01nancial
statements for all claims where costs can be estimated reliably and settlement is probable, refer to Note 25 for
further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "33. Contingent liabilities
The Group is involved in a number of disputes in the ordinary course of business. Provision is made in the \ufb01nancial
statements for all claims where costs can be estimated reliably and settlement is probable, refer to Note 25 for
further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "35. Analysis of liabilities arising from \ufb01nancing activities \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Non-cash
\u00a0
Movements
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
movements
\u00a0
through
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
recognised in
Other
business
\u00a0 \u00a0
\u00a0
At
\u00a0
the income
non-cash
combinations
Exchange
At
\u00a0
1 January
Cash \ufb02ows
statement
movements
and disposals
movement
31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bank loans
(3.1)
1.5
\u2013
\u2013
\u2013
0.1
(1.5)
Loan notes
(150.7)
0.7
\u2013
\u2013
\u2013
\u2013
(150.0)
Transaction costs
0.8
\u2013
(0.4)
\u2013
\u2013
\u2013
0.4
Lease liabilities
(254.3)
68.7
(9.1)
(38.8)
(1.7)
2.1
(233.1)
Liabilities arising from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancing activities
(407.3)
70.9
(9.5)
(38.8)
(1.7)
2.2
(384.2)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0 \u00a0
Non-cash
\u00a0
Movements
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
movements
\u00a0
through
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
recognised in
Other
business
\u00a0 \u00a0
\u00a0
At
\u00a0
the income
non-cash
combinations
Exchange
At
\u00a0
1 January
Cash \ufb02ows
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
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancing activities
(434.5)
68.1
(9.8)
(38.4)
(0.5)
7.8
(407.3)
\n
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\u00a0leases.
The part of the lease payment that represents cash payments for the principal portion of the lease liability is presented
as a cash \ufb02ow resulting from \ufb01nancing activities (2024: \u00a359.6m, 2023: \u00a354.7m). The part of the lease payment
that represents the interest portion of the lease liability is presented as an operating cash \ufb02ow, consistent with the
presentation of the Group\u2019s loan and bank interest payments (2024: \u00a39.1m, 2023: \u00a39.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "37. Post-balance sheet events
There have been no events that occurred after the reporting period that require disclosure or events that require
adjustment to the \ufb01nancial statements or are considered to have a material impact on the understanding of the
Group\u2019s current \ufb01nancial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "38. Group investments
In accordance with Section 409 of the Companies Act 2006 a full list of subsidiaries, partnerships, associates and
joint ventures, the registered o\ufb03ce and the e\ufb00ective percentage of equity owned by the Group, as at 31 December
2024, are disclosed below. Unless otherwise stated, all subsidiary undertakings are consolidated into the Group
\ufb01nancial statements and share capital wholly comprises ordinary shares which are indirectly held by the Company.
Unless\u00a0otherwise stated, percentage of equity owned is the same as the percentage of voting rights.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Country of
\u00a0
Fully owned subsidiary
\u00a0
incorporation
Registered o\ufb03ce
Incoll Group Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Incoll Management Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Moores Cost Consulting Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (ACT) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (Aust) Holdings Pty Ltd
(ii)
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (Aust) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (NSW) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (QLD) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (SA) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (TAS) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (VIC) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills (WA) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Capital Advisory Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Occupier Services Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Project Management Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Project Services (SA) Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Valuations Pty Ltd
\u00a0
Australia
Level 25, 1 Farrer Place, Sydney, NSW 2000
Savills Sales W.L.L.
\u00a0
Bahrain
Flat/shop: 2802, Building: 2504, Road: 2832,
Savills Middle East Co. W.L.L.
\u00a0
Bahrain
Flat/shop: 2804, Building: 2504, Road: 2832,
Savills Canada, Inc.
\u00a0
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
Savills Inc.
\u00a0
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
Savills Services Inc.
\u00a0
Canada
181 Bay Street \u2013 Suite 200, Toronto, ON M5J 2T3
Guardian Property Services
\u00a0
China
Room 220, Block 1, No.100 Jinyu Road,
(Shanghai) Company Ltd
\u00a0 \u00a0
Pu Dong, Shanghai
Savills Business Information
\u00a0
China
Unit 201, A Tower, No.1 QianWan Yi Road, Qianhai
Technology (Shenzhen) Limited
\u00a0 \u00a0
Shengan Cooperation District, Shenzhen
Savills Property Services (Beijing)
\u00a0
China
2101 East Tower, Twin Towers, B-12 Jianguomenwai
Company Ltd
\u00a0 \u00a0
Avenue, Chaoyang District, Beijing 100022
Savills Property Services (Chengdu)
\u00a0
China
Room 2106, Yanlord Landmark, No.1 Section 2, Renmin
Company Ltd
\u00a0 \u00a0
South Road, Chengdu 610016
Savills Property Services (Chongqing)
\u00a0
China
Room 1601, 16th \ufb02oor, GuoHua Financial Center, No. 9
Company Ltd
\u00a0 \u00a0
JuXianYan Square, JiangBeiZui, Chongqing
Savills Property Services
\u00a0
China
Room 1301, R&F Center, No.10 Hua Xia Road, Zhujiang
(Guangzhou) Company Ltd
\u00a0 \u00a0
New Town, Guangzhou 510623
\n \n
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills Property Services (Hainan)
China
Room 9A, Baifang Building, Baifang Square, No.105
Limited
Binhai Avenue, Longhua District, Haikou, China
Savills Property Services (Hengqin)
China
Room 105-19233, No. 6 Baohua Road,
Limited
Hengqin new area, Zhuhai
Savills Property Services (Shanghai)
China
Unit D, Room 62,Block 3, No.227,
Company Ltd
Ru Shan Road, Shanghai
Savills Property Services (Tianjin)
China
Unit 4607, Tianjin World Financial Center, No.2 Dagu
Company Ltd
North Road, Xiaobailou Street, Heping District, Tianjin
Savills Property Services (Wuhan)
China
Unit 08-10, 27th Floor, CITIC PACIFIC Mansion, No.1627
Company Ltd
Zhongshan Avenue, Jiang\u2019an District
Savills Property Services (Zhuhai)
China
Unit 3702-12, CITIC Southern Airlines International Plaza,
Company Ltd
No. 52 South Haibin Road, Xiangzhou District, Zhuhai
Savills Corporate Appraisal
China
Unit 01, 21/F, East Tower, Twin Towers, B-12
& Advisory Ltd
Jianguomenwai Avenue, Chaoyang District, Beijing 100022
Savills Real Estate Valuation
China
Room 2105, R&F Center, No.10 Hua Xia Road, Zhujiang
(Guangzhou) Company Ltd
New Town, Guangzhou 510623
Savills Technology Innovation
China
Room 205, \ufb02oor 2 west, No. 707 zhangyang road, China
Services (Shanghai) Company Ltd
(Shanghai) Pilot Free Trade Zone
Shenzhen Guardian Property
China
Unit 03, 9/F, China Resources Tower, No.2666, Keyuan
Management Ltd
South Road, Nanshan District, Shenzhen, 518000, China
Swan Property Services (Beijing)
China
2101 East Tower, Twin Towers, B-12 Jianguomenwai
Company Ltd
Avenue, Chaoyang District, Beijing 100022
Savills Engineering Consulting
China
Room 205, \ufb02oor 2 west, No. 707 zhangyang road, China
Shanghai Company Ltd
(Shanghai) Pilot Free Trade Zone
Savills CZ s.r.o.
Czech Republic
Florentinum, Building C, Na Florenci 2116/15,
Prague 1, 110 00
Cluttons Egypt Consulting JSC
Egypt
Building 17, Street 210, Al Maadi, Cairo
Savills Egypt Consulting JSC
Egypt
Building 17, Street 210, Maadi, Cairo.
Savills SA
France
59, Rue De Tocqueville, 75017, Paris France
Savills Valuation SAS
France
59, Rue De Tocqueville, 75017, Paris France
BRICKBYTE GmbH
Germany
Rosental 4, 80331 M\u00fcnchen, Germany
Savills Advisory Services GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Immobilien Beratungs GmbH
Germany
Taunusanlage 18, 60325 Frankfurt am Main
Savills Immobilien Beteiligungs \u2013
Germany
Taunusanlage 18, 60325 Frankfurt am Main
GmbH
Savills Immobilien Management
Germany
Taunusanlage 18, 60325 Frankfurt am Main
GmbH
Savills Property Management
Germany
Bonner Stra\u00dfe 209, 50968 K\u00f6ln, Germany
Deutschland GmbH
Savills Facility Management
Germany
Bonner Stra\u00dfe 209, 50968 K\u00f6ln, Germany
Deutschland GmbH
Savills Channel Islands Limited
Guernsey
Royal Terrace, Glategny Esplanade, St Peter Port,
Guernsey, GY1 2HN
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Absolute Result Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Bridgewater Management Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
BTHK Property Management Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Champion Insurance and Computer
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Services Ltd
Dominion O\ufb03ce Centre Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills IT Solutions Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Express Engineering Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Express Maintenance Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Gateway Contractors Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Greenscape Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
GRVM Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guard Able Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Care Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Management Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Mandarin Management Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Partners Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Property Agencies Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Property Management Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Guardian Integrated Management
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Services Limited
Guardian ProTech Facilities
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Management Limited
Hip Kwan Property Management Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Kenda Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Kwik Park Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Mount Link Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Quartey Properties Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills (China) Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills (Hong Kong) Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Asia Paci\ufb01c Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Building Services Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Design Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Engineering Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Guardian (Holdings) Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills India Holding Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
\n
\n \n
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills Indonesia Holding Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Management Services Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Philippines Holding Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Project Consultancy Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Property Management
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Holdings Ltd
Savills Property Management Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Realty Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Regional Services Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Property Services Ltd
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road, Taikoo Shing
Savills Valuation and Professional
Hong Kong
Room 1208, 1111 King\u2019s Road, Taikoo Shing
Services Ltd
Savills Valuation and Professional
Hong Kong
Room 1208, 1111 King\u2019s Road, Taikoo Shing
Services (China) Ltd
Security and Safety Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Hygiene Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Hygiene Solutions Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Swan Pest Control Services Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Tarrayon Ltd
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
The Peninsular Centre Retailers
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Association Ltd
Savills International Realty Ltd
Hong Kong
23/F, Two Exchange Square, 8 Connaught Place, Central
Savills Prestige Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills Smart Management Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills Smart Parking Limited
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Savills-One Management
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Services Limited
PT Savills Indonesia IRE
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19,
Jakarta 10270
PT Savills Consultants Indonesia
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia Afrika Lot.19,
Jakarta 10270
Savills Valuation Advisor LLP
India
463 Embassy Lake Terrace, L-6,T-4, Kempapura Hebbal,
P&T Col. Kavalbyrasandra, Bangalore North, Bangalore-
560032, Karnataka
Actium
(ii)
Ireland
33 Molesworth Street, Dublin 2
Anateo Ltd
(ii)
Ireland
33 Molesworth Street, Dublin 2
Savills Advisory Services (Ireland)
Ireland
33 Molesworth Street, Dublin 2
Limited
Savills Commercial (Ireland) Limited
(ii)
Ireland
33 Molesworth Street, Dublin 2
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills Management Resource
Ireland
33 Molesworth Street, Dublin 2
Ireland Ltd
Savills Residential (Ireland) Ltd
Ireland
33 Molesworth Street, Dublin 2
Savills Italia S.r.l.
Italy
Via Manzoni, 37 \u2013 20121 Milano
Savills Italy SRL (EUR)
Italy
Via Manzoni, 37 \u2013 20121 Milano
Savills Asset Advisory Company Ltd
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho,
Chiyoda-ku, Tokyo 100-0006
Savills Japan Company Ltd
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho,
Chiyoda-ku, Tokyo 100-0006
Savills Japan Valuation GK
Japan
TOHO Hibiya Promenade Building 8F, 1-5-2 Yurakucho,
Chiyoda-ku, Tokyo 100-0006
Savills plc 1992 Employee
(v)
Jersey
Third Floor Cambridge House, Le Truchot, St Peter Port,
Bene\ufb01t Trust
GY1 1WD, Guernsey
1992 EBT Holdings Ltd
(v)
Jersey
50 La Colomberie, St. Helier, JE2 4QB
Savills (Jersey) Ltd
Jersey
19 Halkett Place, St Helier, JE2 4WG
Savills (Macau) Ltd
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da
Amizade
Savills Project Consultancy
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da
(Macau) Ltd
Amizade
Savills Property Management
Macau
Suite 1309-1310, 13/F Macau Landmark, 555 Avenida da
(Macau) Ltd
Amizade
Savills (Myanmar) Ltd
Myanmar
No. 8, Unit 8-A, Centerpoint Towers, No. 65, Corner
of Sule Pagoda Road & Merchant Street, Kyauktada
Township, Yangon
Savills Asset and Property
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
Management BV
1082 MD
Savills Agency B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills Building & Project
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
Consultancy B.V.
1082 MD
Savills Consultancy B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills Holdings B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills Investments B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills Nederland Holdings BV
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
Savills Retail B.V.
Netherlands
Vi\u00f1oly Building, Claude Debussylaan 48, Amsterdam
1082 MD
\n
\n \n
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills (NZ) Ltd
New Zealand
Level 6, 41 Shortland Street, Auckland Central,
Auckland,\u00a01010
Savills Sp Z o.o.
Poland
Al. Jana Paw\u0142a II 22, Warszawa
Savills Portugal \u2013 Consultoria, Lda.
Portugal
Avenida Miguel Bombarda 4, 1000-208 Lisboa
Savills Portugal \u2013 Media\u00e7ao
Portugal
Avenida Miguel Bombarda 4, 1000-208 Lisboa
Imobiliaria Lda
Predibisa \u2013 Sociedade de Mediacao
Portugal
R. Jos\u00e9 Gomes Ferreira 117
imobiliaria Lda
Savills for Business Services SPC
Saudi Arabia
PO Box 17, Riyadh, Post Code: 11411
Savills Arabia for Real Estate
Saudi Arabia
PO Box 17, Riyadh, Post Code: 11411
Valuation LLC
Savills Regional Headquarters
Saudi Arabia
2908 Prince Muhammad Ibn Abdulaziz, Riyadh, 12241
Savills (SEA) Pte Ltd
(ii)
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills (Singapore) Pte Ltd
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Savills Property Management Pte Ltd
Singapore
20 Martin Road #03-01/02 Seng Kee Building, 239070
Savills Valuation & Professional
Singapore
30 Cecil Street #20-03 Prudential Tower, 049712
Services (S) Pte Ltd
Savills Korea Advisors Realty
South Korea
13/F Seoul Finance Center, 136 Sejong-daero Jung-gu,
Company Ltd
Seoul
Savills Korea Company Ltd
South Korea
13/F Seoul Finance Center, 136 Sejong-daero Jung-gu,
Seoul
Savills Diseno y Construccion
Spain
Avda. Diagonal 609-615, Barcelona
Barcelona, SAU
Savills Arquitectura SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Barcelona SAU
Spain
Avda. Diagonal 609-615, Barcelona
Savills Consultores Real Estate, SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Corporate Finance, SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills RE Spain SAU
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Valoraciones y Tasaciones SA
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Consultores Inmobiliarios SA
Spain
Paseo de la Castellana, 81 28046 Madrid
Medasil Desarrollos S.L
Spain
calle Pedro I Pons, n\u00ba 9-11, Puerta 6, Planta 2. Barcelona
Loudden Bygg-och
Sweden
Box 6317, 102 35 Stockholm
Fastighetsservice AB
Savills F\u00f6rvaltning AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Savills Sweden AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Savills Sweden Investment AB
Sweden
Regeringsgatan 48, 111 56 Stockholm
Verbier Hospitality SA
Switzerland
45 Route de Verbier Station, CH-1936 Verbier, Valais
Savills (Taiwan) Ltd
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
Savills Residential Services
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
(Taiwan) Ltd
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills Valuation & Professional
(iii)
Taipei
21/F, No. 68, Sec. 5, Zhong-Xiao East Road, Taipei 110
Services (Taiwan)
Savills (Thailand) Ltd
Thailand
990 Abdulrahim Place Building, 26/F, Rama IV Road,
Silom Subdistrict, Bang Rak District, Bangkok
Savills Services (Thailand) Limited
Thailand
990 Abdulrahim Place Building, 26/F, Rama IV Road,
Silom Subdistrict, Bang Rak District, Bangkok
Savills Real Estate LLC (Dubai)
United Arab
22nd Floor, Arenco Tower, Sheikh Zayed Road,
Emirates
PO Box 3087 Dubai
Savills Real Estate LLC (Sharjah)
United Arab
2702C, Al Marzouqi Towers, King Faisal Street
Emirates
Automotive Property Consultancy
United Kingdom
33 Margaret Street, London, W1G 0JD
Holdings Ltd
Automotive Property Consultancy Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
B Bids Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Buckleys Estate Agents Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Chester\ufb01eld & Co (Rentals) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Cordea Savills Investments Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Cureoscity Technologies Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Currell Residential Limited
United Kingdom
9 Bonhill Street, London, EC2A 4DJ
Grosvenor Hill Ventures Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Hepher Dixon Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Holden Matthews Estate Agents Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Humphriss & Ryde Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Jago Dean PR Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
LIBRA Housing Advisory Services Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Mans\ufb01eld Elstob Main Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Nash Bond Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
PCA Holdings Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
PCA Management Consultants
United Kingdom
33 Margaret Street, London, W1G 0JD
Limited
Portnalls Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Prime Purchase Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Rickitt Grant & Company Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
S F Securities Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (Europe) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (L&P) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (NI) Ltd
United Kingdom
2nd Floor, Longbridge House, 16-24 Waring Street,
Belfast, BT1 2DX, Northern Ireland
\n
\n \n
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Savills (Overseas Holdings) Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills (UK) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Advisory Services (L&P) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Advisory Services Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Asia Paci\ufb01c Holding Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Asset Warehouse 1 Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Co-Investment
United Kingdom
33 Margaret Street, London, W1G 0JD
Holdings Limited
Savills Capital Advisors Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Commercial (Leeds) Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Commercial Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Finance Holdings plc
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Financial Services Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Holding Company Ltd
(i)
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills India Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Italy Holding Limited
United Kingdom
33 Margaret Street, London W1G 0JD
Savills KSA Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Lending Solutions Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Management Resources Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Management Resources
United Kingdom
2nd Floor, Longbridge House, 16-24 Waring Street,
Northern Ireland Ltd
Belfast, BT1 2DX, Northern Ireland
Savills ME Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Middle East Holdings Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Pension Trust Company Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Telecom Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Trust Company Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
Situu Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Situu Management Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Smith Woolley Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Smiths Gore Limited
United Kingdom
33 Margaret Street, London, W1G 0JD
The Currell Group Limited
United Kingdom
9 Bonhill Street, London, EC2A 4DJ
The London Planning Practice Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
Wellington Holdings Ltd
United Kingdom
33 Margaret Street, London, W1G 0JD
BTR Capital Advisors I, LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
BTR Capital Advisors II, Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
BTR Capital Advisors III, Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Gravitas Lease Audit Services LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Country of
Fully owned subsidiary
incorporation
Registered o\ufb03ce
Gravitas Real Estate Solutions LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Kelly, Legan & Gerard Inc.
United States
398 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Dallas Lease Administration LLC
United States
15660 N Dallas Pkway, Ste 1200 Dallas, TX 75248
Macro Consultants LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills (L&P) Inc
United States
Unex House, 132\u2013134 Hills Road, Cambridge, CB2 8PA,
United Kingdom
Savills (ME) LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills America Ltd
United States
399 Park Avenue \u2013 11/F, New York, NY 10022
Savills Gravitas Lease Audit
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Services LLC
Savills Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Rabbi Trust
(v)
United States
570 Lexington Ave, New York, NY 10022
Savills Occupier Services Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Studley International, Inc
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Studley Advisors, Inc
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
SVS (GA) Inc.
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
T3 Reallty Advisors West Corp
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
T3 Reallty Advisors, LLC
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
The Great Studley Stamp Company
United States
399 Park Avenue \u2013 11th FL, New York, NY 10022
Savills Vietnam Company Ltd
Vietnam
21/F, T\u00f2a T\u00e2y- Lotte Center Hanoi, 54 Lieu Giai Street,
Cong Vi Ward, Ba Dinh District, Hanoi City
SVVN Price Valuation Limited
Vietnam
17 Fl., Vincom Centre Building, 72 Le Thanh Ton Str.,
Liability Company
Ben Nghe Ward, Dist 1, Ho Chi Minh City
\n
\n \n
Subsidiaries of which the Group
Country of
owns less than 100%
% owned
incorporation
Registered o\ufb03ce
Savills Investment Management
71
Australia
Level 36, Gateway, 1 Macquarie Place,
(Australia) Pty Limited
Sydney NSW 2000
Savills Retail Management Pty Ltd
(vi)
55
Australia
Level 25, 1 Farrer Place, Sydney,
NSW 2000
Savills Belux Group SA
99.9
Belgium
Avenue Louise 81, 1050 Brussels
DRC UK Whole Loan Fund (Feeder)
71
Cayman
94 Solaris Avenue, Camana Bay,
(GP) Ltd
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
DRC UK Whole Loan Fund (GP) Ltd
71
Cayman
94 Solaris Avenue, Camana Bay,
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
European Real Estate Debt Fund II
71
Cayman
94 Solaris Avenue, Camana Bay,
(GP) Ltd
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
European Real Estate Senior Debt
71
Cayman
94 Solaris Avenue, Camana Bay,
(GP 1) Ltd
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
European Real Estate Senior Debt
71
Cayman
94 Solaris Avenue, Camana Bay,
(GP 2) Ltd
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
European Real Estate Senior Debt
71
Cayman
94 Solaris Avenue, Camana Bay,
(GP 3) Ltd
PO Box 1348, Grand Cayman, KY1-1108,
Cayman Islands
Savills IM Japan Residential Fund II
71
Cayman
c/o Walkers Corporate Limited, Cayman
Feeder GP Ltd
Corporate Centre, 27 Hospital Road,
George Town, Grand Cayman KY1-9008,
Cayman Islands
Savills Property Services (Shenzhen)
85
China
Unit 02, 9/F, China Resources Tower,
Company Ltd
No.2666, Keyuan South Road, Nanshan
District, Shenzhen, 518000
Savills Egypt
55
Egypt
Building 17, Street 210, Maadi, Cairo
Riviera Estates SAS
75
France
11 Avenue Jean Medecin, 06000, Nice
Savills Investment Management SAS
71
France
54\u201356 Avenue Hoche, 75008 Paris
Savills Fund Management GmbH
71
Germany
Rotfeder-Ring 7, D-60327 Frankfurt-am-
Main
Savills Fund Management Holding AG
71
Germany
Rotfeder-Ring 7, D-60327
Frankfurt-am-Main
Savills Investment Management
71
Germany
Sonnenstrasse 19, Munich
(Germany) GmbH
Savills Investment Management (KVG)
63.83
Germany
Rotfeder-Ring 7, D-60327
GmbH
Frankfurt-am-Main
Jiayi Savills Property Services Ltd
51
Hong Kong
23/F, Two Exchange Square, 8 Connaught
Place, Central
Savills Projects HK Ltd
60
Hong Kong
Rooms 1202-04, 12/F, 1111 King's Road,
Taikoo Shing
Subsidiaries of which the Group
Country of
owns less than 100%
% owned
incorporation
Registered o\ufb03ce
Savills Billion Property
80
Hong Kong
Rooms 805-813, 8/F, 1111 King's Road,
Management\u00a0Ltd
Taikoo Shing
Savills Investment Management
71
Hong Kong
Level 54, Hopewell Centre, 183 Queen\u2019s
Asia\u00a0Limited
Road East
The Aurora Management Services Ltd
80
Hong Kong
Rooms 805-813, 8/F, 1111 King's Road,
Taikoo Shing
Savills Vignature Property
70
Hong Kong
Rooms 805-813, 8/F, 1111 King's Road,
Management Limited
Taikoo Shing
Savills The Vision Property
60
Hong Kong
Rooms 805-813, 8/F, 1111 King's Road,
Management Limited
Taikoo Shing
Savills Property Services (India)
55
India
15th Floor, SKAV SEETHALAKSHMI,
Private\u00a0Limited
Corporation No.21, Kasturba Road,
Bangalore-560001, Karnataka
PT Savills Advisory Services
70
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia
Afrika Lot.19, Jakarta 10270
PT Savills Management Services
60
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia
Afrika Lot.19, Jakarta 10270
PT CB Advisory
60
Indonesia
Panin Tower \u2013 Senayan City, 16/F, Jl.Asia
Afrika Lot.19, Jakarta 10270
Savills Investment Management SGR
71
Italy
Via San Paolo 7, 20121 Milan
S.p.A
Savills Residential Italy SRL
(vi)
51
Italy
Via di Montoro, 8 \u2013 00186 Roma (RM)
JVF GP GK
64.52
Japan
c/o Akasaka International Accounting
O\ufb03ce 2-10-5 Akasaka, Minato-ku, Tokyo
Savills Investment Architecture
71
Japan
3F BPR Place Kamiyacho, 1-11-9 Azabudai,
Design\u00a0GK
1 Chome-11 Azabudai, Minato-ku, Tokyo
106-0041
SIM Real Estate GK
71
Japan
3F BPR Place Kamiyacho, 1-11-9 Azabudai,
1 Chome-11 Azabudai, Minato-ku, Tokyo
106-0041
DRC European Real Estate
71
Jersey
The Forum, 4 Grenville Street, St Helier,
Debt Fund III (GP) Ltd
JE2 4UF
DRC European Real Estate
71
Jersey
The Forum, 4 Grenville Street, St Helier,
Debt Fund III (SLI GP) Ltd
JE2 4UF
DRC European Real Estate
71
Jersey
The Forum, 4 Grenville Street, St Helier,
Debt Fund IV (GP) Ltd
JE2 4UF
DRC European Real Estate Debt Fund
71
Jersey
4th Floor, Ensign House, 29 Seaton Place,
IV (SLI) LP
St. Helier, JE2 3QL
DRC Evergreen Whole Loan (GP) Ltd
71
Jersey
The Forum, 4 Grenville Street, St Helier,
JE2 4UF
DRC UK Whole Loan Fund II (GP) Ltd
71
Jersey
The Forum, 4 Grenville Street, St Helier,
JE2 4UF
European Real Estate Senior Debt 4
71
Jersey
The Forum, 4 Grenville Street, St Helier,
(GP) Ltd
JE2 4UF
\n
\n \n
Subsidiaries of which the Group
Country of
owns less than 100%
% owned
incorporation
Registered o\ufb03ce
European Real Estate Senior Debt
71
Jersey
IFC 5, St Helier, JE1 1ST
Fund (GP 7) Ltd
Prime London Residential
71
Jersey
3rd Floor Walker House, 28-34 Hill Street,
Development Jersey GP Limited
St Helier, JE4 8PN
Prime London Residential
71
Jersey
3rd Floor Walker House, 28-34 Hill Street,
Development Jersey II GP Limited
St Helier, JE4 8PN
Savills Investment Management
71
Jersey
3rd Floor, Walker House, 28-34 Hill St, St
(Jersey) Limited
Helier, JE4 8PN
DRC European Real Estate Debt Fund
71
Luxembourg
6H Route de Treves, Senningerberg
IV (GP II) Sarl
L-2633
DRC SIM Australia Real Estate Debt
71
Luxembourg
10, rue C.M. Spoo
Fund I (GP) Sarl
European Real Estate Senior Debt 5
71
Luxembourg
Airport Center Luxembourg 5, Heienha\ufb00,
(GP) Sarl
L-1736 Senningerberg
European Real Estate Senior Debt 6
71
Luxembourg
Airport Center Luxembourg 5, Heienha\ufb00,
(GP) Sarl
L-1736 Senningerberg
European Real Estate Senior Debt 8
71
Luxembourg
6H Route de Treves, Senningerberg
Sarl
L-2633
Savills IM European Fund V GP S.a.r.l
71
Luxembourg
10, rue C.M. Spoo
Savills IM Japan Residential Evergreen
71
Luxembourg
10, rue C.M. Spoo
Feeder Fund A (GP) Sarl
Savills Investment Management
63.83
Luxembourg
10, rue C.M. Spoo
(Luxembourg) S.\u00e0 r.l.
Merx Macau Limited
60
Macau
Avenida da Praia Grande, n\u00ba 665,
Edif\u00edcio Great Will, 16\u00ba andar, Unidade A
Actus Sdn. Bhd.
60
Malaysia
D-2-5, Megan Avenue 1, 189, Jalan Tun
Razak, 50400 Kuala Lumpur, Wilayah
Persekutuan
Savills Projects Malaysia Sdn. Bhd.
60
Malaysia
Unit 1336, Suite-A, Lobby 7, Block A,
Damansara Intan No 1, Jalan SS20/27
47400 Petaling Jaya, Selangor
LCA Core Sdn. Bhd.
60
Malaysia
18-2, Jalan PJU 5/4, Dataran Sunway, Kota
Damansara, 47810 Petaling Jaya, Selangor
Lucia Sdn. Bhd.
60
Malaysia
18-2, Jalan PJU 5/4, Dataran Sunway, Kota
Damansara, 47810 Petaling Jaya, Selangor
Savills Investment Management B.V
71
Netherlands
Vida Building, Kabelweg 57, 1014 BA
Amsterdam
Savills & Partners LLC
65
Oman
Hatat Complex Suite 30-36, Ground Floor,
P O Box 1475, Ruwi, Sultanate of Oman,
Location \u2013 Wadi Adai \u2013 Romellah
Savills Investment Management
71
Poland
Gdanski Business Center \u2013 building B
SP Z o.o.
(3rd \ufb02oor), In\ufb02ancka 4 st., 00-189 Warsaw
Absolute Maintenance Services Pte Ltd
80
Singapore
13 Kaki Bukit Place Absolute Maintenance
Building S416191
Subsidiaries of which the Group
Country of
owns less than 100%
% owned
incorporation
Registered o\ufb03ce
Savills Projects Holdings Pte Ltd
60
Singapore
168 Robinson Road, #12 Capital Tower,
Singapore 068912
Savills Projects Singapore Pte Ltd
60
Singapore
168 Robinson Road, #12 Capital Tower,
Singapore 068912
Savills Investment Management Pte.
71
Singapore
83 Amoy Street, 01-01 Singapore 069960
Limited
Savills IM Japan Value Fund II GP Pte
71
Singapore
61 Robinson Road #16-02, Robinson
Ltd
Centre Singapore 068893
Savills IM Japan Residential Fund II GP
71
Singapore
61 Robinson Road #16-02, Robinson
Pte Ltd
Centre Singapore 068893
Solute Pte Ltd
80
Singapore
13 Kaki Bukit Place Absolute Maintenance
Building S416191
Savills Investment Management SLU
71
Spain
Paseo de la Castellana, 81 28046 Madrid
Savills Investment Management AB
71
Sweden
Regeringsgatan 48, 5th Floor, 111 56
Stockholm
Cordea Savills SLP GP Limited
71
United Kingdom
Wemyss House, 8 Wemyss Place,
Edinburgh, EH3 6DH
Cordea Savills SLP II LP
71
United Kingdom
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Cordea Savills SLP LP
71
United Kingdom
Wemyss House, 3 Wemyss Place,
Edinburgh, EH3 6DH
DRC Savills Investment
71
United Kingdom
4th Floor, 6 Duke Street St James's,
Management\u00a0LLP
London, SW1Y 6BN
Savills IM Residential UK Ltd
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Prime London Residential
71
United Kingdom
50 Lothian Road, Festival Square,
Development Co-Investment GP LLP
Edinburgh, EH3 9WJ
Prime London Residential
71
United Kingdom
50 Lothian Road, Festival Square,
Development Co-Investment II GP LLP
Edinburgh, EH3 9WJ
Prime London Residential
71
United Kingdom
50 Lothian Road, Festival Square,
Development Co-Investment II LP
Edinburgh, EH3 9WJ
Prime London Residential
71
United Kingdom
50 Lothian Road, Festival Square,
Development Co-Investment LP
Edinburgh, EH3 9WJ
Prime London Residential
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Development GP LLP
Prime London Residential
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Development II GP LLP
Savills IM SLP II GP LLP
71
United Kingdom
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Savills IM Euro V Co-Investment
71
United Kingdom
50 Lothian Road, Festival Square,
GP\u00a0LLP
Edinburgh, EH3 9WJ
Savills IM Euro V Co-Investment LP
71
United Kingdom
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Savills IM Holdings Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
\n
\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Subsidiaries of which the Group
\u00a0
Country of
\u00a0
owns less than 100%
% owned
incorporation
Registered o\ufb03ce
Savills IM Investco Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM Investments Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM JVF II Co-Investment GP LLP
71
United Kingdom
50 Lothian Road, Festival Square,
\u00a0 \u00a0 \u00a0
Edinburgh, EH3 9WJ
Savills IM JVF II Co-Investment LP
71
United Kingdom
50 Lothian Road, Festival Square,
\u00a0 \u00a0 \u00a0
Edinburgh, EH3 9WJ
Savills IM SLP General Partner LLP
71
United Kingdom
Wemyss House, 8 Wemyss Place,
\u00a0 \u00a0 \u00a0
Edinburgh, EH3 6DH
Savills IM SLP III GP LLP
71
United Kingdom
Citypoint, 65 Haymarket Terrace,
\u00a0 \u00a0 \u00a0
Edinburgh, EH12 5HD
Savills IM SLP III LP
71
United Kingdom
Citypoint, 65 Haymarket Terrace,
\u00a0 \u00a0 \u00a0
Edinburgh, EH12 5HD
Savills IM UK One Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills IM UK Property Ventures No.1
71
United Kingdom
33 Margaret Street, London, W1G 0JD
GP Limited
\u00a0 \u00a0 \u00a0
Savills IM UK Two Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Investment Management (UK)
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Limited
\u00a0 \u00a0 \u00a0
Savills Investment Management LLP
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Savills Investment Management
71
United Kingdom
33 Margaret Street, London, W1G 0JD
Overseas Holdings Limited
\u00a0 \u00a0 \u00a0
Simply A\ufb00ordable Homes 1 GP Ltd
42.6
United Kingdom
33 Margaret Street, London, W1G 0JD
Simply A\ufb00ordable Homes 2 GP Ltd
42.6
United Kingdom
33 Margaret Street, London, W1G 0JD
Simply A\ufb00ordable Homes LLP
42.6
United Kingdom
33 Margaret Street, London, W1G 0JD
Stratland Management Limited
71
United Kingdom
33 Margaret Street, London, W1G 0JD
DRCSIM US Holdings LLC
71
United States
Corporation Service Company, 251 Little
\u00a0 \u00a0 \u00a0
Falls Drives, Wilmington, Delaware
SGDN Ltd
51
United Kingdom
Stuart House, City Road, Peterborough,
\u00a0 \u00a0 \u00a0
PE1 1QF
SGDN Limited
51
United Kingdom
Stuart House, City Road, Peterborough,
\u00a0 \u00a0 \u00a0
PE1 1QF
Savills Investment Management Inc
75
United States
251 Little Falls Drive, Wilmington,
\u00a0 \u00a0 \u00a0
Delaware
\n
Country of
Joint Ventures
% owned
incorporation
Registered o\ufb03ce
Shanghai No.1 and FPD Savills Property
51
China
Building No1, 3rd Floor, No.400, Fangchun
Management Company Ltd
Rd, Pudong District, Shanghai
Zhuhai Hengqin Savills Assets
51
China
Room 105-1460, No. 6 Baohua road,
Operation Management Company Ltd
Hengqin new area, Zhuhai
Chuangtuo Savills Property
50
China
Rm 408, No.481 Zhengli Rd., Yangpu
Management (Shanghai) Co., Ltd.
District, Shanghai
Beijing Baiwang Savills Real Estate
49
China
Room 501, 5F, Block 2, No. 2 South Yongjie
Company Ltd
Rd., Haidian District, Beijing
Beijing Wangjing High Tech Savills
40
China
Room 406, 4/F, Tower A, No. 2 Lize
Consultancy Services Co., Ltd.
Zhonger Road, Chaoyang District, Beijing
Foshan Meizhi & Savills Property
40
China
Unit 2404, Building No.4, Midea Fortune
Management Co., Ltd
Plaza, 1 Chende Road, Shunde District,
Foshan
Gohigh Savills (Shanghai) Property
49
China
Unit 1904,-5-G, Main Tower, No. 2 Huashan
Management Company Ltd
Road, Jingan District, Shanghai
Guangzhou Nansi & Savills Property
49
China
Room 603, No.1 Jingmao Zhonger Street,
Management Co Ltd
Nan Sha Area, Guang Zhou
Hengqin Shenhe Savills Property
34
China
Room 405, No. 49-59 Bao Xing Road,
Management (Shanghai) Co., Ltd
Hengqin, Zhuhai
Shanghai Qihui Savills Property
49
China
Rm 548, 9F, No. 583 Lingmu Rd., Xuhui
Services Company Ltd
District, Shanghai
Beijing Haizhi Savills Property
30
China
Zone B, 6/F, Tower B, No.18 Zhong Guan
Management Company Ltd
Cun Avenue, Haidian District, Beijing
Beijing Hongyuan Savills Property
40
China
Unit 104, F1,Building 4, No.2 Jinsui Avenue,
Management Company Ltd
Shunyi District, Beijing
Shenzhen Qianhai Savills Property
40
China
Unit 05, 3/F, Qianhai Shengang Innovation
Services Company Ltd
Center D, No.4008, Menghai Avenue,
Qianhai Shengan Cooperation District,
Shenzhen
Shanghai Kuntin Savills Property
40
China
Room 252, 2F, No. 309 Meilong Rd, Xuhui
Management Company Ltd.
District, Shanghai
Shanghai Dobe Savills Property
35
China
Room 111, 1F, Building 11, No. 2447 Jiaotong
Management Company Ltd.
Rd, Putuo District, Shanghai
Daisy Savills Property Management
35
China
Unit 301, 3/F, No. 18 Jianguomennei
(Beijing) Company Ltd
Avenue, Chaoyang District, Beijing
Suzhou Industrial Park Hengtai Savills
35
China
Unit 701, Building 1, Moon Bay International
Property Management Company Ltd
Business Center, 9 Cuiwei Avenue, Suzhou
Industrial Park, Suzhou
Suzhou Jiarun Savills Property
34
China
Unit 1211, 12th Floor, Room 101, Building
Management Co. Ltd
1, Xinneng Business Plaza, No. 99 Si'an
Street, Suzhou Industrial Park
Beijing Yintai Savills Property
33
China
Unit 402C, 401, 4/F, Building 3, No.2
Management Company Limited
Jianguomenwai Avenue, Chaoyang District,
Beijing
Beijing BHG Savills Retail & Property
24.5
China
Room 107, Block 1, No 208, Lane 4, North
Management Company Ltd
Xiangyun Road, Daxing District, Beijing
\n
Country of
Joint Ventures
% owned
incorporation
Registered o\ufb03ce
Beijing Oriental Savills Asset
30
China
Unit 303, 3/F No, 9 West Street
Management Company Ltd
Wangfujing, Dongcheng District, Beijing
Nanjing Smart Science Technology
30
China
Room 468, Floor 4, building 9, Xingzhihui
Park & Savills Property Management
Business Garden, No. 19, Xinghuo Road,
Company Ltd
Jiangbei New District, Nanjing, 210008
Shanghai South Hongqiao & Savills
49
China
No.5 Building, No. 277 Huqingping
Property Management Co., Ltd.
Highway, Minhang District, Shanghai
Savills Raycom Property Management
30
China
Unit B1-08, No.2 South Road Ke Xue Yan,
(Beijing) Company Ltd
Haidian District, Beijing
Shanghai Landsea Savills Property
49
China
9F, No. 583 Lingling Rd., Xuhui District,
Management Co., Ltd.
Shanghai
Shanghai Poly Savills Property
30
China
Unit 01, 20/F, South Tower, No.528 South
Management Company Ltd
Pu Dong Road, Pu Dong, Shanghai
Shanxi Zhidi Savills Property Services
30
China
4/F, Block 3, No.42 Xing Shan Temple, Xian
Company Ltd
City
Anlian Savills Property Management
25.5
China
Unit B02(b), 19/F, Anlian Plaza, No.4018,
(Shenzhen) Ltd
Jintian Road, Futian District, Shenzhen
COSCO Savills Property Development
25
China
Unit N, 8th Floor, Building 1, No.720
Company Ltd
and 728 Pudong Ave, Pudong District,
Shanghai
Beijing Financial Street Savills Property
20
China
B1/F, Tong Tai Building, 33 Financial Street,
Management Company Ltd
West District, Beijing.
Beijing Zhong Bao Savills Property
10
China
603 China Life Tower, 16 Chao Wai Street,
Management Company Ltd
Chaoyang District, Beijing
Tianjin TEDA Savills Property Services
10
China
B2/F, Zone A1, Teda MSD, No.56 Second
Company Ltd
Avenue, Economy & Technology
Development Zone, Tianjin
Xi\u2019an Qujiang Savills Property Services
30
China
Room 1109-1, 11th Floor, No.2 Building of
Co., Ltd.
Huashang Culture&Media Center, No. 3001
Yanxiang Road, Xujiang New District, Xi\u2019an
Beijing Hualian Fashion Savills Property
24.5
China
Rm.304, Block1, Land 4, No.208 North
Management Co., Ltd.
Xiangyun Road, Daxing District, Beijing
Heng Fu Savills Property Management
49
China
Building A1, No. 57 Fuxing West Road,
(Shanghai) Co., Ltd
Xuhui District, Shanghai
Jintai Savills Property Management
35
China
Rm 702, 6F, No.938 Jinshajiang Rd., Putuo
(Shanghai) Co., Ltd
District, Shanghai
Shanghai Construction Savills Property
49
China
Rm 1023, 10F, No. 390-408 East Beijing
Management Co., Ltd
Rd., HuangPu District, Shanghai
Suzhou Caohu Science and Technology
34
China
Rm.2201, Floor 22, Caohu Building, No.1
Industry Services Co., Ltd.
Qianjing Road, Caohu Street, Suzhou
Wuhan Qiaokou Anju Savills Urban
45
China
15F, Gaoxin Building, No.298 Nanxu
Operation Service Co., Ltd.
Avenue, Gaoxin District, Zhenjiang
Zhenjiang Gaoxin Savills Asset
49
China
Room 201, 2F, Tongxin Health Service
Management Co., Ltd
Industrial Park, No.49 Gutian 4th Road,
Hanjiadun Street, Qiaokou District, Wuhan
Guardian Management (Hong Kong)
50
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Limited
Country of
Joint Ventures
% owned
incorporation
Registered o\ufb03ce
Greenmile Ventures Ltd
50
Hong Kong
Vistra Corporate Services Centre,
Wickhams Cay II, Road Town, Tortola,
VG1110, British Virgin Islands
Greenwalls Gateway Ltd
50
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Lippo-Savills Property Management
50
Hong Kong
Room 2301, 23/F, Tower One, Lippo Centre,
Ltd
89 Queensway
QF Savills Property Management Ltd
50
Hong Kong
Rooms 805-813, 8/F, 1111 King's Road,
Taikoo Shing
Skywise Technology & Innovation
50
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Company Limited
G.E.S. Holdings Ltd
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013
187, Edf. Kong Fai Com. 7/F, K \u2013 P
G.E.S. Ltd
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013
187, Edf. Kong Fai Com. 7/F, K \u2013 P
Crescendo Environmental Services Ltd
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013
187, Edf. Kong Fai Com. 7/F, K \u2013 P
Crescendo Property Services Ltd
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013
187, Edf. Kong Fai Com. 7/F, K \u2013 P
East Sun Cleaning Services Ltd
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013
187, Edf. Kong Fai Com. 7/F, K \u2013 P
Express Engineering (Macau) Ltd
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013
187, Edf. Kong Fai Com. 7/F, K \u2013 P
Jade Forist Ltd
50
Macau
Alameda Dr. Carlos D\u2019Assumpcao, No. 181 \u2013
187, Edf. Kong Fai Com. 7/F, K \u2013 P
Winnerway Security Guards Company
50
Macau
Alameda Dr. Carlos D'Assumpcao, No.
Ltd
181 \u2013 187, Centro Comercial do Grupo
Brilhantismo, 7 andar, J & H
Savills (Johor) Sdn Bhd
(ii)
49
Malaysia
Upper Penthouse, Wisma RKT, No. 2 Jalan
Raja Abdullah, O\ufb00 Jalan Sultan Ismail,
50300 Kuala Lumpur
Savills (KL) Sdn Bhd
(ii)
49
Malaysia
Upper Penthouse, Wisma RKT, No. 2 Jalan
Raja Abdullah, O\ufb00 Jalan Sultan Ismail,
50300 Kuala Lumpur
Savills (Malaysia) Sdn Bhd
(ii)
49
Malaysia
Upper Penthouse, Wisma RKT, No. 2 Jalan
Raja Abdullah, O\ufb00 Jalan Sultan Ismail,
50300 Kuala Lumpur
Savills (Penang) Sdn Bhd
(ii)
49
Malaysia
Upper Penthouse, Wisma RKT, No. 2 Jalan
Raja Abdullah, O\ufb00 Jalan Sultan Ismail,
50300 Kuala Lumpur
Savills (Agency) Sdn Bhd
(ii)
49
Malaysia
Upper Penthouse, Wisma RKT, No. 2 Jalan
Raja Abdullah, O\ufb00 Jalan Sultan Ismail,
50300 Kuala Lumpur
Liverpool ONE Management
50
United Kingdom
33 Margaret Street, London, W1G 0JD
Company\u00a0Ltd
DRCSIM US LLC
36.21
United States
Corporation Service Company, 251 Little
Falls Drives, Wilmington, Delaware
\n
\n \n
Country of
Associates
% owned
incorporation
Registered o\ufb03ce
KSH Guardian Property Management
50
Hong Kong
7/F, 1111 King\u2019s Road, Taikoo Shing
Ltd
Yuen Sang Property Management
50
Hong Kong
Room 2501, 25/F, Alexandra House, 18
Company Ltd
Chater Road, Central
Savills Taiping Property Management
45
Hong Kong
Rooms 805-813, 8/F, 1111 King\u2019s Road,
Ltd
Taikoo Shing
Guardian Home Ltd
40
Hong Kong
Shop No. 301, 3rd Floor, Chun Shek
Shopping Centre, Chun Shek Estate,
1 Shing Tin Street, Shatin, New Territories
Hengli Savills Property Management
49
Hong Kong
Unit 1806-08, Tower Two, Lippo Centre,
Limited
89 Queensway
Glory Crest Ltd
40
Hong Kong
Shop No. 301, 3rd Floor, Chun Shek
Shopping Centre, Chun Shek Estate,
1 Shing Tin Street, Shatin, New Territories
Guardian Home (Chun Shek) Ltd
40
Hong Kong
Shop No. 301, 3rd Floor, Chun Shek
Shopping Centre, Chun Shek Estate,
1 Shing Tin Street, Shatin, New Territories
Cordea Nichani India Advisers Private
17.75
India
Ground Floor Front, 19 Kumarakrupa
Limited
Road, Bangalore 560001
Rootcorp Ranganatha Limited
17.75
Mauritius
4th Floor, Ra\ufb04es Tower, 19 Cybercity, Ebene
Monaco Real Estates SARL
51
Monaco
10 Ter Boulevard Princesse Charlotte
H Investment Pte Ltd
40.5
Singapore
3 Bishan Place #05-01 CPF Bishan
Building S 579838
Huttons Asia Pte Ltd
40.5
Singapore
3 Bishan Place #05-01 CPF Bishan
Building S 579838
Huttons Capital Pte Ltd
40.5
Singapore
3 Bishan Place #05-01 CPF Bishan
Building S 579838
Huttons International Pte Ltd
40.5
Singapore
3 Bishan Place #05-01 CPF Bishan
Building S 579838
Huttons Pte Ltd
33.8
Singapore
3 Bishan Place #05-01 CPF Bishan
Building S 579838
Really Pte Ltd
(ii)
32.7
Singapore
70 Shenton Way #09-12 EON Shenton S
079118
Vucity
29.68
United Kingdom
10 Orange Street, Haymarket, London,
WC2H 7DQ
Realplus Joint Stock Company
30
Vietnam
House SH11-12, Floor 2, Q2 Thao Dien
Residence, No. 21 Vo Truong Toan Street,
Thao Dien Ward, Thu Duc City, Ho Chi
Minh City
\u00a0 \u00a0
Country of
\u00a0
Fully owned entities not controlled by the Group
\u00a0
incorporation
Registered o\ufb03ce
Li\ufb00ey Valley Management Ltd
(iv)
Ireland
33 Molesworth Street, Dublin 2
Mahon Point Management Ltd
(iv)
Ireland
33 Molesworth Street, Dublin 2
White Water (Newbridge) Limited
(iv)
Ireland
33 Molesworth Street, Dublin 2
White Water Management Limited
(iv)
Ireland
33 Molesworth Street, Dublin 2
White Water Residential DAC (Designated Activity Company)
(iv)
Ireland
33 Molesworth Street, Dublin 2
2GCSSO Limited
(iv)
Ireland
33 Molesworth Street, Dublin 2
Liverpool ONE Management Services Ltd
(iv)
United
33 Margaret Street, London,
\u00a0 \u00a0
Kingdom
W1G 0JD
Moor House Management Services Ltd
(iv)
United
33 Margaret Street, London,
\u00a0 \u00a0
Kingdom
W1G 0JD
\n
(i)
Directly owned by Savills plc.
\n
(ii)
Both ordinary and redeemable shares owned by the Group.
\n
(iii) Partnership interest.
\n
(iv) The Group does not control these entities (as de\ufb01ned by IFRS 10) and they are not consolidated in to the Group\u2019s \ufb01nancial statements.
\n
(v)
The Group does not have a shareholding in these employee bene\ufb01t trusts, however, these trusts are speci\ufb01cally designed to serve the purposes of the
\n
sponsoring group entity and to ensure that there will be minimal risk of any con\ufb02ict arising between the duties of the trustees and the interest of the group
\n
entity. Accordingly, these trusts are under the de facto control of the group entity. IFRS 10 control assessment also supports that these trusts are under
\n
control of the group entity and are consolidated into the Group\u2019s \ufb01nancial statements on that basis.
\n
(vi)
Listed as a non-wholly owned subsidiary as equity ownership is less than 100% however due to the Group having a present ownership interest in the
\n
remaining equity shares subject to put options, it has been determined that there is no non-controlling interest present and the entity is accounted for as a
\n
wholly owned subsidiary.
\n
The Group holds a number of investments in associates and joint ventures where it holds more than 50% of the
\n
shareholding in these entities. Similarly, the Group holds a number of joint ventures and associates where the
\n
shareholding is less than 50% and three subsidiaries where the shareholding is less than 50%. In all these instances
\n
management has determined the appropriate classi\ufb01cation of these shareholdings based on the contractual
\n
arrangements and agreements in place, in particular focusing on the parties who have the ability to direct/control the
\n
relevant activities of the investment taking into account representation on the Board of Directors, ability to participate/
\ndirect policy making processes and the rights to variable returns from the investee.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "33 Margaret Street, London W1G 0JD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WXICGMBWHTA933", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }