In common with the vast majority of defined benefit schemes operated by UK companies, the funding level of the Savills pension scheme deteriorated during the year as asset values and interest rates fell.在常见绝大多数界定福利计划由英国公司，第一太平戴维斯的退休金计划的资金水平，年内恶化的资产价值及利率下跌。
The Plan deficit at year end amounted to ￡37.7m (2008: ￡24.6m). But rely on the rise of discount rate and inflation assumption（discount rate in 2009 is 5.60% less than 6.30% previous year; In fact, it is worse than Savills had reported. Compared last 5 years, as the defined benefit obligation in 2009 is the highest in these 5 years, the deficit in 2009 has the worst situation.
In March 2010, Savills reached agreement with the Trustee for the Plan to be closed to future service accrual with effect from 1 April 2010. Plan members will instead participate in the Group’s defined contribution pension plan.
The ratio in 2009 is the lowest which compared last 5 years. It reflected that the management performance in Savills still wander in the poor level, mainly due to the unsatisfied UK and EU market. From the tablet below, we noticed that in ROA and profit margin are decreased more severe than other ratios,
Assets utilization ratios资产利用率
The assets turnover in 2009 maintains a sustainable level and it is same with ratio in 2007. But the inventory turnover was increased by 10% compared 2008, and increased 71% compared the lowest ration in 2005. Although the ratio looks health, but actually the growth of ratio is not for the sales increasing, mainly due to the inventory decreasing.
The liquidity ratios are still controlled on a satisfied degree, it reflected that Savills did good job in the currency, and there is no trouble in the short term debt settlement. Compared the industry average ratio which is 1.28(quick ratio), 1.42(current ratio). Savills is exceeding than his peers. Attributed by the tight control expenditure and reduction of dividend paid during 2009.
See the tablet below, it is clear that the percentage of equity in Savills is over 95%, obviously, Savills prefer choose equity to do financing activities, as a property firm, the long term debt only occupied less 5% in the total capitals, that means since the financial crisis, the asset of Savills was shrunk in a lowest level, according to this reason, the financial institution like banks or investors unwilling to put money into real estate industry until the market is recovery.
This chapter manily introduces the operating performance of Savills, using SWOT, cash flow analysis and financial ratio analysis. In 2009, Savills met some trouble business in the revenue and underlying profit before tax (both are lower than previous year), but since he currency management policy and reduction of expenditure, the profit in 2009 is high than last year, and the cash and cash equivalent in 2009 is higher than 2008, it means Savills try to keep the liquidity on a controllable status. But in the profitability and asset utilization part, compare last five years, as the deterioration of global property market, the decease of revenue lead to the ROA and profit margin fell down. Fortunately, the liquidity analysis reflected that Savills still stay on a health position to address the short term debt settlement.本章主要引入第一太平戴维斯的经营业绩，使用SWOT分析，现金流量分析及财务比率分析。在2009年，第一太平戴维斯遇到了一些麻烦，业务收入及相关的税前利润税（均为低于上年），但因为他的货币管理政策和削减开支，在2009年的利润比去年高，现金及现金相当于2009年高于2008年，这意味着第一太平戴维斯的流动性保持在一个可控状态。但在盈利能力和资产利用率部分，比较过去五年中，全球房地产市场的恶化，ROA和利润率去世的收入铅掉了下来。幸运的是，反映第一太平戴维斯仍然停留在一个健康的位置，以解决短期债务清偿的流动性分析。
Overall, Savills has some problems in how to generate the revenue, seek new economy stimulate point. Apart from these, company is still running on the right direction.总体而言，第一太平戴维斯有一些问题，如何产生收入，寻求新的经济刺激点。除了这些，公司仍然在正确的方向上运行。