Amsterdam,
10
februari
2017
|
15:11
Europe/Amsterdam

Sterke financiële resultaten voor CBRE Group Inc. 2016/Q4

2016 Full Year Highlights

Revenue of $13.1 billion, up 20% (23% local currency)

Fee Revenue of $8.7 billion, up 13% (15% local currency)

GAAP EPS of $1.69, up 4%; Adjusted EPS of $2.30, up 12%

2016 Fourth Quarter Highlights

Revenue of $3.8 billion, up 3% (6% local currency)

Fee Revenue of $2.7 billion, up 4% (6% local currency)

GAAP EPS of $0.78, up 47%; Adjusted EPS of $0.93, up 15%

Los Angeles, CA – February 10, 2017 — CBRE Group, Inc. (NYSE:CBG) today reported strong financial results for the year and fourth quarter ended December 31, 2016. 
“We ended 2016 on a high note,” said Bob Sulentic, CBRE’s president and chief executive officer. “CBRE recorded double-digit adjusted earnings growth for the fourth quarter and the year, with excellent performance in all three regional services businesses.”

Mr. Sulentic added: “In addition to achieving record financial performance, we continued to advance our strategy centered around creating exceptional outcomes for our clients. Our people and the operating platform that supports them are the key elements to delivering these outcomes. Both advanced materially in 2016 and the impact is showing up in our results.”

Full-Year 2016 Results

Revenue for full-year 2016 totaled $13.1 billion, an increase of 20% (23% local currency1). Fee revenue2 increased 13% (15% local currency) to $8.7 billion. Organic fee revenue, which excludes contributions from all acquisitions including Global Workplace Solutions, increased 3% (5% local currency). Revenue contribution from the acquired Global Workplace Solutions business totaled approximately $2.75 billion for full-year 2016.

On a GAAP basis, net income for 2016 increased 5% to $572.0 million and earnings per diluted share rose 4% to $1.69 per share. GAAP net income was reduced by $125.7 million (pre-tax) of integration costs associated with the Global Workplace Solutions acquisition; $111.1 million (pre-tax) of acquisition-related non-cash amortization; and $78.5 million (pre-tax) incurred in the cost-elimination program that ended in the third quarter of 2016. These costs were partially offset by a $15.6 million (pre-tax) reversal of carried interest incentive compensation and a tax benefit associated with all noted adjustments of $93.2 million.

Adjusted net income3 increased 13% to $778.5 million and adjusted earnings per share increased 12% to $2.30 per share. Foreign currency movement, primarily the impact of currency translation and the marking-tomarket of currency hedges, caused a net decrease to earnings per share of $0.06 in 2016 compared with last year. This reflected a reduction of earnings per share in 2016 by approximately $0.03 per share, as compared to an increase of approximately $0.03 in 2015.

Adjusted earnings per share would have increased by approximately 15% without the currency impact. EBITDA4 increased 6% (7% local currency) to $1.4 billion while adjusted EBITDA4 increased 10% (12% local currency) to $1.6 billion. In 2016, EBITDA and adjusted EBITDA were negatively impacted by $17.4 million of currency movement, including the marking-to-market of currency hedges, as compared to 2015, which was positively impacted by $15.3 million.

Adjusted EBITDA would have increased by approximately 13%, without the currency impact. 

Adjusted EBITDA margin on fee revenue was 17.9%.

For the year, CBRE’s more than $13 billion of revenue and nearly $1.6 billion of adjusted EBITDA set new records for the company.

The company’s business mix continued to shift toward more recurring revenue in 2016 with contractual fee revenue5 comprising approximately 42% of total fee revenue, up from 37% in 2015.

Fourth-Quarter 2016 Results

Revenue for the fourth quarter totaled $3.8 billion, an increase of 3% (6% local currency). Fee revenue increased 4% (6% local currency) to $2.7 billion. Organic fee revenue, which excludes contributions from all acquisitions, increased 3% (5% local currency).

On a GAAP basis, net income and earnings per diluted share both increased 47% to $264.0 million and $0.78 per share, respectively. GAAP net income for the fourth quarter of 2016 was reduced by $52.2 million (pre-tax) of integration costs associated with the Global Workplace Solutions acquisition and $29.3 million (pre-tax) of acquisition-related non-cash amortization.

These costs were partially offset by a $9.0 million (pre-tax) reversal of carried interest incentive compensation and a tax benefit associated with all noted adjustments of $21.8 million.

Adjusted net income for the fourth quarter of 2016 rose 16% to $314.7 million, while adjusted earnings per share improved 15% to $0.93 per share.

Foreign currency movement, primarily the impact of currency translation and the marking-tomarket of currency hedges, caused a net decrease to earnings per share of $0.03 in the fourth quarter of 2016 compared with the same quarter last year. This reflected a reduction of earnings  per share in the fourth quarter of 2016 of approximately $0.01 per share, as compared to an increase of approximately $0.02 per share in the fourth quarter of 2015. Adjusted earnings per share would have increased by approximately 19% without the currency impact.

EBITDA increased 23% (24% local currency) to $525.3 million and adjusted EBITDA increased 10% (12% local currency) to $568.5 million. In the fourth quarter of 2016, EBITDA and adjusted EBITDA were negatively impacted by $7.0 million of currency movement, including the marking to market of currency hedges, as compared to the fourth quarter of 2015, which was positively impacted by $8.8 million. Adjusted EBITDA would have increased by approximately 13% without the currency impact.

Adjusted EBITDA margin on fee revenue was 21.4%.

Het gehele persbericht, inclusief cijfers vindt u onder "Downloads" rechtsboven op deze pagina.

 

Over CBRE

CBRE Group, Inc. (NYSE:CBRE), een Fortune 500- en S&P 500-bedrijf met het hoofdkantoor in Los Angeles, is 's werelds grootste advies- en beleggingsbureau voor commercieel vastgoed (in termen van de omzet in 2017). De organisatie heeft meer dan 80.000 medewerkers (exclusief bijkantoren) en adviseert eigenaren, beleggers en gebruikers van vastgoed vanuit meer dan 450 kantoren (exclusief bijkantoren) wereldwijd. CBRE biedt strategisch advies en begeleiding bij de aan- en verkoop en aan- en verhuur van vastgoed, corporate services, property-, facility en projectmanagement, taxaties, (her)ontwikkeling, investment management en research & consulting. Bezoek onze website www.cbre.nl en www.cbre.com.