CBRE Group (CBRE) FY2013 results: revenue $7.2 billion, up 10.3% on the year
CBRE Group, Inc. (CBRE) reported revenue of $7.2 billion for fiscal 2013, the year ended 31 December 2013, up 10.3% on the year before. Net income was $317 million, up 0.3%, and diluted earnings per share $0.95. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2014.
Revenue
$7.2 billion
+10.3% on the year
FY2008FY2013
Operating margin
8.6%
9.0% a year earlier
FY2008FY2013
Net income
$317 million
+0.3% on the year
FY2008FY2013
Diluted EPS
$0.95
-2.1% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
7,185
6,514
5,905
+10.3%
Cost of revenue
4,189
3,743
3,457
+11.9%
Gross profit
2,995
2,772
2,448
+8.1%
Gross margin
41.7%
42.5%
41.5%
Operating income
616
585
463
+5.3%
Operating margin
8.6%
9.0%
7.8%
Interest expense
135
175
150
-22.8%
Pre-tax income
509
489
430
+4.0%
Income tax
187
185
189
+1.0%
Effective tax rate
36.8%
37.9%
44.0%
Net income
317
316
239
+0.3%
Net margin
4.4%
4.8%
4.0%
Diluted EPS
$0.95
$0.97
$0.74
-2.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
745
291
361
+156.0%
Capital expenditure
156
150
148
+4.1%
Free cash flow
589
141
213
+318.0%
Free cash flow margin
8.2%
2.2%
3.6%
Cash from investing
-465
-198
-480
Cash from financing
-866
-101
711
Depreciation and amortisation
190
170
116
+12.2%
Share-based compensation
48.4
51.7
44.3
-6.3%
Buybacks
-16.6
n/a
n/a
Diluted shares, weighted
332m
327m
324m
+1.4%
Shares outstanding at period end
332m
330m
328m
+0.6%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,896
1,539
1,151
+23.2%
Non-controlling interest
40.2
143
266
-71.8%
Debt
2,488
3,751
3,583
-33.7%
Other liabilities
2,574
2,376
2,219
+8.3%
Total liabilities and equity
6,998
7,810
7,219
-10.4%
Fixed assets
459
379
295
+20.9%
Goodwill
2,290
1,890
1,828
+21.2%
Intangible assets
841
787
794
+6.9%
Investments
56.8
57.8
37.4
-1.7%
Trading assets
58.4
n/a
n/a
Cash and equivalents
492
1,089
1,093
-54.8%
Receivables
1,486
1,263
1,135
+17.7%
Other assets
1,314
2,344
2,035
-43.9%
Total assets
6,998
7,810
7,219
-10.4%
10-K for the year ended 31 December 2013, filed 3 March 2014: the filing.