CBRE Group (CBRE) FY2014 results: revenue $9.0 billion, up 26.0% on the year
CBRE Group, Inc. (CBRE) reported revenue of $9.0 billion for fiscal 2014, the year ended 31 December 2014, up 26.0% on the year before. Net income was $485 million, up 53.1%, and diluted earnings per share $1.45. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$9.0 billion
+26.0% on the year
FY2008FY2014
Operating margin
8.8%
8.6% a year earlier
FY2008FY2014
Net income
$485 million
+53.1% on the year
FY2008FY2014
Diluted EPS
$1.45
+52.6% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
9,050
7,185
6,514
+26.0%
Cost of revenue
5,611
4,189
3,743
+33.9%
Gross profit
3,439
2,995
2,772
+14.8%
Gross margin
38.0%
41.7%
42.5%
Operating income
792
616
585
+28.6%
Operating margin
8.8%
8.6%
9.0%
Interest expense
112
135
175
-17.1%
Pre-tax income
777
509
489
+52.7%
Income tax
264
187
185
+40.9%
Effective tax rate
33.9%
36.8%
37.9%
Net income
485
317
316
+53.1%
Net margin
5.4%
4.4%
4.8%
Diluted EPS
$1.45
$0.95
$0.97
+52.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
662
745
291
-11.2%
Capital expenditure
171
156
150
+9.5%
Free cash flow
491
589
141
-16.7%
Free cash flow margin
5.4%
8.2%
2.2%
Cash from investing
-152
-465
-198
Cash from financing
-232
-866
-101
Depreciation and amortisation
265
190
170
+39.2%
Share-based compensation
59.8
48.4
51.7
+23.4%
Buybacks
n/a
-16.6
n/a
Diluted shares, weighted
334m
332m
327m
+0.7%
Shares outstanding at period end
333m
332m
330m
+0.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,260
1,896
1,539
+19.2%
Non-controlling interest
41.6
40.2
143
+3.3%
Debt
2,381
2,488
3,751
-4.3%
Other liabilities
2,885
2,574
2,376
+12.1%
Total liabilities and equity
7,568
6,998
7,810
+8.1%
Fixed assets
498
459
379
+8.6%
Goodwill
2,334
2,290
1,890
+1.9%
Intangible assets
802
841
787
-4.6%
Investments
60.2
56.8
57.8
+5.9%
Trading assets
62.8
58.4
n/a
+7.5%
Cash and equivalents
741
492
1,089
+50.6%
Receivables
1,736
1,486
1,263
+16.8%
Other assets
1,334
1,314
2,344
+1.5%
Total assets
7,568
6,998
7,810
+8.1%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.