CBRE Group (CBRE) FY2015 results: revenue $10.9 billion, up 20.0% on the year
CBRE Group, Inc. (CBRE) reported revenue of $10.9 billion for fiscal 2015, the year ended 31 December 2015, up 20.0% on the year before. Net income was $547 million, up 12.9%, and diluted earnings per share $1.63. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2016.
Revenue
$10.9 billion
+20.0% on the year
FY2008FY2015
Operating margin
7.7%
8.8% a year earlier
FY2008FY2015
Net income
$547 million
+12.9% on the year
FY2008FY2015
Diluted EPS
$1.63
+12.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
10,856
9,050
7,185
+20.0%
Cost of revenue
40.4
5,611
4,189
-99.3%
Gross profit
10,815
3,439
2,995
+214.5%
Gross margin
99.6%
38.0%
41.7%
Operating income
836
792
616
+5.5%
Operating margin
7.7%
8.8%
8.6%
Interest expense
119
112
135
+6.1%
Pre-tax income
880
777
509
+13.2%
Income tax
321
264
187
+21.6%
Effective tax rate
36.5%
33.9%
36.8%
Net income
547
485
317
+12.9%
Net margin
5.0%
5.4%
4.4%
Diluted EPS
$1.63
$1.45
$0.95
+12.4%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
652
662
745
-1.5%
Capital expenditure
139
171
156
-18.6%
Free cash flow
512
491
589
+4.5%
Free cash flow margin
4.7%
5.4%
8.2%
Cash from investing
n/a
-152
-465
Cash from financing
n/a
-232
-866
Depreciation and amortisation
314
265
190
+18.5%
Share-based compensation
74.7
59.8
48.4
+25.0%
Buybacks
n/a
n/a
-16.6
Diluted shares, weighted
336m
334m
332m
+0.7%
Shares outstanding at period end
334m
333m
332m
+0.4%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
2,713
2,260
1,896
+20.0%
Non-controlling interest
46.4
41.6
40.2
+11.7%
Debt
4,430
2,381
2,488
+86.1%
Other liabilities
3,829
2,885
2,574
+32.7%
Total liabilities and equity
11,018
7,568
6,998
+45.6%
Fixed assets
530
498
459
+6.4%
Goodwill
3,086
2,334
2,290
+32.2%
Intangible assets
1,450
802
841
+80.8%
Investments
n/a
60.2
56.8
Trading assets
n/a
62.8
58.4
Cash and equivalents
540
741
492
-27.1%
Receivables
2,472
1,736
1,486
+42.4%
Other assets
2,940
1,334
1,314
+120.4%
Total assets
11,018
7,568
6,998
+45.6%
10-K for the year ended 31 December 2015, filed 29 February 2016: the filing.