Where Am I?
 
More In This Section
 
Tag Cloud
 

CBRE Releases Full Year and Fourth Quarter 2011 Results

BritCham / CBBC
Do you like this article? Share it with your friends!  
Like! Tweet! Weibo Share on LinkedIn
 

February 10, 2012  Beijing  — BritCham & CBBC member CBRE Group, Inc. recently reported financial results for the year and fourth quarter ended December 31, 2011.  

Asia Performance Highlights

CBRE’s Asia region had a solid year in 2011 and continued to be one of the strongest performing regions on a global basis. For full-year 2011, revenue in Asia increased 16% compared to 2010 and normalized EBITDA rose by 21% for the same period. Asia’s strong performance, coupled with Pacific’s growth, drove an overall increase in Asia Pacific revenue of 18% in 2011.
In 2011, India, China and Japan were the best performing countries in Asia, alongside strong growth in the Pacific.

Increased demand for outsourcing services across Asia Pacific contributed to revenue increases, and will likely be a source of considerable opportunity moving forward. CBRE Global Corporate Services—one of the company’s outsourcing services—renewed 100% of its contracts set to expire in 2011. The team also secured and expanded four contracts with major firms, and played a big role in three significant global wins. Strong performance from CBRE’s Asset Services and Valuation & Advisory Services teams, and increased transaction activity also underpinned the region’s solid performance for the year.


A CBRE spokes person stated:


“In the Asia Pacific region, we achieved strong results in 2011 despite moderating economic growth in Asia in the later stages of the year. CBRE’s diverse and comprehensive services, which we continue to develop and strengthen, allow us to adapt to various market conditions and best serve our clients’ unique requirements. With robust business strategies and the best people in the business backing us, we are positioned to ensure 2012 is a success.”

An more detailed overview of results can be found below.

Full-Year 2011 Results

  • Revenue for the full-year 2011 increased 15% to $5.9 billion, compared with $5.1 billion for 2010.

 

  • Excluding selected charges, net income for 2011 totalled $334.5 million, or $1.03 per diluted share, an improvement of 39% and 37%, respectively, from $239.8 million, or $0.75 per diluted share, for 2010. Full-year 2011 results were lowered by selected charges of $95.3 million, net of income taxes, which primarily related to the acquisition of the ING REIM businesses and cost containment actions.
  • On a U.S. GAAP basis, net income rose 19% to $239.2 million, or $0.74 per diluted share, for 2011, compared with $200.3 million, or $0.63 per diluted share, for 2010.
  • Excluding selected charges, Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) totaled $802.6 million in 2011 -- up 18% from $681.3 million in 2010. EBITDA (including selected charges) for 2011 rose 7% to $693.3 million, compared with $647.5 million for 2010.  Full-year 2011 EBITDA was lowered by selected charges of $109.4 million, which primarily related to the acquisition of the ING REIM businesses and cost containment actions.


Fourth-Quarter 2011 Results

  • Revenue for the quarter totalled $1.8 billion, an increase of 7% from $1.7 billion in the fourth quarter of 2010.  
  • Excluding selected charges, net income totalled $149.3 million, or $0.46 per diluted share, for the current-year quarter, up 29% and 28%, respectively, from $115.4 million, or $0.36 per diluted share, in the fourth quarter of 2010. Fourth-quarter 2011 results were lowered by selected charges of $69.5 million, net of income taxes, which primarily related to the acquisition of the ING REIM businesses and cost containment actions.
  • On a U.S. GAAP basis, net income totalled $79.8 million, or $0.25 per diluted share, for the fourth quarter of 2011 compared with $95.1 million, or $0.30 per diluted share, for the fourth quarter of 2010.
  • Excluding selected charges, EBITDA increased 24% to $314.9 million in the current period from $253.1 million in the fourth quarter of 2010. EBITDA (including selected charges) totalled $235.1 million for the fourth quarter of 2011, compared with $241.0 million a year earlier.  Fourth-quarter 2011 EBITDA was lowered by selected charges of $79.8 million, which primarily related to the acquisition of the ING REIM businesses and cost containment actions.


Forth Quarter Asia Pacific results
 

Asia Pacific Region (Asia, Australia and New Zealand)

  • Revenue rose 11% to $231.7 million from $209.4 million for the fourth quarter of 2010.  The increase reflects improved performance in several countries, particularly Australia, India and Japan.
  • EBITDA before selected charges totalled $35.0 million compared with $36.1 million for last year’s fourth quarter. Including these charges, EBITDA totalled $30.5 million in the fourth quarter of 2011.  
  • Operating income was $27.3 million, compared with $33.5 million for the fourth quarter of 2010. Current-period operating income was impacted by $4.4 million of cost containment expenses.  



About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).  The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.



The full report can be found in the attachment below

Attachments

Follow us