2013 Form 10-K Financial Statement

#000119312514080228 Filed on March 03, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012 Q3
Revenue $7.185B $2.006B $1.557B
YoY Change 10.3% 13.73% 1.48%
Cost Of Revenue $4.189B $1.132B $915.2M
YoY Change 11.94% 12.16% 2.31%
Gross Profit $2.995B $874.3M $641.9M
YoY Change 8.08% 15.85% 0.32%
Gross Profit Margin 41.69% 43.59% 41.22%
Selling, General & Admin $2.104B $597.5M $482.4M
YoY Change 5.04% -1.01% 2.84%
% of Gross Profit 70.24% 68.34% 75.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $191.3M $46.00M $40.10M
YoY Change 11.94% 26.03% 28.12%
% of Gross Profit 6.39% 5.26% 6.25%
Operating Expenses $2.104B $642.2M $482.4M
YoY Change 5.06% 0.42% -3.62%
Operating Profit $616.1M $232.7M $103.6M
YoY Change 5.31% 99.67% -27.56%
Interest Expense $135.1M $300.0K $43.65M
YoY Change -22.84% -98.8% 11.7%
% of Operating Profit 21.92% 0.13% 42.14%
Other Income/Expense, Net $13.52M $6.500M $151.0K
YoY Change 21.91% -23.53% -102.6%
Pretax Income $509.0M $238.9M $64.90M
YoY Change 3.99% 59.27% -39.52%
Income Tax $187.2M $83.00M $22.16M
% Of Pretax Income 36.78% 34.74% 34.14%
Net Earnings $316.5M $173.0M $39.71M
YoY Change 0.31% 116.89% -37.77%
Net Earnings / Revenue 4.41% 8.62% 2.55%
Basic Earnings Per Share $0.96 $0.53 $0.12
Diluted Earnings Per Share $0.95 $0.53 $0.12
COMMON SHARES
Basic Shares Outstanding 328.1M shares 325.4M shares 322.3M shares
Diluted Shares Outstanding 331.8M shares 329.0M shares 327.3M shares

Balance Sheet

Concept 2013 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $550.0M $1.191B $874.0M
YoY Change -53.82% -4.49% 12.2%
Cash & Equivalents $492.0M $1.089B $776.3M
Short-Term Investments $58.00M $102.0M $98.00M
Other Short-Term Assets $442.0M $52.70M $48.13M
YoY Change -21.77% 24.32% -93.57%
Inventory $19.00M
Prepaid Expenses $101.6M $103.8M
Receivables $1.486B $1.263B $1.128B
Other Receivables $382.0M $1.066B $552.0M
Total Short-Term Assets $2.880B $4.085B $3.037B
YoY Change -29.5% 15.06% -5.85%
LONG-TERM ASSETS
Property, Plant & Equipment $459.0M $379.2M $334.9M
YoY Change 21.11% 28.32% 33.94%
Goodwill $1.890B $1.845B
YoY Change 3.35%
Intangibles $786.8M $769.6M
YoY Change -0.95%
Long-Term Investments $255.0M $264.0M $269.0M
YoY Change -3.41% 31.34% 48.62%
Other Assets $273.0M $143.1M $141.6M
YoY Change -32.76% 0.95% -78.61%
Total Long-Term Assets $4.118B $3.725B $3.732B
YoY Change 10.55% 1.52% 17.01%
TOTAL ASSETS
Total Short-Term Assets $2.880B $4.085B $3.037B
Total Long-Term Assets $4.118B $3.725B $3.732B
Total Assets $6.998B $7.810B $6.769B
YoY Change -10.4% 8.18% 5.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $818.0M $582.0M $515.0M
YoY Change 40.55% 1.39% 3.83%
Accrued Expenses $1.099B $980.0M $740.0M
YoY Change 12.14% 3.92% 12.12%
Deferred Revenue
YoY Change
Short-Term Debt $579.0M $1.099B $531.0M
YoY Change -48.99% 45.0% -39.93%
Long-Term Debt Due $42.00M $73.16M $71.06M
YoY Change -42.47% 7.84% 54.48%
Total Short-Term Liabilities $2.606B $2.972B $2.144B
YoY Change -12.31% 10.88% -3.76%
LONG-TERM LIABILITIES
Long-Term Debt $1.867B $2.354B $2.372B
YoY Change -26.61% -2.1% -3.83%
Other Long-Term Liabilities $429.0M $274.4M $255.7M
YoY Change 2.14% 24.49% -23.46%
Total Long-Term Liabilities $2.296B $2.629B $2.627B
YoY Change -22.54% 0.14% -6.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.606B $2.972B $2.144B
Total Long-Term Liabilities $2.296B $2.629B $2.627B
Total Liabilities $5.103B $6.128B $5.250B
YoY Change -18.61% 5.61% -1.56%
SHAREHOLDERS EQUITY
Retained Earnings $740.1M $567.1M
YoY Change 74.34%
Common Stock $964.2M $944.2M
YoY Change 8.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.896B $1.539B $1.340B
YoY Change
Total Liabilities & Shareholders Equity $6.998B $7.810B $6.769B
YoY Change -10.4% 8.18% 5.51%

Cashflow Statement

Concept 2013 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $316.5M $173.0M $39.71M
YoY Change 0.31% 116.89% -37.77%
Depreciation, Depletion And Amortization $191.3M $46.00M $40.10M
YoY Change 11.94% 26.03% 28.12%
Cash From Operating Activities $745.1M $411.0M $81.80M
YoY Change 155.98% 59.86% -68.6%
INVESTING ACTIVITIES
Capital Expenditures $156.4M -$69.60M -$41.90M
YoY Change 4.08% 32.32% -13.25%
Acquisitions $504.1M
YoY Change 858.86%
Other Investing Activities -$7.131M $25.50M $21.90M
YoY Change 5.36% -78.54% -104.01%
Cash From Investing Activities -$465.0M -$44.20M -$20.00M
YoY Change 135.24% -166.77% -96.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$16.63M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -866.3M -52.90M -21.80M
YoY Change 760.35% -147.32% -108.39%
NET CHANGE
Cash From Operating Activities 745.1M 411.0M 81.80M
Cash From Investing Activities -465.0M -44.20M -20.00M
Cash From Financing Activities -866.3M -52.90M -21.80M
Net Change In Cash -586.2M 313.9M 40.00M
YoY Change 7952.85% -27.86% -154.2%
FREE CASH FLOW
Cash From Operating Activities $745.1M $411.0M $81.80M
Capital Expenditures $156.4M -$69.60M -$41.90M
Free Cash Flow $588.8M $480.6M $123.7M
YoY Change 318.0% 55.18% -59.94%

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CY2013 dei Trading Symbol
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CBRE GROUP, INC.
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CY2013 us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1. Nature of Operations</b></font></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: -6px; MARGIN-TOP: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">CBRE Group, Inc., a Delaware corporation (which may be referred to in these financial statements as the &#x201C;company&#x201D;, &#x201C;we&#x201D;, &#x201C;us&#x201D; and &#x201C;our&#x201D;), was incorporated on February&#xA0;20, 2001. We are the world&#x2019;s largest commercial real estate services and investment firm, based on 2013 revenue, with leading full-service operations in major metropolitan areas throughout the world.&#xA0;We offer a full range of services to occupiers, owners, lenders and investors in office, retail, industrial, multifamily and other types of commercial real estate. As of December&#xA0;31, 2013, excluding independent affiliates, we operated in approximately 350 offices worldwide, with approximately 44,000 employees providing commercial real estate services under the &#x201C;CBRE&#x201D; brand name, investment management services under the &#x201C;CBRE Global Investors&#x201D; brand name and development services under the &#x201C;Trammell Crow&#x201D; brand name. Our business is focused on several competencies, including commercial property and corporate facilities management, tenant/occupier and property/agency leasing, property sales, real estate investment management, valuation, commercial mortgage origination and servicing, capital markets (structured finance and debt) solutions, development services and proprietary research. We generate revenue from management fees on a contractual and per-project basis, and from commissions on transactions. Our contractual, fee-for-services businesses, which generally involve facilities management, property management, mortgage loan servicing and investment management, represented approximately 41% of our 2013 revenue.</font></p> </div>
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CY2013 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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2942919 shares
CY2013 us-gaap Property Plant And Equipment Estimated Useful Lives
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15
CY2013 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.50 pure
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
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745108000
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0.95
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0.0665 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2013 us-gaap Lease Expiration Date1
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209307000
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82230000
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CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2013 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Reclassifications</i></font></p> <p style="MARGIN-BOTTOM: -6px; MARGIN-TOP: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain reclassifications have been made to the 2011 and 2012 financial statements to conform with the 2013 presentation.</font></p> </div>
CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares Per Employee
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31900000
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15766000
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CY2013 us-gaap Revenues
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33355000
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18698000
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2309000
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13523000
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431024000
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28602000
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9891000
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31668000
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93613000
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11512000
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49594000
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9579000
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131910000
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1000
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450000000
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7047000
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880000
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399418000
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126764000
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8821000
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28871000
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49400000
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9891000
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643000
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33000000
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25900000
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1040000
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118741000
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8027000
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51135000
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24688000
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CY2013 cbg Minimum Coverage Ratio Of Earnings Before Interest Tax Depreciation And Amortization To Interest Expense
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2012 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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CY2012 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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CY2012 us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
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ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2930000
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2012 us-gaap Amortization Of Intangible Assets
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759000
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ProceedsFromNotesPayableOnRealEstateHeldForSaleAndUnderDevelopment
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21345000
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43885000
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861621000
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SecuritiesPurchasedToCoverShortSales
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EmployerContributionToDefinedContributionPlan
9600000
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947000
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134500000
CY2012 cbg Incremental Common Shares Attributable To Stock Options
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1646396 shares
CY2012 cbg Fair Value Inflation Rate
FairValueInflationRate
0.0250 pure
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-76739000
CY2012 cbg Impairment Of Real Estate And Other Assets
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CY2012 cbg Other Comprehensive Income Loss Net Actuarial Gain Loss Net Of Tax
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2079000
CY2012 cbg Repayment Of Notes Payable On Real Estate Held For Investment
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54036000
CY2012 cbg Proceeds From Notes Payable On Real Estate Held For Investment
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4652000
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UnrecognizedTaxBenefitsForeignExchangeMovement
871000
CY2012 cbg Disposal Group Including Discontinued Operation Cost And Expense
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4010000
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170905000
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232723000
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0.12
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