Cbre Group Inc · NYSE:CBRE
Cbre — Investor Presentation (November 2011)
20 slides from Cbre's investor presentation, Nov 16, 2011
Slide 1: Financial Overview
Financial Overview Gil Borok Chief Financial Officer
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation, and those immediately following, contain statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our future growth momentum, operations, financial performance, and bus
Slide 3: Global Market Leader
Global Market Leader Includes affiliate offices. On a combined basis, including the acquisition of ING CRES which closed July 1, 2011, ING’s Real Estate Investment Management business in Asia (ING REIM) which closed October 3, 2011 and ING REIM Europe, which closed on October 31, 2011. As of Septemb
Slide 4: Our Objectives, Strategy and Vision
Our Objectives Provide a complete suite of market leading services to property owners and occupiers through a fully integrated global business platform and a managed account strategy Our Strategy Establish and maintain the leading position in every major world city. Establish and maintain the leadin
Slide 5: Diverse Client Base
Diversified revenue spread across broad base of clients Diverse Client Base 2010 Revenue by Client Type
Slide 6: Geographic Diversification
Geographic Diversification #1 commercial real estate services firm in each of the major regions of the world LTM 9/30/11 revenue of $5.8 billion includes $4.6 million of revenue related to discontinued operations. LTM 9/30/11 Revenue1 EMEA 18% Asia Pacific 13% Global Investment Management 5% Develop
Slide 7: Service Line Diversity - Revenue Breakdown
Service Line Diversity - Revenue Breakdown LTM 9/30/11 Includes revenue from discontinued operations of $4.6 million and $1.7 million for twelve months ended September 30, 2011 and 2010, respectively. ($ in millions) 2011 1 2010 1 % Change Property & Facilities Management 1,972.0 1,727.4 14 Leasing
Slide 8: Revenue Diversification
Revenue Diversification Contractual revenue includes: Property & Facilities Management (14% in 2006 and 34% in LTM 9/30/11), Appraisal & Valuation (7% in 2006 and 6% in LTM 9/30/11), Investment Management (6% in 2006 and 4% in LTM 9/30/11), Development Services (1% in both 2006 and LTM 9/30/11) and
Slide 9: CBRE vs. Global Competitors - Global Results
YTD Q2 2011 CBRE vs. Global Competitors - Global Results Based on 6/30/11 exchange rate of 1£ = $1.6057. Six months ended 4/30/11; based on 4/30/11 exchange rate of 1£ = $1.66648. Excludes discontinued operations Source: Company public filings Revenue Operating Income Margin 7.8% 5.1% 1.4% $ million
Slide 10: Revenue and Normalized EBITDA history
($ in Millions) No reimbursements are included for the period 1992 through 1996, as amounts were immaterial. Reimbursements for 1997 through 2001 have been estimated. For 2002 and forward, reimbursements are included. Includes Trammell Crow Company activity for the period December 20, 2006 through D
Slide 11: Mandatory Amortization and Maturity Schedule
Mandatory Amortization and Maturity Schedule $ millions Represents new senior secured sterling tranche A-1 term loan of GBP 187 million, which closed on November 10, 2011. Term Loan A-1 assumes a $1.6/ exchange rate. $700.0 million revolver facility matures in May 2015. As of September 30, 2011 the
Slide 12: Capitalization
Capitalization Excludes $210.7 million and $26.1 million of cash in consolidated funds and other entities, but not available for company use at September 30, 2011 and December 31, 2010, respectively. Term loan A-1 assumes a $1.6/£ exchange rate. Net of original issue discount of $11.3 million and $1
Slide 13: Business Outlook
Business Outlook Early-stage cyclical recovery in commercial real estate continues despite sovereign debt challenges in Europe and economic uncertainty in the U.S. Outsourcing fundamentals remain very strong and we continue to expect solid double digit growth Investment sales are expected to continu
Slide 14: Appendix
Appendix CBRE
Slide 15: Reconciliation of Normalized EBITDA to EBITDA to Net Income (Loss)
Reconciliation of Normalized EBITDA to EBITDA to Net Income (Loss) Notes: 1. Includes EBITDA related to discontinued operations of $3.0 million for the twelve months ended September 30, 2011, $16.4 million for the year ended December 31, 2010, $16.9 million for the year ended December 31, 2008 and $
Slide 16: Sales, Leasing and Outsourcing Revenue - Americas
Sales, Leasing and Outsourcing Revenue - Americas 38% 8% 60% 36% ($ in millions) Outsourcing Sales Leasing 13% 5% 2009 2010 2011
Slide 17: Sales, Leasing and Outsourcing Revenue – EMEA
Sales, Leasing and Outsourcing Revenue – EMEA 12% 37% 1% 13% ($ in millions) Outsourcing Sales Leasing 15% 12% 2009 2010 2011
Slide 18: Sales, Leasing and Outsourcing Revenue – Asia Pacific
Sales, Leasing and Outsourcing Revenue – Asia Pacific 57% 51% 15% 24% ($ in millions) Outsourcing Sales Leasing 15% 27% 2009 2010 2011 Full Year First Quarter $89.4 $134.6 $21.2 $33.1 $187.6 $233.5 $43.9 $50.6 $166.6 $211.7 $52.3 $60.3
Slide 19: Sales, Leasing and Outsourcing Revenue - Americas
Sales, Leasing and Outsourcing Revenue - Americas 55% 16% 68% 23% ($ in millions) Outsourcing Sales Leasing 12% 12% 2010 2011 Second Quarter YTD Second Quarter $85.0 $142.9 $153.1 $236.6 $253.4 $311.5 $467.7 $543.6 $314.6 $351.3 $620.2 $695.7
Slide 20: Sales, Leasing and Outsourcing Revenue – Asia Pacific
Sales, Leasing and Outsourcing Revenue – Asia Pacific 40% 16% 28% 17% ($ in millions) Outsourcing Sales Leasing 16% 17% 2010 2011 Second Quarter YTD Second Quarter $27.1 $34.6 $48.3 $67.7 $54.4 $63.7 $98.3 $114.3 $56.0 $65.3 $108.3 $125.6