Colliers International Group Inc (CIG) 2014年年度報告「TSX」.pdf

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1、2014 Annual ReportGlobal Leader inCommercialReal Estate24K+EmployeesWorldwide#1 ResidentialProperty Managerin North America2.5B Square FeetCommercial&Residential PropertyUnder Management About FirstService Corporation FirstService Corporation is a global leader in the rapidly growing real estate ser

2、vices sector,one of the largest markets in the world.FirstService manages more than 2.5 billion square feet of residential and commercial properties through its three industry-leading service platforms:Colliers International-one of the largest global players in commercial real estate services;FirstS

3、ervice Residential-North Americas largest manager of residential communities;and FirstService Brands-one of North Americas largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.FirstService generates more than US$2.7 bi

4、llion in annual revenues and has more than 24,000 employees world-wide.With significant insider ownership and an experienced management team,FirstService has a long-term track record of creating value and superior returns for shareholders since becoming a publicly listed company in 1993.The subordin

5、ate voting shares of FirstService trade on the NASDAQ under the symbol“FSRV”and on the TSX under the symbol “FSV”.More information is available at .$100K$3.5+M19952014$100K Invested in1995 is now worth$3.5+M%YRSCOMPOUND ANNUAL RETURNPerformance Track Record FirstService had a record year in 2014.We

6、achieved new milestones in operating performance with revenues of$2.7 billion,EBITDA of$222 million,EPS of$2.73 per share and cash flow from operations of$159 million.Perhaps more importantly for our shareholders,our shares appreciated by more than 18%during the year.Since then,our shares were up a

7、further 17%closing at$59.31 per share on March 13,2015.Let me touch on some highlights:Colliers increased revenue and EBITDA by 25%and 38%respectively in 2014,while further increasing margins by 110 basis points to 9.9%.Acquisitions were a major focus for Colliers with notable additions in the UK,Au

8、stralia and New Zealand.Late in the year,it acquired a controlling interest in AOS Group,a leading commercial real estate and workplace consulting firm in France with additional operations in The Netherlands,Belgium,Spain and Morocco.AOS has now been rebranded as Colliers International in all market

9、s giving us added strength and opportunity in Europe.Colliers received numerous awards and distinctions including:Ranked#5 in the top 100 global outsourcing firms by the International Association of Outsourcing Professionals Ranked#1 commercial real estate advisory firm in Australasia,Canada,Latin A

10、merica,China and Singapore by Euromoney 2nd most recognized commercial real estate brand in the world by The Lipsey Company for the 10th consecutive year FirstService Residential continued to grow internally and through acquisition with revenues up 9%.It completed several smaller tuck-under acquisit

11、ions in California,Texas,Minnesota and Arizona that increased its scale and geographic presence.Founder&CEOs MessageJay S.Hennick FOUNDER&CEO FirstService Residential completed its first full year under its national brand,which continues to gain traction and visibility throughout North America.First

12、Service Brands increased revenue and EBITDA by 11%and 13%respectively as royalties from increasing system wide sales continued to drive performance.FirstService Brands completed three acquisitions during the year including the important acquisition of Paul Davis Restoration Canada.Bringing our maste

13、r franchise in Canada together with our US operations allows us to realize synergies and strengthen our leadership position in North America.In February,we announced plans to separate FirstService into two independent public companies:Colliers International,one of the top three global leaders in com

14、mercial real estate;and a new FirstService Corporation,the largest North American residential property manager and a leading provider of property services.The new FirstService Corporation will be comprised of our FirstService Residential and FirstService Brands operating units.The spin-off will be s

15、tructured as a tax-free distribution to shareholders and will create two compelling investment opportunities for shareholders.Creating two independent publicly traded companies is the logical next step in our evolution and I am extremely enthusiastic about the long-term prospects for both companies.

16、Both Colliers International and new FirstService Corporation will be leaders in their markets,and will have their own distinct brand and operating characteristics.The separation enables each to intensify its focus while having the flexibility and capital structure to pursue independent value creatio

17、n strategies.Finally,the spin-off will attract additional investors to our existing shareholder base while offering easier comparability with publicly traded peers.We expect the transaction to be completed by the end of the second quarter,subject to regulatory,court and shareholder approvals.The spi

18、n-off transaction represents a breakthrough in the history of our company.Since our public listing in 1993,our management team has followed a disciplined approach to growth,carefully managing operations and prudently allocating capital,while always standing ready to take bold steps when opportunitie

19、s presented themselves.This culture of performance is deeply woven into the fabric of FirstService and it will flourish in both organizations in the future.I have no reservations about taking this next bold step to create more value for our shareholders;I intend to continue holding my shares in both

20、 entities for the long term.Investments like Colliers International and FirstService Corporation companies with abundant growth opportunities,exceptional management teams and long histories of delivering value to shareholders are not easily found.“Creating value one step at a time”has always been ou

21、r motto and it describes perfectly the“FirstService Way”of operating.For more than 20 years,our shareholders have enjoyed compound annual returns of more than 20%,an impressive track record by any measure.A$100,000 investment when we first listed would be worth more than$3.5 million today.We intend

22、to maintain our principles and discipline,so I fully expect this record of performance to continue creating value for our shareholders for many years to come.To our employees,associates and directors,I would like to thank you for your support and encouragement over the years,but especially for your

23、confidence in us as managers and stewards of your capital.With sincere best wishes as we take the next step together.Jay S.Hennick Founder&Chief Executive OfficerIn February we announced plans to separate FirstService into two independent public companies.20YEARS OF GROWTH,LEADERSHIPAND VALUERevenue

24、20141993 2013“In residential property management,we took the bold step of rebranding to FirstService Residential,opening a new chapter in the story of North Americas largest manager of residential communities.”2012“A key achievement was the acquisition of Colliers UK adding a total of 13 offices,700

25、 employees and about$100 million in annual revenue.”2011 FirstService finishes the year with more than$2.2 billion in revenues,exceeding the$2 billion mark for the first time in its history.2008 FirstService further refines its focus on global real estate services with the sale of our Integrated Sec

26、urity platform.Sale proceeds represent an annual return of 22%over the 15 year period of ownership.2007“FirstService hit another milestone this year our market capitalization exceeded one billion dollars.”2006“We exceeded$1 billion in revenues for the first time in our history.”FirstService refines

27、its focus on real estate services with divestiture of Resolve Corporation through an IPO.Sale proceeds represent an annual return of 18%over the 11 year period of ownership.2005“The highlight of the year was our acquisition of Colliers Macaulay Nicholls International.Colliers establishes a new comme

28、rcial real estate platform under the“Colliers International”brand and extends our reach throughout North America,Asia Pacific,Central Europe and Latin America,making FirstService a truly global player.”2001“We are also pleased with the performance of our shares as they have appreciated by more than

29、20%over the past year.Part of the reason may be that investors have returned to companies like FirstService with strong growth fundamentals and excellent growth prospects.But we also think our proven track record is beginning to be recognized by the market.”1998“During the 1st quarter,FirstService b

30、ecame the largest manager of community associations in America by acquiring the Continental Group,the leading full service property management company in South Florida.”1995 FirstService lists on the NASDAQ.1993“Among the more notable fiscal 1993 highlights was the successful completion of a public

31、offering of 1.8 million Subordinate Voting Shares.The June public share offering was followed by the listing of FirstService on the Toronto Stock Exchange,where the shares have consistently traded well above the issue price of$3.50 and$4.00(adjusted for stock split).”Initial Public Offering IPO on T

32、SX raises$10 million.1989 Founder and CEO,Jay Hennick launches FirstService with Superior Pools,the swimming pool management business he started as a teenager.Key Excerpts and HighlightsFrom Prior Annual ReportsFirstService Residential is the largest residential property manager in North America.Its

33、 mission is to deliver exceptional service and solutions that enhance the value of every property and the lifestyle of every resident in the communities it manages.FirstService Residential also provides its clients with other complementary services,including:on-site staffing,urban residential lifest

34、yle management and amenity services,unique banking and insurance products,and energy conservation and management solutions.FirstService Brands is a leading North American operator and provider of property services,with extensive franchise and contractor networks comprising over 1,900 franchises and

35、11 company-owned locations in all U.S.states and ten Canadian provinces.In 2014,FirstService Brands serviced more than 500,000 customers and generated aggregate system-wide revenues of more than US$1.4 billion.Services are delivered through seven well-known brands,each of which is the#1 or#2 player

36、in its respective market.Largest Player In North America 7,000 communities with 1.6+million residential units 100 offices across North America High,medium and low-rise condominiums,co-ops Large-scale and lifestyle homeowner associations 90%recurring revenues with 95%+retention rate$7+billion in clie

37、nt budgets FirstService Brands Paul Davis Restoration CertaPro Painters California Closets College Pro Painters Pillar to Post Home Inspectors Floorcoverings International Service America Growth Strategy Leverage scale advantages to drive new business through differentiated value-added services and

38、reduced client costs Further increase customer retention and target referral opportunities Continue to expand ancillary service offerings Improve operational efficiency Expand geographic footprint through selective acquisitions Growth Strategy Expand same store capacity in the areas of sales,design

39、and field service Continue to drive repeat business and referral leads from its customers through service excellence and market-leading brands Strategically add company-owned operations Leverage best-in-class franchising capabilities to acquire other property services franchise modelsColliers Intern

40、ational is a global leader in commercial real estate,offering comprehensive commercial property services to investors and occupiers worldwide.Colliers has more than 16,300 professionals worldwide,united by a spirit of enterprise.2014 was its best year in history.Organic and acquisitive expansion of

41、our global platform enabled Colliers to deliver innovative and expanded services for its clients,leading to record revenues and a significant increase in average revenue per professional.Highly Regarded International Leader with Global Coverage 219 offices in 41 countries(502 offices in 67 countries

42、 including affiliates)Greater than$97 billion in transactions 1.70+billion square feet managed Growth Strategy Increase local market share in our core business Improve operational efficiency Pursue strategic acquisitions Geographic and service line expansion Leverage the“Colliers International”brand

43、 Institutional Reputation Top-tier global player based on revenues and market coverage Fastest growing industry player based on revenue growth One of the top 100 global outsourcing companies for 10 consecutive years by the International Association of Outsourcing Professionals,more than any other re

44、al estate services firm Founding global partner of the World Green Building Council&Regenerative Network Ranked second among the top 25 global commercial real estate brands based on a 2015 survey conducted by The Lipsey Company(including affiliates$2.3B)Revenue$1.6BEBITDA$157MRevenue$1.1BEBITDA$83MF

45、irstServiceBrands(US$thousands,except per share amounts)Year ended December 31 2014 2013 2012 2011 2010Results From OperationsRevenues$2,714,273$2,344,625$2,098,987$1,841,406$1,606,462Adjusted EBITDA1 221,745 183,893 151,047 114,440 92,169Operating earnings 134,427 88,780 79,248 55,486 46,461Net ear

46、nings from continuing operations 89,399 46,601 41,393 76,495 17,330Net earnings(loss)from discontinued operations 1,537 (5,183)(671)25,248 30,570Net earnings 90,936 41,418 40,722 101,743 47,900Financial PositionTotal assets$1,639,427$1,443,511$1,317,910$1,233,718$1,129,541Long-term debt 493,348 372,

47、794 337,205 316,415 240,740Convertible debentures -77,000 77,000 77,000Shareholders equity 233,215 249,049 244,153 246,522 201,331Earnings Per Share DataAdjusted EPS2$2.73$2.13$1.62$1.02$0.75Diluted net earnings(loss)per common share from continuing operations 1.15 (0.48)(0.10)1.34 (0.72)Diluted wei

48、ghted average common shares outstanding(thousands)36,309 33,262 30,376 30,551 30,367Cash dividends per common share$0.40$0.20$-$-$-Preferred Share DataNumber outstanding(thousands)-5,231 5,623 5,772Cash dividends per preferred share$-$0.4375$1.75$1.75$1.75Notes1.Adjusted EBITDA is defined as net ear

49、nings from continuing operations before income tax,interest,depreciation,amortization,other(income)expense,acquisition-related items,stock-based compensation expense and reorganization charges.2.Adjusted earnings per share is defined as diluted net earnings(loss)per common share from continuing oper

50、ations,adjusted for the effect,after income tax,of non-controlling interest redemption increment,amortization,acquisition-related items,stock-based compensation expense,reorganization charges and deferred income tax asset valuation allowances.Financial Highlights2010 20112014201320121,6061,8412,0992

51、,3452,714Revenues(US$millions)2010 201120142013201292114151184222Adjusted EBITDA(US$millions)2010 20112014201320120.751.021.622.132.73Adjusted EPS(US$)2010 20112014201320121.41.81.91.21.4Financial Leverage(Expressed in terms of net debt/EBITDA)2014$Notice of Shareholders MeetingThe annual meeting of

52、 the shareholders will be held on Tuesday,April 21,2015 at 4:00 p.m.ET at The Design Exchange,234 Bay Street,Toronto-Dominion Centre,Toronto,Ontario.www.FirstSCorporate InformationHead Office,Canada1140 Bay Street,Suite 4000Toronto,OntarioM5S 2B4Phone:416.960.9500Head Office,United States1855 Griffi

53、n RoadDania Beach,Florida33004Registrar and Transfer AgentCanada-TMX Equity Transfer ServicesPhone:1.866.393.4891E-mail:TMXEInvestorSU.S.co-transfer agent-Registrar and Transfer CompanyPhone:1.800.368.5948E-mail:Stock Exchange ListingNASDAQ Global Select Market FSRVToronto Stock Exchange FSVFirstService common shares are included in the S&P/TSX Composite Dividend Index