Colliers International Group Inc (CIG) 2024年年度報告「TSX」.pdf

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1、INVESTMENT MANAGEMENT2024 COLLIERS ANNUAL REPORT2024ANNUALREPORTREPORTREAL ESTATE SERVICESENGINEERINGColliers Annual Report|2024P|1LETTERTO SHAREHOLDERSPhotographed above,clockwise from Jay S.HennickZachary MichaudCo-Chief Investment Officer,Strategic InvestmentsChristian MayerChief Financial Office

2、rLynda CralliChief of Staff&Assistant Corporate SecretaryJay S.HennickGlobal Chairman&Chief Executive OfficerElias MulamoottilCo-Chief Investment Officer,Strategic InvestmentsChris McLernonChief Executive Officer,Real Estate ServicesBecky FinleyChief Brand&People OfficerWe are excited to begin 2025

3、in a very strong position with robust momentum across each of our business segments Real Estate Services,Engineering and Investment Management.In 2024,Colliers surpassed$4.8 billion in revenues,driven by both solid organic growth and acquisitions.Our recurring services now account for over 70%of ear

4、nings,providing our company with balance and stability through all market cycles,as well as multiple growth opportunities to continue to deliver value for shareholders.Our performance attests to the bold steps weve taken to reposition Colliers as a more resilient and diversified growth company.Over

5、the years,we have aggressively expanded our top-tier,global Real Estate Services business and added new,high-value growth engines Investment Management in 2016 and Engineering in 2020.Our company,whose leadership team holds an enviable 30-year track record of achievement,offers one-of-a-kind exposur

6、e to vast end markets around the world.Through decades of honing our unique business model,we have transformed Colliers into a stronger,more resilient professional services and investment management company.Colliers global executive leadership teamOur north star has always been The Colliers Way a pr

7、oven operating model that we have refined over time,blending our unique enterprising culture and way of doing business with a balanced strategy of strong internal growth and acquisitions.Last year,we completed a total of seven acquisitions,one of which established a substantial new engineering busin

8、ess across Canada with 2,800 professionals and complements our Engineering operations in other regions.Colliers Engineering&Design|Design of award-winning roundabout roadway in Ohio,U.S.Colliers Annual Report|2024P|2strategy.I would also like to express our sincere gratitude to Chris Galvin for his

9、many years of dedicated service as a respected board member.Across our company,we have a deep bench.Our talent can be found wherever our clients do business,and our culture is unified and hard to replicate.In fact,it is our 23,000 passionate professionals who are the cornerstone of our success.Their

10、 deep expertise,collaborative mindset and determination to bring the best of Colliers to each client engagement have continued to accelerate our growth despite macroeconomic headwinds.We are committed to helping everyone thrive through our people strategies,and consistently attracting,developing,ret

11、aining and rewarding top talent.Tailored training,resource groups,and mentorship programs are just some of the ways in which we are fostering a supportive workplace where everyone can thrive.Furthermore,our global volunteer programs have outstanding participation rates,showcasing our teams unwaverin

12、g commitment to supporting our communities.Full details of these and other programs are available in our annual Global Sustainability Report.We were delighted to be recognized once again on Forbes list of Worlds Best Employers,included among the top 100 professional services firms by IAOP and named

13、Worlds Best Real Estate Advisor by Euromoney.I want to express my appreciation to all Colliers professionals for making this a tremendous place to work.In 2025,we are accelerating our plans to integrate and streamline our Investment Management operations,setting the stage for future opportunities in

14、 that segment while creating optionality as we continue to build one of the worlds leading mid-market alternative asset managers with nearly$100 billion of assets under management.To further fortify our financial position,Colliers completed a$300 million equity offering and we entered 2025 with over

15、$1.2 billion of available liquidity to fund future growth.The confidence shown by our investors reflects their deep trust in our strategy,potential and history of success over many years.As Colliers continues to grow,we welcomed John Sullivan,former long-time President and CEO of Cadillac Fairview,t

16、o our Board of Directors.Johns extensive real estate sector experience and leadership will be invaluable in strengthening our global operating platform and advancing ourHarrison Street|VERVE Madison,a student housing community in Wisconsin,U.S.Jay S.Hennick,CMGlobal Chairmanand Chief Executive Offic

17、erDelivering approximately 20%compound annual investment returns for shareholders over three decades is an impressive feat and reflects the powerful combination of our proven business model,visionary leadership,and exceptional talent.Colliers Annual Report|2024P|3Scaled EngineeringEngineering revenu

18、es were up 25%,driven by recent acquisitions in Canada,the U.S.and Australia.Now 9,000+professionals strong,our platform complements Real Estate Services,broadens our client base,and positions us for sustained expansion.2024 HIGHLIGHTSExpanded Real Estate ServicesWe continue to strengthen our Real E

19、state Services business around the world with key additions to our Capital Markets and Leasing teams to take advantage of new areas of growth as well as the cyclical recovery now underway.Additional capital in Investment ManagementWe raised a total of$3.8 billion in new capital commitments during th

20、e year,setting the stage for a new cycle of fundraising in 2025.We have several new vintages of our proven investment strategies coming to market,as well as new products that leverage our key advantages for the benefit of our investment clients.Investing in our IT teams and initiatives remains a top

21、 priority.We take a pragmatic,tailored approach to develop and deploy technology solutions that will provide our clients with the best insights while streamlining and simplifying the way we do business.A few examples include AI-powered tools that design and assess efficient workplaces,provide portfo

22、lio strategy recommendations and assist with lease abstraction.Investors would be hard pressed to find an organization in our industry with a more robust approach and committed leadership team to deliver long-term value.Thank you to our clients,Board of Directors,business leaders,professionals,and s

23、hareholders for your steadfast support.I firmly believe we have a bright future ahead and I look forward to building on our leading position and maximizing the potential of the built environment with you.Sincerely,Colliers Annual Report|2024P|4Experienced team with proven track record More than 25%i

24、nside ownership aligns leadership with investors,clients and shareholders Visionary leadership with significant inside ownership Delivered approximately 20%CAGR in total shareholder return over 30 years Consistently outperformed market benchmarks History of compoundingUnique enterprising culture and

25、 growth mindset,coupled with a decentralized business model and partnership philosophy,attract and retain top professionals and drive success Disciplined capital allocation,historically achieving 15%+ROIC on acquisitions The Colliers Way the foundation of our success More than 70%of earnings generat

26、ed from high-value recurring services Highly diversified,high-value services provide balance,stability and resilienceHigh-value recurring earnings create resilience Robust free cash flow*with modest CAPEX provides liquidity for reinvestment and acquisitions Modest leverage and ample liquidity suppor

27、t future growth Asset-light business model Massive,fragmented end markets with opportunities to increase market share,consolidate and add services Highly visible growth trends across all segments Diversified global platform with compelling growth prospects 70Countries we operate in$4.8BAnnualrevenue

28、$99BAssets under management23,000Professionals(US$thousands,except per share amounts)Year ended December 311 2021 figures include$471.9 million settlement of Long-Term Incentive Arrangement(LTIA)with the Companys Chairman&CEO.2 Excluding warehouse credit facilities and convertible notes.3 Financial

29、leverage expressed in terms of(long term debt less cash)/pro forma adjusted EBITDA,in accordance with debt agreements.4 Adjusted EBITDA is defined as net earnings before income tax,other income,interest,depreciation,amortization,gains attributable to mortgage servicing rights,acquisition-related ite

30、ms,restructuring costs,stock-based compensation expense including related to the CEOs performance-based long-term incentive plan(LTIP),settlement of LTIA and loss on disposal of operations.5 Adjusted EPS is defined as diluted net earnings per common share,adjusted for the effect,after income tax,of

31、non-controlling interest redemption increment,amortization,gains attributable to mortgage servicing rights,acquisition-related items,restructuring costs,stock-based compensation expense including related to CEOs LTIP,settlement of LTIA and loss on disposal of operations.Colliers Annual Report|2024P|

32、5FINANCIALHIGHLIGHTS$4,8222020 2021 2022 2023 2024RevenuesRevenues$644Adjusted EBITDAAdjusted EBITDA 2024$5.752020 2021 2022 2023 2024Adjusted EPSAdjusted EPS 20242023202220212020OperationsRevenues$4,822,024$4,335,141$4,459,487$4,089,129$2,786,857Operating earnings(loss)1389,212300,935332,496(131,50

33、1)164,578Net earnings(loss)1236,936144,691194,544(237,577)94,489Financial PositionTotal assets$6,100,617$5,482,126$5,098,177$3,873,730$3,292,167Long-term debt 21,508,475 1,502,6391,439,099531,054479,895Financial leverage 32.0 2.21.80.31.0Shareholders equity1,325,582 850,490493,374585,269586,109Earni

34、ngs DataAdjusted EBITDA 4$644,245$594,993$630,525$544,338$361,442Diluted net earnings(loss)per common share 13.221.411.05(9.09)1.22Adjusted EPS 55.755.356.996.184.18Diluted weighted average common shares outstanding(thousands)50,18246,27443,91842,92040,179Cash dividends per common share0.300.300.300

35、.200.1020242024P|6Real Estate ServicesWe are a leading global provider of professional real estate services for owners,occupiers and investors.Our services span the entire commercial real estate and real asset spectrum,with a diverse client base including corporations,financial institutions,pension

36、funds,insurance companies,governments and individuals.From essential transaction and debt finance services to contractual outsourcing in Property Management,Valuation&Advisory,Occupier Services and Loan Servicing,our professionals combine their expertise with the right technologies to achieve except

37、ional results.EngineeringWe are a rapidly growing player in the engineering design and consulting,project management,architectural and environmental services sector,with more than 9,000 employees globally.We offer a full range of consulting and engineering design services for infrastructure&transpor

38、tation,property&buildings,environmental services and water end markets.Our licensed engineers,project managers,planners,surveyors,architects and environmental scientists assist our long-term public and private sector clients to solve their most complex challenges.Investment ManagementColliers is a l

39、eading,highly differentiated global investment manager in the alternative private capital industry with a solid history of delivering top-tier returns.With$99 billion in assets under management*,we generate long-term,recurring management fee streams from perpetual and long-dated investment strategie

40、s.We focus on demographic,needs-based real assets,middle-market infrastructure,and traditional real estate and credit opportunities.*Please refer to“Reconciliation of non-GAAP financial measures”section in the MD&A available on SEDAR at www.sedarplus.caColliers Annual Report|2024COLLIERS TODAYGlobal

41、 leader in diversified professional services and investment management Colliers office|Vancouver,CanadaThe virtual annual meeting of the shareholders will be held on April 1,2025 at 11:00am ETNotice of shareholders meetingGlobal Head Office1140 Bay Street,Suite 4000 Toronto,Ontario,Canada M5S 2B4Pho

42、ne:1 416 960 9500Registrar&Transfer AgentTSX Trust Company Phone:1 866 393 4891Email:Stock Exchange ListingsCIGI-NASDAQ Global Select MarketCIGI-Toronto Stock ExchangeLearn more about how we accelerate success at ,X Colliers or LinkedIn.This document/email has been prepared by Colliers for advertisi

43、ng and general information only.Colliers makes no guarantees,representations or warranties of any kind,expressed or implied,regarding the information including,but not limited to,warranties of content,accuracy and reliability.Any interested party should undertake their own inquiries as to the accura

44、cy of the information.Colliers excludes unequivocally all inferred or implied terms,conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.This publication is the copyrighted property of Colliers and/or its licensor(s).2025 Colliers International.All rights reserved.This communication is not intended to cause or induce breach of an existing listing agreement.