Colliers International Group Inc (CIG) 2023年年度報告「TSX」.pdf

1、Annual ReportAccelerating success.2 0 2 3Colliers resilient 2023 performance was rooted in diversified revenues,enterprising culture,and top talent,all of which will continue to fuel our growth for decades to come.Colliers delivered solid financial results in 2023 in the face of challenging economic

2、 conditions.During the year,Outsourcing&Advisory and Investment Management grew rapidly,partially offsetting market-driven revenue declines in transaction services caused by higher interest rates and debt availability.Over the past seven years,Colliers has taken deliberate,strategic steps to become

3、a more diversified and resilient professional services and investment management company.Today,more than 70%of our earnings come from high-value recurring services.With our exciting pipeline of new growth opportunities,we will continue to scale our business geographically and across all service line

4、s.During 2023,Colliers remained on the offensive,completing three important additions to our Engineering and Project Management businesses in the U.S.and Asia Pacific after a record year of growth in 2022.In Investment Management,we raised$3 billion in new capital in a soft fundraising environment a

5、nd deployed capital across our alternatives,infrastructure,traditional real estate and credit asset classes,taking advantage of favourable pricing conditions.Our intense focus on creating value for shareholders,together with our enterprising culture,has always been the differentiator.Culture takes y

6、ears to establish and then nurture,making it difficult for others to replicate.Our leadership teams around the world are incentivized to make smart and informed business decisions quickly.We empower them to seize opportunities and adapt to changing circumstances to ensure our clients receive the bes

7、t possible advice and execution.Photographed,from left to right:Christian Mayer Chief Financial OfficerJay S.Hennick Global Chairman&Chief Executive Officer Chris McLernon Chief Executive Officer,Real Estate ServicesLETTER TO SHAREHO L D E RSP|2Colliers Annual Report|2023Further,the strength of our

8、culture enables us to find and retain top talent and attract new opportunities to Colliers under our unique partnership philosophy.Executives of businesses weve acquired are motivated to continue to accelerate their success through equity retention,access to our global brand and resources,and the fr

9、eedom to operate in an entrepreneurial environment.I am proud of our 19,000 professionals and teams around the world who share a belief in collaboration,integrity,work ethic,thinking differently and acting with agility to achieve outstanding results.As a leader in the industry,Colliers plays an impo

10、rtant role in tackling major challenges such as climate change and inequality.We remain committed to furthering our efforts from setting and achieving ambitious sustainability targets for our own operations to providing intelligent ESG expertise and solutions for our clients.In December,we signed th

11、e World Green Building Councils Net Zero Carbon Buildings Commitment,calling for emissions from buildings globally to be halved by 2030.Building an increasingly diverse workforce and a sense of belonging is also a key priority.We place heavy emphasis on inspiring talent to reach their highest potent

12、ial,providing excellent career advancement opportunities,fostering an inclusive environment,and treating our people fairly.Last year,Colliers was recognized by Forbes as one of the Worlds Best Employers and Worlds Top Companies for Women and was included in The Globe&Mails Women Lead Here list of co

13、mpanies with the highest executive gender diversity.In 2023,we also launched Colliers Gives,our global volunteer program designed to bring our people together and make a difference in communities where we live and work.We are doing more every day to weave ESG into the fabric of our organization and

14、accelerate our positive impact.Full details are available in our annual Global Impact Report.Harrison Street invests in life sciences assets that offer quality spaces for advancements in global health.Lincoln Yards|Chicago,ILColliers Engineering&Design professionals provide multi-discipline services

15、 and innovative,sustainable solutions for clients complex problems.Colliers Global Impact Report|2022P|3Colliers Annual Report|2023Read our ESG report2 0 2 3 HI G HL I G H T SStrengthened Capital Markets and LeasingWe executed a major growth initiative to bolster our debt advisory and mortgage platf

16、orm across the U.S.,which now includes more than 150 debt advisors who are fully integrated into our Colliers offices.We have more than doubled our origination capabilities over the past 18 months,positioning the business to capture significant market share as transaction volumes normalize.Expanded

17、Investment ManagementOur Investment Management business grew 29%in 2023.We raised$3 billion in a soft fundraising environment and deployed capital across our alternatives,infrastructure,traditional real estate and credit asset classes,taking advantage of favourable pricing conditions.We launched fiv

18、e new products and committed strategic capital to accelerate our product development and fundraising.Acquisitions in the U.S.,Australia and New Zealand helped us capture increasing demand,augment recurring revenues,diversify our service mix,and grow our capabilities.Scaled Outsourcing&AdvisoryEquipp

19、ing our people with the best technology and data is another ingredient of our success.We are focused on providing unrivalled insights,simplifying processes,and building strong operating applications across our global organization.Looking forward,I am excited about taking our global data platform to

20、the next level and making measured investments in productivity,efficiency,risk management,and data governance that will enable future growth.With our proven business model,strength of culture,as well as our exceptional leadership teams and people,I have never been more optimistic about our future.Th

21、ank you to our clients,Board of Directors,business leaders,professionals,and fellow shareholders for your ongoing partnership,commitment,and support as we continue to strengthen our competitive position and build a premier,trusted global professional services and investment management firm.I have gr

22、eat confidence that Colliers is well positioned to succeed for many years to come.Jay S.Hennick,CMGlobal Chairman and Chief Executive OfficerFor almost 30 years,we have delivered approximately 20%compound annual investment returns for shareholders an enviable record of achievement that speaks volume

23、s about the Colliers Way of operating.P|4Colliers Annual Report|2023WHY INVES T I N COLLI E RS?Countries we operate in 66Assets under management$98BProfessionals19,000Annual revenue$4.3BExperienced team with proven track record 29-year record of delivering approximately 20%CAGR in total shareholder

24、return More than$3.5 billion invested in strategic acquisitions over 19 yearsEnterprising culture drives success Unique enterprising culture attracts and retains the highest caliber professionals Growth mindset and partnership philosophy across the entire organization More than 30%inside ownership a

25、ligns leadership with investors,clients,and shareholdersDiversified and high value recurring earnings create resilience Globally balanced and highly diversified services provide both stability and growth opportunity More than 70%of earnings generated from high-value recurring services*including Inve

26、stment Management and Outsourcing&Advisory,augmented by essential Leasing and Capital Markets services Collaboration across business segments offers unparalleled growth opportunitiesAsset-light business model Strong operating cash flow and modest CAPEX enable Colliers to reinvest in further growth M

27、odest leverage and strong balance sheet provide ample capacity to grow Proven record of disciplined capital allocation focused on return on invested capitalCompelling growth prospects,industry dynamics$430+billion global market Massive opportunity to increase market share,consolidate and add service

28、s in a highly fragmented,growing,and global industry Highly visible growth trends across all service lines Colliers office|New York,U.S.P|5Colliers Annual Report|2023(US$thousands,except per share amounts)Year ended December 3120232022202120202019OperationsRevenues$4,335,141$4,459,487$4,089,129$2,78

29、6,857$3,045,811Operating earnings(loss)1 300,935 332,496(131,501)164,578218,197Net earnings(loss)1 144,691 194,544(237,577)94,489137,585Financial PositionTotal assets$5,482,126$5,098,177$3,873,730$3,292,167$2,892,714Long-term debt 2 1,502,639 1,439,099531,054479,895611,404Financial leverage 3 2.2 1.

30、80.31.01.4Shareholders equity 850,490 493,374585,269586,109517,299Earnings DataAdjusted EBITDA 4$594,993$630,525$544,338$361,442$359,476Diluted net earnings(loss)per common share 1 1.41 1.05(9.09)1.222.57Adjusted EPS 55.35 6.996.184.184.67Diluted weighted average common shares outstanding(thousands)

31、46,274 43,91842,92040,17939,981Cash dividends per common share 0.30 0.300.200.100.101 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 leverage expressed in t

32、erms 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,interest,depreciation,amortization,gains attributable to mortgage servicing rights,acquisition-related items,restructuring costs,stock-based c

33、ompensation expense,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 non-controlling interest redemption increment,amortization,gains attributable to mortgage servicing rights,acquisit

34、ion-related items,restructuring costs,stock-based compensation expense,settlement of LTIA and loss on disposal of operations.201920202021202220232019202020212022202320192020202120222023$3,046$2,787$4,089$4,459$4,335$359$361$544$631$595$4.67$4.18$6.18$6.99$5.35FINANC IAL HIG HL IG H T SP|6Colliers An

35、nual Report|2023DIVERSIFIE D P RO FESSIONAL S E RV I CE S We have a compelling combination of recurring services and transaction services and a fully integrated,top-tier global brand and platform to meet the needs of real estate investors,owners and occupiers.Investment Management Colliers is a lead

36、ing,highly differentiated global real asset and alternative asset investment manager.With$98 billion in assets under management*,we are focused on delivering superior risk-adjusted returns to our investors.Our operations include Harrison Street,Basalt Infrastructure,Rockwood Capital,Versus Capital,a

37、nd Colliers Global Investors.We generate long-term,recurring management fee streams primarily from long-dated and perpetual investment funds.Outsourcing&Advisory Recurring,contractual and long-duration revenue streams stemming from Engineering&Design,Project Management,Property Management,Valuation&

38、Appraisal and Mortgage Servicing are positively changing Colliers composition into a more balanced and resilient diversified professional services firm.We continue to make significant investments around the globe to further strengthen and scale these high-value services.Leasing and Capital Markets L

39、easing and Capital Markets services are fundamental to our business and essential for clients.We provide leasing and transaction services for commercial real estate occupiers,owners,and investors as well as debt and equity origination and placement services.Our transaction services work collaborativ

40、ely with our Outsourcing&Advisory and Investment Management businesses to help clients maximize their investment returns.*Please refer to“Reconciliation of non-GAAP financial measures”section in the MD&A available on SEDAR at P|7Colliers Annual Report|2023N O T IC E O F SHAR EHO LDERS MEET IN GThe v

41、irtual annual meeting of the shareholders will be held on April 2,2024 at 11:00am ET Global Head Office1140 Bay Street,Suite 4000Toronto,Ontario,CanadaM5S 2B4Phone:416 960 9500Registrar&Transfer AgentTSX Trust CompanyPhone:1 866 393 4891Email:Stock Exchange ListingCIGI-NASDAQ Global Select MarketCIG

42、I-Toronto Stock ExchangeLearn more about how we accelerate success at ,X Colliers or LinkedIn.Colliers(NASDAQ,TSX:CIGI)is a leading diversified professional services and investment management company.With operations in 66 countries,our 19,000 enterprising professionals work collaboratively to provid

43、e expert real estate and investment advice to clients.For more than 29 years,our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20%for shareholders.With annual revenues of$4.3 billion and$98 billion of assets under management,Colliers maximizes the potential of property and real assets to accelerate the success of our clients,our investors and our people.ABOUT COLLIERSAccelerating success.