クッシュマン アンド ウェイクフィールド 過去最高の収益を記録

Transcription

1 PRESS RELEASE 2014 年 4 月 11 日 クッシュマン アンド ウェイクフィールド この資料はクッシュマン アンド ウェイクフィールド (Cushman & Wakefield Inc. 米国 ニューヨーク ) が 4 月 8 日 ( 現地時間 ) に発表したリリース文の抄訳をご参考として提供するものです 情報の内容はすべてオリジナル英文 ( 末尾に添付 ) の意味するところが優先されますので あらかじめご了承ください () 内は訳者の注記です クッシュマン アンド ウェイクフィールド 過去最高の収益を記録 2013 年の総収益は前年比 21.9% 増の 25 億米ドル - クッシュマン アンド ウェイクフィールド (Cushman & Wakefield Inc. 本社 : 米国 ニューヨーク ) は 2013 年 12 月期の総収益が前年の 2,050.1 百万米ドルから 21.9% 増加し 過去最高の 2,498.6 百万米ドル になったと発表しました ( 数字はいずれも米国会計基準によります ) 通期のハイライト (% は前年比変動率 ) 総収益は 21.9% 増加し 手数料収益は 13.2% 増加しました ( プロパティマネジメントなどを扱う ) テナント 投資家サービス部門 では 全世界の管理物件が はじめて 1,000 百万平方フィート ( 約 28 百万坪 ) を突破して過去最高となり 手数料収益が 24.1% 増加 しました ( 不動産売買仲介などを扱う ) キャピタルマーケッツ部門 では 世界の売買取扱高が過去最高とな り 手数料収益が 22.7% 増加しました ( 不動産鑑定評価などを扱う ) バリュエーション & アドバイザリー部門 では 全世界で実施した鑑 定評価の合計額が過去最高に達して 2 年連続で 1 兆米ドルを突破し 手数料収益は 13.3% 増加しました この力強い収益業績と底堅い利益により 2013 年 12 月末時点における純負債額 すなわち負債から現金 及び現金同等物を控除した額は 2012 年 12 月末時点の 99.6 百万米ドルから 91.0 百万米ドル減少して 8.6 百万米ドルとなりました 以上 クッシュマン アンド ウェイクフィールドについてクッシュマン アンド ウェイクフィールド (C&W) は 1917 年ニューヨークで創業した世界有数の不動産総合サービスプロバイダーです 全世界約 60 カ国におよそ 250 の拠点 16,000 名以上の従業員を配置しています 世界中の顧客に対して売買仲介 鑑定評価 テナントレップ リーシング PM プロジェクトマネジメントやコンサルティング等多様なサービスを提供しています C&W の詳細はこちらのウェブサイトをご覧ください お問合せ先クッシュマン アンド ウェイクフィールド アセットマネジメント株式会社広報 : 清水規正米国公認会計士 不動産鑑定士 norimasa.shimizu@ap.cushwake.com 留意事項本資料は情報提供のみを目的としており 投資の勧誘を目的としたものではありません

2 Contact: Peter Gallagher CUSHMAN & WAKEFIELD, INC. CUSHMAN & WAKEFIELD REPORTS RECORD REVENUE 2013 Gross Revenue of $2.5 Billion Increased 21.9% Adjusted Net Income Increased 60.4% NEW YORK April 8, 2014 Cushman & Wakefield, the world s largest privately held commercial real estate services firm, today reported gross revenue increased 21.9% to a record $2,498.6 million for the year, compared with $2,050.1 million a year ago. Adjusted income attributable to owners of the parent i increased 60.4% to $46.2 million, compared with the prior year of $28.8 million. Cushman & Wakefield is majority-owned by EXOR S.p.A., the investment company controlled by the Agnelli family. Full-Year Highlights Gross revenue increased 21.9% and commission and service fee revenue ii increased 13.2%; Corporate Occupier & Investor Services ( CIS ) commission and service fee revenue increased 24.1% on record global property under management, which exceeded 1 billion square feet for the first time; Capital Markets commission and service fee revenue increased 22.7% on record global Investment Sales transaction volumes; Valuation & Advisory ( V&A ) commission and service fee revenue increased 13.3% on a record global value of appraisals completed, which exceeded $1 trillion for the second consecutive year; Adjusted EBITDA iii increased $13.8 million, or 10.5%, to $145.0 million, compared with $131.2 million for the prior year; Adjusted net income increased $17.4 million, or 60.4%, to $46.2 million, compared with $28.8 million for the prior year. Edward C. Forst, Cushman & Wakefield s President & Chief Executive Officer, said: As the pace of the global economic recovery accelerated in the second half of 2013, strong investor demand followed during the period. Robust capital flows across investor classes and improving fundamentals resulted in strong real estate returns and increased allocations to the sector. While we remain cautiously optimistic, we expect investor participation to grow meaningfully in the coming years, driven in part by the rapid growth of sovereign wealth fund assets and investment activity.

3 In 2013, C&W capitalized on the market s strength to post the highest gross revenue in the firm s history, supported by continued investment in strategic service lines across key gateway markets. This record performance was driven by a significant year-overyear revenue increase in CIS, with the addition of a number of world-class organizations to our growing roster of clients, as well as strong performance in our Capital Markets and V&A businesses. As owners and investors look to build asset value and occupiers seek to maximize the productivity and efficiency of their space, we remain committed to enhancing our clients success. Property under management by CIS globally as of year-end 2013 exceeded 1 billion square feet for the first time, increasing 17.1% to a record 1,055 million square feet compared with 901 million square feet a year earlier. CIS also had a number of notable wins during 2013 from world class organizations such as Citigroup, DLF, British Airways and The Port Authority of New York & New Jersey. CIS was awarded facilities management for Citigroup s 27 million square foot real estate portfolio in the United States and Canada as well as property management of a 17 million square foot portfolio for DLF, the largest developer in India. In addition, CIS was appointed by British Airways as its preferred real estate services provider in the UK (Airport sites), EMEA and the U.S. as well as by The Port Authority of New York & New Jersey as property manager of the common areas and key operational facilities for the new World Trade Center campus in Lower Manhattan. Capital Markets executed record Investment Sales transaction volumes in 2013, which increased 15% globally. Numerous high profile assignments included advising Mitsubishi Estate Company on the sale of King Edward Court, the headquarters building of the London Stock Exchange, to Oxford Properties for 235 million as well as Aberdeen Asset Management Deutschland AG on the sale of "The Park", a complex of twelve office buildings in Prague, to an affiliate of Starwood Capital Group, the largest investment deal in the Czech Republic ever. Additional successes include: arranging the sale of a 30-story office building at 113 Argyle Street in Hong Kong for $372 million; representing ownership in the $400 million sale of a ground lessor s position at 625 Madison Avenue to Ashkenazy Acquisition Corporation; and representing St. John s University in the sale of 101 Murray Street to a partnership between Fisher Brothers and The Witkoff Group for $223 million, the largest residential development site sale in Lower Manhattan. Performance in V&A s business was driven by a record global value of appraisals completed, which exceeded $1 trillion for the second consecutive year. Momentum was highlighted by a national scope assignment of over 700 department stores, distribution centers and a corporate headquarters campus for a major U.S. retailer. V&A was also appointed to value the retail element of Canary Wharf in the U.K., consisting of over 200 retail units and 68,300 square meters, on behalf of Canary Wharf Group PLC as well as to appraise the 1,501 room Mandarin Orchard and the 125,293 square foot Mandarin Gallery for OUE Hospitality Trust prior to one of Singapore s largest hotel and retail asset Initial Public Offerings ( IPO ) in recent years.

4 Cushman & Wakefield s Leasing business achieved record transaction volumes in 2013, which increased 7% globally, and remains well positioned to capture opportunities presented by recovering markets. Notable appointments include being named as exclusive leasing agent in Manhattan for 75 Rockefeller Plaza and 1221 Avenue of the Americas as well as joint marketing agent in Singapore to lease both Marina One and DUO. The Company also won high profile assignments in London with the leasing mandate on the Scalpel, WR Berkley s 400,000 square foot iconic development and as Retail & Leisure consultant on the 1 million square foot Battersea Power Station development. In addition, Cushman & Wakefield was chosen by Syniverse Technologies for a strategic tenant advisory assignment for a 200,000 square foot Class A global headquarters. Cushman & Wakefield continued to invest in targeted acquisitions and key strategic hires in 2013 as part of its long-term strategic plan. CIS acquired the Singapore-based project management company Project Solution Group on July 1st, which positions C&W as a market leader in project management services in the Asia Pacific region. C&W hired 1,854 professionals in 2013 compared to more than 1,700 professionals during Full-Year 2013 Results For year, gross revenue increased $448.5 million, or 21.9% (22.8% excluding the impact of foreign exchange), to a record $2,498.6 million, compared with $2,050.1 million for the prior year. Gross revenue growth was led by CIS, which increased 40.0% year-over-year. Commission and service fee revenue increased $211.5 million, or 13.2% (14.3% excluding the impact of foreign exchange), to $1,808.5 million, compared with $1,597.0 million for the prior year. Commission and service fee revenue, which increased by double digits across all regions and nearly all service lines, was driven by growth in CIS, Capital Markets and V&A, which were up 24.1%, 22.7% and 13.3%, respectively, while Leasing grew 6.3% despite sluggish market conditions. Operating expenses increased $108.8 million, or 12.5%, to $977.1 million in 2013, compared with $868.3 million for the prior year, primarily due to increases in employment-related expenses and other direct costs in line with the Company s revenue growth and strategic plan initiatives. Also included in operating expenses for the year are certain acquisition and non-recurring reorganization charges of approximately $4.6 million. As a result, the Company s operating income increased $11.5 million, or 14.4%, to $91.4 million, compared with $79.9 million in the prior year. Adjusted EBITDA was $145.0 million, representing an increase of $13.8 million, or 10.5%, compared to EBITDA of $131.2 million for the prior year, which was not impacted by charges. EBITDA as reported increased to $138.4 million. Adjusted income attributable to owners of the parent increased $17.4 million, or 60.4%, to $46.2 million, compared with $28.8 million for the prior year. Income attributable to owners of the parent as reported decreased to $45.3 million, compared with $50.9 million.

5 Under IFRS iv, Adjusted EBITDA was $130.1 million, representing an increase of $2.4 million compared to EBITDA of $127.7 million for the prior year, which was not impacted by charges. EBITDA as reported decreased to $119.1 million. Adjusted income attributable to owners of the parent increased $8.0 million, or 30.8%, to $34.0 million, compared with $26.0 million for the prior year. Income attributable to owners of the parent as reported decreased to $28.7 million, compared with $43.2 million. The strong revenue performance and solid earnings results year-over-year positively impacted Cushman & Wakefield s balance sheet. As of, the Company s net debt position (debt less cash and cash equivalents) decreased by $91.0 million to $8.6 million, compared with a net debt position of $99.6 million as of. Fourth-Quarter 2013 Results Fourth-quarter 2013 gross revenue increased $175.9 million, or 26.7% (27.7% excluding the impact of foreign exchange), to $833.6 million, compared with $657.7 million for the prior year period. Gross revenue growth was led by CIS, which increased 54.9% year-over-year. Commission and service fee revenue increased $87.6 million, or 16.2% (17.1% excluding the impact of foreign exchange), to $628.3 million, compared with $540.7 million for the prior year quarter. Commission and service fee revenue, which increased by double digits across all service lines and nearly all regions, was driven by growth in CIS, Capital Markets and V&A, which were up 30.1%, 14.5% and 11.6%, respectively, as well as a12.9% improvement from Leasing. Operating expenses increased $49.6 million, or 20.2%, to $295.6 million in the fourthquarter, compared with $246.0 million for the prior year period, primarily due to increases in employment-related expenses and other direct costs in line with the Company s revenue growth and strategic plan initiatives. Also included in operating expenses for the quarter are certain acquisition and non-recurring reorganization charges of approximately $3.0 million. As a result, the Company s operating income decreased to $72.4 million, compared with $75.1 million in the prior year quarter. Adjusted EBITDA decreased to $88.0 million, compared with EBITDA of $90.4 million for the prior year quarter, which was not impacted by charges. EBITDA as reported decreased to $86.0 million. Adjusted income attributable to owners of the parent decreased to $45.4 million, compared with $47.8 million for the prior year quarter. Income attributable to owners of the parent as reported decreased to $47.3 million, compared with $69.9 million. Under IFRS, Adjusted EBITDA decreased to $73.9 million, compared with EBITDA of $88.8 million for the prior year quarter, which was not impacted by charges. EBITDA as reported decreased to $70.2 million. Adjusted income attributable to owners of the parent decreased to $34.0 million, compared with $43.2 million for the prior year quarter. Income attributable to owners of the parent as reported decreased to $32.8 million, compared with $60.4 million. * * *

6 Cushman & Wakefield is the world s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and management assignments. Founded in 1917, it has approximately 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at NOTE: This release may include forward-looking statements. These statements may relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. These forward-looking statements are made based on our management s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. These uncertainties and factors could cause our actual results to differ materially from those matters expressed in or implied by these forwardlooking statements. Forward-looking statements speak only as of the date the statements are made. Undue reliance should not be made on any forward-looking statements. Cushman & Wakefield assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If forwardlooking statements are updated, no inference should be drawn that Cushman & Wakefield will make additional updates with respect to those or other forward-looking statements. # # # i All numbers are reported under accounting principles generally accepted in the United States of America ( U.S. GAAP ), except as noted. Adjusted income attributable to owners of the parent excludes the tax-affected impacts of certain acquisition and non-recurring reorganization-related charges, as well as certain non-recurring income tax benefits. Reconciliations of income attributable to owners of the parent ( net income ) to Adjusted income attributable to owners of the parent ( Adjusted net income ), as reported under U.S. GAAP and International Financial Reporting Standards ( IFRS ) are provided in the section of this press release entitled Non-GAAP Financial Measures. ii Commission and service fee revenue excludes reimbursed costs related to managed properties and other costs.

7 iii EBITDA represents earnings before net interest expense, income taxes and depreciation and amortization, while Adjusted EBITDA removes the impact of certain acquisition and non-recurring reorganization-related charges. Our management believes that EBITDA and Adjusted EBITDA are useful in evaluating our operating performance compared to that of other companies in our industry, as they assist in providing a more complete picture of our results from operations. Because EBITDA and Adjusted EBITDA are not calculated under U.S. GAAP or IFRS, our Company s EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. For a reconciliation of EBITDA and Adjusted EBITDA to income attributable to owners of the parent as reported under U.S. GAAP and IFRS, see the section of this press release titled Non-GAAP Financial Measures. iv For the purpose of adhering to regulatory reporting requirements for EXOR S.p.A., Cushman & Wakefield s majority shareholder, Cushman & Wakefield s financial results are presented by EXOR under IFRS, as opposed to under U.S. GAAP. Cushman & Wakefield s financial results under IFRS vary from those presented on a U.S. GAAP basis. The difference between the U.S. GAAP and IFRS measures of net income is primarily due to the accounting for compensation related taxes and charges, the non-controlling interests put option rights, intangible asset amortization, pension cost and certain income tax adjustments. The difference between the EBITDA under U.S. GAAP and the EBITDA under IFRS is attributable to those same items, excluding the intangible asset amortization and income tax impacts. Non-GAAP Financial Measures The following measures are considered non-gaap financial measures under SEC guidelines: Adjusted income attributable to owners of the parent EBITDA and Adjusted EBITDA The Company believes that these non-gaap financial measures provide a more complete picture of our results from operations and enhance comparability of current results to prior periods as well as presenting the effects of certain non-recurring charges and credits in all periods presented. The Company believes that investors may find it useful to see these non-gaap financial measures to analyze financial performance without the impact of these certain non-recurring charges and credits that may obscure trends in the underlying performance of its business. Adjusted income attributable to owners of the parent, as reported under U.S. GAAP, is calculated as follows: ($ in millions) Income attributable to owners of the parent U.S. GAAP $ 47.3 $ 69.9 $ 45.3 $ 50.9 Acquisition-related (credits) charges (0.5) Non-recurring reorganization-related charges Income tax expense impact (0.1) - (1.9) - Non-recurring income tax benefits (3.8) (22.1) (3.8) (22.1) Adjusted income attributable to owners of the parent U.S. GAAP $ 45.4 $ 47.8 $ 46.2 $ 28.8

8 EBITDA and Adjusted EBITDA, as reported under U.S. GAAP, are calculated as follows: ($ in millions) Income attributable to owners of the parent U.S. GAAP $ 47.3 $ 69.9 $ 45.3 $ 50.9 (Loss) income attributable to noncontrolling shareholders (0.4) Income tax provision Income before income taxes Interest expense, net Depreciation and amortization EBITDA U.S. GAAP Acquisition-related (credits) charges (0.5) Non-recurring reorganization-related charges Adjusted EBITDA U.S. GAAP $ 88.0 $ 90.4 $ $ Adjusted income attributable to owners of the parent, as reported under IFRS, is calculated as follows: ($ in millions) Income attributable to owners of the parent IFRS $ 32.8 $ 60.4 $ 28.7 $ 43.2 Acquisition-related (credits) charges (0.5) Non-recurring reorganization-related charges Income tax expense impact (1.9) - Non-recurring income tax benefits (3.8) (17.2) (3.8) (17.2) Adjusted income attributable to owners of the parent IFRS $ 34.0 $ 43.2 $ 34.0 $ 26.0

9 EBITDA and Adjusted EBITDA, as reported under IFRS, are calculated as follows: ($ in millions) Income attributable to owners of the parent IFRS $ 32.8 $ 60.4 $ 28.7 $ 43.2 (Loss) income attributable to noncontrolling shareholders (0.4) (0.1) Income tax provision Income before income taxes Interest expense, net Depreciation and amortization EBITDA IFRS Acquisition-related (credits) charges (0.5) Non-recurring reorganization-related charges Adjusted EBITDA IFRS $ 73.9 $ 88.8 $ $ 127.7