Leader
in Global
Real Estate
2015 Annual Report Summary
Who Is Colliers International?
OUR DIFFERENCE
We are enterprising. Colliers International (NASDAQ:
CIGI; TSX: CIG) is an industry leading global real estate
company with more than 16,000 skilled professionals
operating in 66 countries. What sets us apart is not
what we do, but how we do it. Our enterprising culture
encourages Colliers people to think differently, share
great ideas and create effective solutions that help
clients accelerate their success. Colliers International
is the advisor of choice for many of the world’s most
innovative and successful companies.
Colliers delivers a full range of services to real estate
occupiers, owners and investors across all sectors
worldwide, never competing with clients, preferring
instead to remain the ultimate and unbiased choice in
global real estate services.
OUR CLIENTS
Colliers client relationships are built on experience,
speed-to-market and enduring trust. We only succeed
if our clients succeed. As one of only a few companies
with a truly global platform, more than 16,000 Colliers
people worldwide are unified by the power of delivering
services seamlessly, wherever our clients choose to do
business.
Colliers people look for unrealized potential, challenging
themselves to see things differently, and achieving
outcomes that exceed our clients’ expectations.
OUR PEOPLE
Colliers is the place where creative and entrepreneurial
people with high integrity choose to make a difference.
Colliers people are passionate about what they do, take
personal responsibility for success and don’t like
unnecessary red-tape—all natural extensions of our
enterprising culture.
Colliers attracts, develops and retains people who put
clients first and challenge themselves to provide advice
that support the best business decisions. Colliers people
are successful because they enjoy what they do. They
are serious about their work yet don’t take themselves
too seriously.
OUR STRATEGY
At Colliers, our growth strategy allows us to remain
focused on doing the right things for our clients, our
people, our community and our shareholders every day.
We strive to grow our business faster than industry
growth rates and we augment our internal growth with
prudent and strategic acquisitions designed to increase
market share, expand service offerings and extend our
geographic reach for the benefit of our clients and
shareholders.
OUR SHAREHOLDERS
For more than 20 years, Colliers proven track record of
creating value for shareholders has resulted in superior
returns and industry growth. Colliers people also own
significant equity in our business bringing pride of
ownership to everything we do.
No other global real estate service firm has created more
value for shareholders than the people of Colliers
International.
Financial Highlights
1,722
1,582
181
2.29
1,307
1,159
984
147
1.83
105
80
44
1.10
0.61
0.07
2011 2012
2013
2014
2015
2011 2012
2013
2014
2015
2011 2012
2013
2014
2015
Revenues
(US$ millions)
Adjusted EBITDA
(US$ millions)
Adjusted EPS
(US$)
(US$ thousands, except per share amounts)
Year ended December 31
Operations
Revenues
Operating earnings
Net earnings from continuing operations
Net earnings from discontinued operations
Net earnings
Financial Position1
Total assets
Long-term debt
Convertible debentures
Financial leverage2
Shareholders’ equity
Earnings Data
Adjusted EBITDA3
Adjusted EPS4
Diluted net earnings (loss) per common share
from continuing operations
Diluted weighted average
common shares outstanding (thousands)
Cash dividends per common share
2015
2014
2013
2012
2011
$ 1,721,986
80,384
39,915
1,104
41,019
$ 1,582,271
78,156
53,909
23,807
77,716
$ 1,306,538
42,384
22,881
3,280
26,161
$ 1,159,166
18,033
8,147
20,052
28,199
$ 984,204
8,350
49,805
40,326
90,131
$ 1,092,421
260,947
-
0.8
149,493
$ 1,639,427
493,348
-
1.0
233,215
$ 1,443,511
372,794
-
$ 1,317,910
337,205
77,000
$ 1,233,718
316,415
77,000
249,049
244,153
246,522
$ 181,334
2.29
$ 146,772
1.83
$ 104,988
1.10
$
80,158
0.61
$
43,876
0.07
0.59
0.54
(0.74)
(0.79)
0.84
37,586
0.20
36,309
0.40
$
$
33,262
0.20
$
30,376
-
30,551
-
$
$
Notes
1. Amounts shown for 2011-2014 reflect pre spin-off balances.
2. Financial leverage of Colliers, expressed in terms of net debt / EBITDA.
3. Adjusted EBITDA is defined as net earnings from continuing operations before income tax, interest, depreciation, amortization, other (income) expense, acquisition-related items,
spin-off related costs and stock-based compensation expense.
4. Adjusted EPS is defined as diluted net earnings (loss) per common share from continuing operations, adjusted for the effect, after income tax, of non-controlling interest redemption
increment, amortization, acquisition-related items, spin-off related costs, stock-based compensation expense and deferred income tax asset valuation allowances.
Annual Message to Shareholders
Colliers International had a record year in
2015, its first as an independent public
company. Revenues were $1.7 billion up
9% (18% in local currency), EBITDA was
$181 million up 24% (up 34% in local
currency) and EPS was $2.29 per share,
up 25% over the prior year. These are
tremendous results by any measure.
With increased uncertainty in global markets
as we enter 2016, we see an excellent
opportunity for Colliers to take market
share and capitalize on opportunities for
our future. For more than 20 years, our
management team has delivered greater
than 20% annualized returns for share-
holders. Given our record results in 2015,
the momentum we are building so far this
year and our strong financial position,
Colliers has never been better positioned
to create value for shareholders.
2015 was a transformational year. Let me
touch on some of the highlights:
• It was our first year as a stand-alone
public company.
• We generated record revenues and
profits despite significant foreign
currency headwinds that masked the
excellent results we achieved in local
markets. Foreign currency impacts our
reported results more than our two
largest publically traded competitors
since only 36% of our revenues are
generated in the US as compared to
more than 50% for the others.
• For the first time in our history, EBITDA
margins exceeded 10%. Four years ago
we set out to achieve this target by the
end of 2016. We are pleased to have
achieved this goal one year earlier than
expected.
are less focused on how much revenue a
particular company generates, and more on
how its services will solve their real estate
needs or add value. What ultimately sets
Colliers apart is not what we do, but how
we do it. That’s the Colliers difference!
• We established our new global strategic
plan, called “Enterprise Plan 2020” to
double the size of our company over
the next five years while creating a real
and tangible difference in our industry.
Put simply, Colliers will continue to grow
internally and through acquisitions
while becoming the advisor of choice
to many of the world’s most innovative
and successful companies.
• During 2015, we completed a total of
nine acquisitions, seven in the Americas
and two in EMEA. In 2016, we have
already completed another four; adding
two in the Americas and two in EMEA.
As one of the leaders in the commercial
real estate services industry—an
industry that generates more than $150
billion in revenues annually—Colliers
International is in an excellent position
to realize the benefits of consolidation
for many years to come.
• Finally, we paid our inaugural dividend
on our common shares.
Colliers International holds a leadership
position in our industry; one of the few
companies with a truly global platform.
Our clients engage us because they value
our expertise, trust our judgement and
enjoy working with us. We believe clients
At Colliers we have an enterprising
culture. We are creative, nimble and
entrepreneurial. Entrepreneurship is part
of our heritage; the people who make it
happen day-to-day own a large percentage
of the equity in our company.
One of
the few
with a
truly
global
platform
Defined by Our Spirit
of Enterprise
As one of the leading global brands in a
large and consolidating industry, with an
experienced management team and
disciplined growth strategy, Colliers
International is uniquely positioned to
capitalize and deliver strong returns to
our shareholders for many years to come.
I would like to thank all of our business
leaders, partners and employees for their
inspired and enterprising work over the
past year. Together we continue to build a
strong foundation, momentum and market
leadership as we write the next chapter in
the story of Colliers International.
Jay S. Hennick
Chairman and Chief Executive Officer
Being enterprising sets us apart from the
rest. More importantly, this enterprising
culture encourages our people to think
differently, share great ideas and offer
thoughtful and innovative advice that
accelerates the success of our clients.
Colliers commitment to innovation is best
reflected in our development and
implementation of proprietary tools,
technology and training – another Colliers
difference. One example is Colliers 360,
a fully integrated and scalable analytics
platform that builds on our deep experience
in global outsourcing for the world’s
leading corporations. It provides essential
and actionable business intelligence for
our clients’ corporate real estate needs.
Office Expert is another innovative tool
used by Colliers professionals to help clients
select and evaluate new locations using
the most relevant data and objectively
evaluate comparable and available options
in real time. Finally, Colliers University
is another difference, and one that is
centered on investing in our people.
Established back in 2002, it offers our
professionals a unique learning environment
to grow their skills and enhance their
careers. Today, Colliers University
offers more than 1,000 programs and has
accelerated the success of more than
6,000 Colliers professionals worldwide.
INTERNATIONAL
PROPERTY AWARDS
Best Property Consultancy
AMERICAS
Best Property Consultancy
Website – AMERICAS
Best Property Consultancy
Website – GLOBAL
INTERNATIONAL ASSOCIATION OF
OUTSOURCING PROFESSIONALS
Recognized among the top 100
global outsourcing firms
®
EUROMONEY
Best Agency/Letting
Advisor & Consultant in
Asia, China & Indonesia
FROM LEFT:
Dylan E. Taylor
President & COO
Jay S. Hennick
Chairman & CEO
John B. Friedrichsen
Chief Financial Officer
Social Responsibility
Colliers is committed to socially and environmentally responsible business practices—the
kind that keep our communities healthy while supporting long-term business success.
SUSTAINABILITY
With more than 200 LEED accredited professionals, Colliers expertise in developing
sustainability strategies help our clients create healthier workplaces, which can improve
an organization’s brand, employee and financial performance.
Colliers is a Founding Global Partner of the World Green Building Council (WorldGBC).
We act as an ambassador to the WorldGBC, provide leadership and strategic input for
sustainability initiatives and play a leadership role in the formation of new Green
Building Councils in many countries where none exist.
PHILANTHROPY
At Colliers, our goal is to raise the level of philanthropy within our company by supporting
charities that our professionals and clients are passionate about. Our sponsorships
range from donating volunteer hours to financial contributions. We give our people the
freedom to support the groups that are important to them and their local communities.
DIVERSITY AND INCLUSION
Like our clients, Colliers celebrates diversity, different backgrounds, experiences and
perspectives in generating solutions to our clients’ toughest challenges. It is about
encouraging variety of thought, embracing new ideas and creating an enterprising
culture that fosters innovation by valuing these differences. At Colliers we are
committed to recruiting, rewarding and retaining the best people. By embracing
diversity, the opportunities for innovation, productivity and effectiveness are endless.
Why Invest in Colliers?
WORLD LEADER IN COMMERCIAL
REAL ESTATE
• Top-tier global brand, platform and reputation
• Experienced management team
• Unique enterprising culture
• Significant employee ownership
COMPELLING GROWTH PROSPECTS
• $150 billion global market for real estate services
• Massive opportunity for market share gains,
service line extensions and diversification
• Highly fragmented and consolidating industry
PROVEN BUSINESS MODEL
• Disciplined growth strategy
• Diversified by service: 37% outsourcing/advisory;
33% lease brokerage; 30% sales brokerage
• Geographic mix: 46% Americas; 29% EMEA
and 25% Asia Pacific
• Successful 10 year revenue CAGR of 19%
• Proven ability to target, acquire and integrate
acquisitions
• $700 million invested in more than 50
acquisitions over 10 years
IMPRESSIVE SHAREHOLDER RETURNS
• 20% share price CAGR over 20 years as a
public company
The World of Colliers*
Comprised of
16,000
professionals
Revenue
$2.5B
(US$)
Managing
2.0B
(square footage)
Established in
Lease/sale transactions
66
countries
80,000
Transaction value
$112B
(US$)
*Includes affiliates
About Colliers
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG)
is an industry leading global real estate services company
with more than 16,000 skilled professionals operating in
66 countries. With an enterprising culture and significant
employee ownership, Colliers professionals provide a full
range of services to real estate occupiers, owners and
investors worldwide. Services include strategic advice and
execution for property sales, leasing and finance; global
corporate solutions; property, facility and project management;
workplace solutions; appraisal, valuation and tax consulting;
customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas
and offer thoughtful and innovative advice that help clients
accelerate their success. Colliers has been ranked among the
top 100 outsourcing firms by the International Association of
Outsourcing Professionals’ Global Outsourcing for 11 consecutive
years, more than any other real estate services firm.
Corporate Directory
& Information
GLOBAL EXECUTIVE OFFICE
1140 Bay Street, Suite 4000
Toronto, Ontario, Canada
M5S 2B4
Phone: 416.960.9500
REGISTRAR & TRANSFER AGENT
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Phone: 1.866.393.4891
Email: TMXEInvestorServices@tmx.com
STOCK EXCHANGE LISTING
NASDAQ Global Select Market – CIGI
Toronto Stock Exchange – CIG
NOTICE OF SHAREHOLDERS MEETING
The annual meeting of the shareholders will
be held on Tuesday April 12, 2016 at 4:00pm
ET at The Design Exchange, 234 Bay Street,
Toronto-Dominion Centre, Toronto, Ontario,
Canada.
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overview of Colliers
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www.colliers.com