Summary
This filing is an amendment to CBRE Group, Inc.'s 2013 Annual Report on Form 10-K, primarily to disclose activities related to Iran as mandated by the Iran Threat Reduction and Syria Human Rights Act of 2012. The amendment specifies that a UK subsidiary of CBRE performed services for Melli Bank PLC, a UK-incorporated bank on the Specially Designated Nationals and Blocked Persons (SDN) List. These services included assessing refurbishment costs for two London properties, generating approximately £7,500 in gross revenue and £3,375 in net profit. Additionally, a contract was entered into for tax rate advice, but no services were performed or fees received under this contract before the company placed a hold on further activity upon discovering Melli Bank PLC's SDN status. CBRE states it does not intend to engage in further Iran-related activities.
Financial Highlights
50 data points| Revenue | $7.18B |
| Operating Expenses | $6.58B |
| Operating Income | $616.13M |
| Interest Expense | $135.08M |
| Net Income | $316.54M |
| EPS (Basic) | $0.96 |
| EPS (Diluted) | $0.95 |
| Shares Outstanding (Basic) | 328.11M |
| Shares Outstanding (Diluted) | 331.76M |
Key Highlights
- 1Amendment to 2013 10-K filing focused on Iran-related disclosure requirements.
- 2Disclosure of services performed for Melli Bank PLC, a UK bank on the US SDN List.
- 3Gross revenue of £7,500 and net profit of £3,375 generated from assessing properties for Melli Bank PLC.
- 4A subsequent contract with Melli Bank PLC was entered but no services were rendered or fees received before activity was halted.
- 5CBRE Group, Inc. has stated no intention to engage in future Iran-related activities.
- 6The company is categorized as a large accelerated filer.
- 7The filing includes updated Sarbanes-Oxley certifications.