Jones Lang LaSalle Incorporated · NYSE:JLL
Jones Lang LaSalle — Q4 2011 Earnings Presentation
20 slides from Jones Lang LaSalle's earnings presentation, February 2012
Slide 1: Supplemental Information Fourth Quarter 2011 Earnings Call
Supplemental Information Fourth Quarter 2011 Earnings Call
Slide 2: Market & Financial Overview
Market & Financial Overview @ Jones LANG LASALLE’
Slide 3: Capital Values
Capital Values Q4 2010 Q4 2011 Singapore Shanghai, Washington DC, London Hong Kong Shanghai Milan, New York Beijing Paris Beijing, Stockholm Capital Value Capital Value Capital Value Capital Value growth slowing falling Berlin, Moscow growth slowing falling Hong Kong, London Chicago Washington DC Sa
Slide 4: Leasing Market Fundamentals
Leasing Market Fundamentals Q4 2010 Q4 2011 Singapore London, Paris Hong Kong Shanghai Moscow Rental Value Rental Values Mexico Rental Value Rental Values City Stockholm growth slowing falling Sao Paulo growth slowing falling Sao Paulo Detroit Beijing Rental Value Rental Values Dubai Toronto Rental
Slide 5: Q4 Selected Business Wins and Expansions
Q4 Selected Business Wins and Expansions Global - GlaxoSmithKline – 80M sf - AMC Theaters – 4M sf - DIRECTV, Los Angeles – 630K sf - 1800 9th Avenue, Seattle – $77M - AMA, Chicago – 275K sf - 70 Pine Street, New York – $205M - Guggenheim Partners, New York – 185K sf - 55 West Monroe, Chicago – $136M
Slide 6: Direct Commercial Real Estate Investment, 2005 - 2012
Direct Commercial Real Estate Investment, 2005 - 2012 350 US$ billions 300 250 200 +10-15% -5-10%* 150 0% 100 50 0 Americas EMEA Asia Pacific 2005 2006 2007 2008 2009 2010 2011 Projection 2012 * EMEA: Presented In US$ terms. Volumes unchanged in Euro terms. Source: Jones Lang LaSalle, January 2012 6
Slide 7: 2012 Market Outlook: Projected Change in Prime Office Values
2012 Market Outlook Projected Change in Prime Office Values Rental Values Capital Values + 20% Beijing Beijing Toronto, Tokyo, Moscow + 10-20% Toronto, San Francisco San Francisco, New York* Moscow, Shanghai, Mumbai Sydney, Mumbai + 5-10% Sydney, Tokyo Boston, Chicago, Los Angeles Sao Paulo, New Yor
Slide 8: Financial Information
Financial Information @ Jones LANG LASALLE’
Slide 9: FY 2011 Consolidated Revenue Mix
FY 2011 Consolidated Revenue Mix Service Line Geography 2011 Revenue = $3.6 billion 9
Slide 10: FY 2011 Revenue Performance
FY 2011 Revenue Performance ($ in millions; % change in USD ) Americas EMEA Asia Pacific LIM 21% 34% 20% 12% $1,525.3 $1,261.5 $973.7 $816.5 $728.8 $678.5 $275.4 $245.4 2011 2010 2011 2010 2011 2010 2011 2010 23% $3,584.5 Consolidated $2,925.6 2011 2010 Note: Equity earnings (losses) of $6.4M and ($
Slide 11: FY 2011 Real Estate Services Revenue
FY 2011 Real Estate Services Revenue ($ in millions; % change in USD ) Americas EMEA Asia Pacific Total RES Revenue Leasing $760.2 19% $236.1 17% $192.3 22% $1,188.6 19% Capital Markets & $136.1 62% $229.1 62% $94.8 16% $460.0 50% Hotels Property & Facility $335.6 25% $152.8 7% $364.6 20% $853.0 19%
Slide 12: Q4 2011 Revenue Performance
Q4 2011 Revenue Performance ($ in millions, % change in USD) Americas EMEA Asia Pacific LIM 19% 43% 6% 1% $509.5 $428.5 $340.3 $237.4 $235.9 $223.2 $66.2 $66.8 2011 2010 2011 2010 2011 2010 2011 2010 20% $1,148.2 Consolidated $956.3 2011 2010 Note: Equity earnings (losses) of $3.7M and ($0.4M) in 20
Slide 13: Q4 2011 Real Estate Services Revenue
Q4 2011 Real Estate Services Revenue ($ in millions; % change in USD ) Americas EMEA Asia Pacific Total RES Revenue Leasing $258.4 13% $81.0 17% $69.1 12% $408.5 14% Capital Markets & $48.2 37% $103.1 98% $22.0 (25%) $173.3 49% Hotels Property & Facility $115.2 34% $42.4 4% $98.9 11% $256.5 19% Mana
Slide 14: LaSalle Investment Management
LaSalle Investment Management A premier global investment manager 2011 Highlights • Investment performance at or above benchmarks for all business segments • Nearly $5 billion of net capital raised in 2011, consistent with 2010 • High-margin advisory fees contribute to operating income margin of 21%
Slide 15: Solid Cash Flows and Balance Sheet Position
Solid Cash Flows and Balance Sheet Position 2011 Highlights • Steady quarterly improvement in Cash from Operations - Cash from earnings, excluding Restructuring and acquisition charges, increased $30 million versus Q4 2010 - Working capital impacted by higher receivables resulting from strong year e
Slide 16: Appendix
Appendix (j Jones LANG LASALLE’
Slide 17: FY 2011 Adjusted EBITDA Performance
FY 2011 Adjusted EBITDA* Performance ($ in millions) Americas EMEA Asia Pacific LIM $201.2 $183.9 $57.3 $38.3 $78.4 $53.0 $62.4 $59.7 2011 2010 2011 2010 2011 2010 2011 2010 $394.9 $336.7 Consolidated 2011 2010 * Refer to slide 20 for Reconciliation of GAAP Net Income to adjusted EBITDA for the twel
Slide 18: Q4 2011 Adjusted EBITDA Performance
Q4 2011 Adjusted EBITDA* Performance ($ in millions) Americas EMEA Asia Pacific LIM $94.1 $78.7 $43.0 $28.7 $25.6 $28.2 $13.9 $10.4 2011 2010 2011 2010 2011 2010 2011 2010 Consolidated $179.0 $143.1 2011 2010 * Refer to slide 20 for Reconciliation of GAAP Net Income to adjusted EBITDA for the three
Slide 19: Reconciliation of GAAP Net Income to Adjusted Net Income
Reconciliation of GAAP Net Income to Adjusted Net Income ($ in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2011 2010 2011 2010 GAAP Net income attributable to common shareholders $ 84.8 $ 84.4 $ 164.0 $ 153.5 Shares (in 000s) 44,402 44,235 44,367 44,084 GAAP earnings p
Slide 20: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted EBITDA ($ in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2011 2010 2011 2010 GAAP Net income attributable to common shareholders $84.8 $84.4 $164.0 $153.5 Interest expense, net of interest income 8.4 10.1 35.6 45.8 Provisio