Jones Lang LaSalle Incorporated · NYSE:JLL
Jones Lang LaSalle — Q4 2009 Earnings Presentation
31 slides from Jones Lang LaSalle's earnings presentation, 2010
Slide 1: Supplemental Information: Fourth Quarter 2009 Earnings Call
Supplemental Information Fourth Quarter 2009 Earnings Call
Slide 2: Market & Financial Overview
Market & Financial Overview @ Jones LANG LASALLE’
Slide 3: Capital Values
Capital Values Investment sales ahead of fundamentals Q4 2008 Q4 2009 Beijing Atlanta, Berlin, Detroit Hong Kong, Moscow, Mumbai, Singapore, Shanghai Chicago, Dallas, Denver, Philadelphia Capital Value Capital Value London, Milan, Tokyo Capital Value Capital Value growth slowing falling Boston, Brus
Slide 4: Local and Regional Services
Local and Regional Services Occupier position strengthened in shifting market Q4 2008 Q4 2009 Milan, Singapore, Washington DC Amsterdam, Edinburgh, Atlanta, Beijing, Boston, Frankfurt, Paris, Rome Chicago, Denver, Los Angeles, Berlin, Toronto Madrid, New York, San Francisco Dublin, Moscow, Shanghai,
Slide 5: 2009 Financial Scorecard
2009 Financial Scorecard A Year of Action & Performance Over $70 million actual vs. $50 million projected in discretionary cost savings $100 million in annualized compensation savings from 2009 actions Maintained adjusted operating margin of 6.6% vs. 2008 Over 75 new Corporate Solutions wins and exp
Slide 6: 2009 Financial Scorecard
2009 Financial Scorecard A Year of Action & Performance Americas Asia Pacific Property & Facility Management revenue up 15% Fourth-quarter transaction activity improvement Staubach integration successful, Q4 Leasing up 20% Leveraged China investment: 20% revenue growth Transitioned to commission mod
Slide 7: 2010 Priorities
2010 Priorities Recovery: Country by Country, Market by Market, Product by Product Solidly positioned to react and capitalize as opportunities unfold Focus on maintaining cost discipline Selectively add and upgrade talent to build capabilities and grow market share Continue to build annuity revenue
Slide 8: Recent Business Wins & Expansions: Corporate Solutions
Recent Business Wins & Expansions CORPORATE SOLUTIONS Procter & Gamble Cisco Systems SunTrust Banks Deutsche Bank AstraZeneca Aon Telstra SAP TRC Companies Suncorp Bank JDS Uniphase Cardinal Health Americas EMEA Asia Pacific Multi-Regional/Global 8
Slide 9: Recent Business Wins & Expansions: Investment Sales
Recent Business Wins & Expansions INVESTMENT SALES Pacific Century Place, Tokyo Shanghai Racquet Club, $145M Clementi Mall, Singapore, $387M RBS Tower @ Aurora Place, Sydney, A$685M Silverburn Shopping Centre, Glasgow, £300M 5 Churchill Place, Canary Wharf, London, £200M A10 Shopping Centre, Berlin,
Slide 10: Recent Business Wins & Expansions: Leasing
Recent Business Wins & Expansions LEASING Metallurgical Corp. of China, Beijing, 600K sf Bayer China, Shanghai, 170K sf Multiple Indian transactions, 1.3M sf PNK-Chekhov, Russia, 720K sf Main Point, Czech Republic, 390K sf Sidicinum Shopping Centre, Italy, 215K sf United Airlines, Chicago, 460K sf B
Slide 11: Fourth Quarter Financial Information
Fourth Quarter Financial Information
Slide 12: Q4 Revenue Performance
Q4 Revenue Performance ($ in millions; “LC”=Local Currency) 9% 14% in LC 26% 3% in LC $344.7 $327.4 $315.5 (26%) (7%) $250.0 $243.1 2% $225.9 (8%) $861.8 $797.1 $815.1 2007 2008 2009 2007 2008 2009 Americas EMEA 10% in LC 33% in LC (15%) 23% (21%) $170.5 $178.3 (30%) $144.4 $114.7 $90.5 $63.5 2007 2
Slide 13: Q4 Leasing Revenue
Q4 Leasing Revenue ($ in millions; “LC”=Local Currency) 20% 12% in LC 1% in LC 69% $176.3 $147.1 (17%) (5%) $87.0 $89.4 11% $74.2 $70.3 (29%) $52.8 $37.5 $41.6 2007 2008 2009 2007 2008 2009 2007 2008 2009 Americas EMEA Asia Pacific 8% in LC 13% 11% $288.2 $258.8 $229.2 2007 2008 2009 Consolidated 13
Slide 14: Q4 Capital Markets and Hotels Revenue
Q4 Capital Markets and Hotels Revenue ($ in millions; “LC”=Local Currency) 38% in LC 6% in LC $117.5 (51%) $58.0 (33%) 21% (59%) (7%) $41.5 (44%) $36.4 $38.8 $28.3 $23.4 $14.8 $13.8 2007 2008 2009 2007 2008 2009 2007 2008 2009 Americas EMEA Asia Pacific 23% in LC $195.4 (51%) (16%) $96.2 $80.9 2007
Slide 15: Q4 Property & Facility Management Services Revenue
Q4 Property & Facility Management Services Revenue ($ in millions; “LC”=Local Currency) 8% in LC 16% in LC 25% 31% 43% $79.9 18% 14% $74.4 $64.0 4% $56.7 $44.7 $49.6 $43.9 $35.9 $37.2 2007 2008 2009 2007 2008 2009 2007 2008 2009 Americas EMEA Asia Pacific 19% in LC 26% 21% $198.2 $157.9 $130.2 2007
Slide 16: Q4 Project & Development Services Revenue
Q4 Project & Development Services Revenue ($ in millions; “LC”=Local Currency) 4% in LC 16% in LC 17% (24%) $57.7 $49.5 32% 24% $43.7 $34.5 (3%) (9%) $27.9 $21.1 $14.5 $14.0 $12.7 2007 2008 2009 2007 2008 2009 2007 2008 2009 Americas EMEA Asia Pacific 15% in LC 17% (9%) $99.6 $90.9 $85.1 2007 2008 2
Slide 17: Q4 LaSalle Investment Management Revenue
Q4 LaSalle Investment Management Revenue ($ in millions; “LC”=Local Currency) 5% in LC 93% in LC (15%) 0% n.m. $73.3 $62.2 $62.1 (24%) (93%) $0.4 ($2.8) ($0.9) $41.0 $31.1 $2.3 2007 2008 2009 2007 2008 2009 2007 2008 2009 Advisory Fees Transaction & Incentive Fees Equity Income (Losses) 33% in LC (2
Slide 18: Full Year Financial Information
Full Year Financial Information
Slide 19: FY Revenue Performance
FY Revenue Performance ($ in millions; “LC”=Local Currency) 20% in LC 11% 22% (6%) (26%) 5% in LC $1,031.6 $933.3 $926.1 $870.8 $765.2 $643.7 2% (8%) $2,652.0 $2,697.6 $2,480.7 2007 2008 2009 2007 2008 2009 Americas EMEA 2% in LC 37% in LC (11%) 1% (5%) $602.1 $536.2 $538.9 (41%) $370.8 $351.8 $207.
Slide 20: FY Leasing Revenue
FY Leasing Revenue ($ in millions; “LC”=Local Currency) 25% in LC 18% in LC 34% 55% $500.0 9% (30%) $372.6 $240.8 7% (19%) $226.9 $246.7 $172.5 $124.7 $133.4 $108.5 2007 2008 2009 2007 2008 2009 2007 2008 2009 Americas EMEA Asia Pacific 6% in LC 27% 4% $752.7 $781.0 $592.4 2007 2008 2009 Consolidate
Slide 21: FY Capital Markets and Hotels Revenue
FY Capital Markets and Hotels Revenue ($ in millions; “LC”=Local Currency) 41% in LC 4% in LC $339.4 (42%) $195.8 (45%) (46%) (38%) (43%) (4%) $113.7 $107.4 $104.4 $61.1 $60.0 $57.7 $37.6 2007 2008 2009 2007 2008 2009 2007 2008 2009 Americas EMEA Asia Pacific 33% in LC $557.5 (43%) $316.9 (36%) $202
Slide 22: FY Property & Facility Management Services Revenue
FY Property & Facility Management Services Revenue ($ in millions; “LC”=Local Currency) 7% in LC 30% in LC 15% 28% 39% 11% 22% $265.6 (3%) $226.7 $207.5 $197.3 $170.3 $142.0 $139.7 $135.5 $126.0 2007 2008 2009 2007 2008 2009 2007 2008 2009 Americas EMEA Asia Pacific 18% in LC 24% 15% $627.8 $544.5 $
Slide 23: FY Project & Development Services Revenue
FY Project & Development Services Revenue ($ in millions; “LC”=Local Currency) 2% in LC 23% in LC 17% (21%) $199.5 113% (6%) $170.9 $158.6 9% (27%) $116.1 $108.8 $54.4 $55.5 $60.3 $44.2 2007 2008 2009 2007 2008 2009 2007 2008 2009 Americas EMEA Asia Pacific 15% in LC 34% (17%) $375.9 $311.6 $280.8 2
Slide 24: FY LaSalle Investment Management Revenue
FY LaSalle Investment Management Revenue ($ in millions; “LC”=Local Currency) 9% in LC 76% in LC 13% (13%) n.m. $277.9 $245.1 $242.2 $9.7 (33%) ($4.2) ($52.6) $116.0 (77%) $78.1 $18.0 2007 2008 2009 2007 2008 2009 2007 2008 2009 Advisory Fees Transaction & Incentive Fees Equity Income (Losses) 37% i
Slide 25: Strong Balance Sheet Position
Strong Balance Sheet Position Reduced spending and strong cash generation drive net debt repayment 2009 2008 ($ in millions) Net Cash from Operations $251 $33 Primary Uses of Cash Capital Expenses (1) (44) (104) Acquisitions & Deferred Business Obligations (27) (349) Co-Investment (39) (42) Dividend
Slide 26: Appendix
Appendix (j Jones LANG LASALLE’
Slide 27: LaSalle Investment Management
LaSalle Investment Management Assets Under Management Typical Fee Assets Under Description Q4 2009 Statistics (1) Product % Structure Management Separate Account • $16.7 billion of assets • Advisory fees European Private $12.8 32.0% Management under management • Transaction fees Equity (Firm’s co-in
Slide 28: Q4 Adjusted EBITDA Performance
Q4 Adjusted EBITDA* Performance ($ in millions) $55.9 $53.9 $52.2 $41.6 $29.0 $156.1 $23.5 $119.7 2007 2008 2009 2007 2008 2009 $112.1 Americas EMEA $37.6 $28.9 $24.3 $24.7 $10.8 $7.9 2007 2008 2009 2007 2008 2009 2007 2008 2009 Consolidated Asia Pacific LIM * Refer to page 31 for Reconciliation of
Slide 29: FY Adjusted EBITDA Performance
FY Adjusted EBITDA* Performance ($ in millions) $133.8 412.7 $105.8 $114.9 $111.1 $269.6 $51.1 $238.6 $14.1 2007 2008 2009 2007 2008 2009 Americas EMEA $113.8 $89.2 $79.0 $47.4 $17.6 $44.3 2007 2008 2009 2007 2008 2009 2007 2008 2009 Asia Pacific LIM Consolidated * Refer to page 31 for Reconciliatio
Slide 30: Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income
Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income ($ in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2009 2008 2007 2009 2008 2007 GAAP Net income (loss) $ 52.0 $ 41.2 $ 104.7 $ (4.1) $ 83.5 $ 256.5 Shares (in 000's) 43,671 35,060 33,102 38,543 34,205 33,5
Slide 31: Reconciliation of GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA
Reconciliation of GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA ($ in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2009 2008 2007 2009 2008 2007 Net income (loss) $ 52.0 $ 41.2 $ 104.7 $ (4.1) $ 83.5 $ 256.4 Add: Interest expense, net of interest income 11.5 13.3