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SEC Filings

8-K
JONES LANG LASALLE INC filed this Form 8-K on 11/06/2017
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JLL Reports Strong Third-Quarter 2017 - Page 7


EMEA Real Estate Services

($ in millions, “LC” = local currency)
Three Months Ended September 30,
 
% Change in USD
 
% Change in LC
2017
 
2016
 
 
Leasing
$
70.4

 
$
63.2

 
11
%
 
9
%
Capital Markets & Hotels
107.3

 
87.4

 
23

 
19

Property & Facility Management
222.2

 
161.7

 
37

 
37

Property & Facility Management Fee Revenue1
161.0

 
127.0

 
27

 
27

Project & Development Services
170.1

 
154.1

 
10

 
6

Project & Development Services Fee Revenue1
59.7

 
42.6

 
40

 
36

Advisory, Consulting and Other
65.2

 
56.3

 
16

 
13

Total revenue
$
635.2

 
$
522.7

 
22
%
 
19
%
Gross contract costs
(171.6
)
 
(146.2
)
 
17

 
14

Total fee revenue1
$
463.6

 
$
376.5

 
23
%
 
21
%
Operating income (loss)
$
2.2

 
$
(0.8
)
 
n.m.

 
n.m.

Equity earnings
$

 
$

 
%
 
%
Adjusted EBITDA1
$
13.9

 
$
8.5

 
64
%
 
47
%
n.m. - not meaningful as represented by a percentage change of greater than 100%, favorably or unfavorably.
Percentage variances in the EMEA Performance Highlights below are calculated and presented on a local currency basis, unless otherwise noted. See Financial Statement Note (1) following the Financial Statements in this news release.
EMEA Third-Quarter 2017 Performance Highlights:
EMEA revenue was $635.2 million and fee revenue was $463.6 million, reflecting increases of 19 percent and 21 percent, respectively, from last year, with growth across all service lines. The largest source of revenue expansion was in Property & Facility Management, reflecting incremental fee revenue from the August 2016 acquisition of Integral UK Ltd. (“Integral”). Strong growth in Capital Markets & Hotels reflects notable contributions from investment sales in Finland, the UK and Germany. Project & Development Services fee revenue growth was most prominent in MENA and France.
Operating expenses were $633.0 million, up 19 percent from $523.5 million in 2016. Fee-based operating expenses, excluding restructuring and acquisition charges, were $461.4 million, up 21 percent from $377.4 million last year, due to incremental fee-based operating expenses relating to Integral along with continued increases to investments in data, technology and people.
Operating income was $2.2 million, compared with an operating loss of $0.8 million in the prior year. Adjusted EBITDA was $13.9 million, an increase from $8.5 million last year. Adjusted EBITDA margin, calculated on a fee-revenue basis, was 3.0 percent in USD (2.7 percent in local currency), compared with 2.3 percent last year. The increase in profitability reflects revenue performance for the quarter and management initiatives to contain expenses, partially offset by continued integration of Integral.

-continued-


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