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SEC Filings

8-K
JONES LANG LASALLE INC filed this Form 8-K on 11/06/2017
Entire Document
 
JLL Reports Strong Third-Quarter 2017 - Page 9


Asia Pacific Real Estate Services

($ in millions, “LC” = local currency)
Three Months Ended September 30,
 
% Change in USD
 
% Change in LC
2017
 
2016
 
 
Leasing
$
53.0

 
$
50.2

 
6
%
 
5
%
Capital Markets & Hotels
54.4

 
41.0

 
33

 
33

Property & Facility Management
197.6

 
157.2

 
26

 
25

Property & Facility Management Fee Revenue1
127.4

 
114.4

 
11

 
11

Project & Development Services
65.8

 
43.1

 
53

 
52

Project & Development Services Fee Revenue1
32.7

 
26.7

 
22

 
22

Advisory, Consulting and Other
42.2

 
39.6

 
7

 
6

Total revenue
$
413.0

 
$
331.1

 
25
%
 
24
%
Gross contract costs
(103.3
)
 
(59.2
)
 
74

 
73

Total fee revenue1
$
309.7

 
$
271.9

 
14
%
 
13
%
Operating income
$
24.2

 
$
17.6

 
38
%
 
36
%
Equity earnings
$
0.9

 
$
0.5

 
80
%
 
80
%
Adjusted EBITDA1
$
30.3

 
$
22.3

 
36
%
 
35
%
Percentage variances in the Asia Pacific 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.
Asia Pacific Third-Quarter 2017 Performance Highlights:
Asia Pacific revenue was $413.0 million, an increase of 24 percent from 2016; fee revenue was $309.7 million, an increase of 13 percent from last year. Fee revenue growth reflects strong performance in Capital Markets & Hotels and Property & Facility Management and was geographically led by Australia, Greater China and Japan.
Operating expenses were $388.8 million, up 23 percent from $313.5 million last year. Fee-based operating expenses, excluding restructuring and acquisition charges, were $285.5 million, up 12 percent from $254.3 million last year. The increase in expenses correlated with the revenue growth.
Operating income was $24.2 million, compared with $17.6 million in 2016. Adjusted EBITDA was $30.3 million, an increase from $22.3 million in 2016. Adjusted EBITDA margin, calculated on a fee-revenue basis, was 9.8 percent in USD and local currency, compared with 8.2 percent last year, reflecting strong organic growth and higher margin transactional businesses during the quarter coupled with ongoing cost containment initiatives.

-continued-


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