JLL/Annuar/ Annual Report 2023
Resilient performance
in chalengingl conditions
A letterl to ourr stakeholdersstakeholders
FromChristian Ulbrich
Presidentntand ChieffExecutiveOffficer
As.we2 -reflectƥ /*)on2023,ƲưƲƳǥwe2 can)be+proud-*0 *!ofanother)*/# -4year-*!of-resilient.$'$ )/+performance-!*-() against"$)./a backdrop&-*+*!of extended3/ ) (macroeconomic-* *)*($challenges,#'' )" .ǥa (market-& /ǻ-
2wide$ +0''pullback&$in)/transaction-)./$*)activity,/$1$/4ǥand)continued*)/$)0 "geopolitical*+*'$/$'0)uncertainty -/$)/4Ǥ.Our0-One) JLL approach,++-*#ǥcombining*($)$)"*0our-best./ǻ-$in)ǻ-class'.."'*global'+'platform/!*-(2with$/#deep+'*local' (market-& /&)*2'knowledge," ǥcontinues*)/$)0 ./*toset. /0us.apart+-/and)allows''*2.0us./*toconsistently*).$./ )/'4+provide-*1$ *0our- clients with outsttanding real estate advice and).solutions*'0/$*)..ǤOur0-Ʊưƶǥưưư106,000colleagues*'' "0 . globally"'*''4are- 1vital$/'/*to*0our-success:.0 ..Ǧ/#their$-/talent')/ and)commitment*(($/( )//*to*0our-.shared#- values1'0 .*!of /teamwork,(2*-&ǥethics,/#$.ǥand)excellence3 '' ) .sit$/at//#the
heart ofeverything we doǤ.
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During 2023, our resilient business lines continued to show solid growth, while our focus on operating efficiency drove improved cash generation. These results demonstrate the strength of our strategy through the real estate cycle, as economic uncertainty and a rapid increase in interest rates continued to adversely impact most of our transaction-based businesses.
Looking ahead to 2024, we are cautiously optimistic that interest rate stability and improving business confidence will lead to an increase in Leasing and Investment Sales activity. Conditions in the real estate outsourcing market remain favorable as clients continue to look towards JLL for best in class Property and Workplace Management solutions.
Our global platform, industry insights, and people, uniquely position us to seize significant growth opportunities across the commercial real estate industry in the coming years.
2023 performance overview
Persistent macroeconomic headwinds, combined with elevated geopolitical uncertainty, contributed to ongoing challenges in the global real estate market. Against that backdrop, JLL once again delivered resilient performance: revenue was flat at $20.8 billion. .$'$ )/ 0.$) .. .я*'' /$1 '4я '$1 - Ъڔ- 1 )0 "-*2/#!*-/# !0''4 -ю%0./ !*-/# 4 -2.ټЩХШюЩ($''$*)я*2)ЦУڔ!-*(/# +-$*-4 -ю%0./ $'0/
-)$)".+-.#-2 - ټЩюЦТ!*-/#!0''4 -я*2)
ЧХڔ"$)./ФТФФ.
JLL / Annual Report 2023
Delivering sustained profitable growth
In 2017 we set out our strategic vision, Beyond, grounded in the five macro-trends shaping the future of the real estate industry: corporate real estate outsourcing, rising capital allocations to real estate, increasing urbanization, fourth industrial revolution, and sustainability. While the past several years have seen a great deal of change, these trends endure, and clients increasingly rely on JLL as their expert partner for success. We have seen buoyant demand from clients seeking JLL's expertise in addressing the changes in working practices and the reimagining of the role of the office, in a post-pandemic era. Equally, others are looking for our support with strategies to streamline complex real estate portfolios and future-proof their spaces.
Real estate as an asset class remains attractive based on its unique investment characteristics and returns, and we remain confident that transaction volumes will increase as interest rates stabilize globally. The pace of urbanization continues to quicken worldwide, driving growth in real estate services, particularly in larger and more concentrated markets.
JLL continues to lead in developing and deploying commercial real estate technology solutions for our clients, and within our company. Our investment in equipping our people with the best technology and data remains a key priority. Taking just one example, in 2023 our technology teams launched JLL GPT™, the real estate industry's first generative AI tool. Innovations like this one allow our people to leverage the latest tools to provide our clients with the best insights and differentiated advice.
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JLL / Annual Report 2023
Finally, for a lot of our clients sustainability is top of mind
andan area where we can make a real difference. We've' set ambitious targets for ourselves, and we're'r continuing to partner wthi our clients in helping them achieve their ambitions, too. From thought leadership to cross-sector partrtnerships and industry-wide collaboration, our commitment to advancing sustainable solutions in the built environment is central to our purpose and remani s akey point of focus. Full details of our targets and sustainability services are available in our annual Global Sustainability Report, and on our websitejll.com.
These# . /trends- ).and)their/# $-$implications(+'$/$*).0)underpin -+$)our*0-Beyond4*)
.strategic/-/"$framework!-( 2*-&!*for-.sustained0./$) profitable+-*!$/' growth"-*2/#.юBeyond4*)
.sets/.*0/out*0our-complementary*(+'( )/-4strategies./-/"$ ./*toenhance)#) client'$ )/
.service,-1$ яattract//-/and)retain- /$)the/# best.//talent,' )/яbuild0$'our*0-brand,-)я extend3/ )our*0-'leadership -.#$+position+*.$/$*)in$)data/and)technology,/ #)*'*"4яand) ensure).0- unwavering0)21 -$)"commitment*(($/( )//*to*0our-1values'0 .and)our*0-
.sustainability0./$)$'$/4goals"*'..ю I am(pleased+' . that/#/despite.+$/ /#the$industry)0./-4ѣ-
2wide$ challenges#'' )" .*!of/#thepast+./several. 1 -'years,4 -.яthe/# strength./- )"/#of*!*0our- +people*+' and)our*0-+'platform/!*-(have#1 demonstrated(*)./-/ our*0--resilience.$'$) /*to emerge( -" !from-*(the/# downturn*2)/0-)as.an)even1 )stronger./-*)" -company*(+)4.юFor*- (*more- detail/$'on*)our*0-Beyond4*)strategic./-/ "$1vision$.$*)and)financial!$))$' /targets,-" /.яplease+' . -refer! -/*tothe/# enclosed)'*. 10УТѣ- Kю .
Teamwork, ethics,t ics,
aand excellencel in actionction
Working together asOneJLLwe are committed to superior client experrience at everry touchpoint, bringing the best of our company to each engagement. This approach--combining abest-in-classglobal platform with deep local expertise and a passision for excellence-- ensures we can meet each client'slient's unquei needs consistently, with uncompromising quality..
Ourcolleagues around the world are united by our shared values of teamwork, ethics, and excellence. We are committted to helping everyone thrive through our people strategies, ensuring we are investing in attracting, developngi , and rettaining the best global talentlent..
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JLL / Annual Report 2023
InFebruary 2024we were delghi ted to once again be named ass one of Fortune's's Mostt Admired Companies, and to be included
on the Boombergl Gender-EqualitqualityIndex for the fifth successive year. IIn March2024, Ethisphere namedJLL one of the World'sorld's Most Ethiical Companies for the 17tth consecutive year. .
IIwant to express tremendous appreciation and gratitude to alll of my colleagues for their commitment to our company and our clients: the strength of our OneJLLteam fills me with utmost confidence that we are well positionedffor the future..
LookiLooking aheadahead
Onbehalf of the entrei OneJLLteam, I''d like to thank alll off our stakeholders for your interest and support and being on this journey wthi us. I'I'm excited by where we are and what opportunities lie ahead.Above all, I''m proud that together, wee are actively shapiping the future of real estate forabetter world..
Christian Ulbrich
Presidentsi nt & CEO
Apripril 2024
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JLL / Annual Report 2023
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ANNUAL&&-$*('*,'&'*% #REPORTON FORM 10-K |
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TABLE OF CONTENTS |
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PART I |
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Item 1. B u s i n e s s |
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Item!H9A1B. U n r1FJ=KGDN=</L9>>GEE=FLKe s o l v e d Staff Comments |
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Item 2. P r o p e r t i e s |
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Item 3. L e g a l Proceedings |
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PART II |
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Market)9JC=L>GJfor Registrant's.=?AKLJ9FLKGEEGF!IMALQCommon Equity, Related.=D9L=</@9J=@GD<=J)9LL=JK9F<%KKM=J,MJ;@9K=G>!IMALQShareholder Matters and Issuer Purchase of Equity |
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/=;MJALA=KSecurities |
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Item 6. [ R e s e r v e d ] |
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Item!H9A7. M a n a)9F9?=E=FLKg e m e n t ' s DiscussionAK;MKKAGF9F<F9DQKAKG>"AF9F;A9DGF<>and Analysis of Financial Condition and Results.=KMDLKG>+H=J9LAGFKof Operations |
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Item 7A. Q u a n t i t a t i v e and Qualitative Disclosures About Market Risk |
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!H9AItem 8. F i n a"AF9F;A9D/L9L=E=FLK9F</MHHD=E=FL9JQn c i a l Statements and Supplementary Data9L9 |
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!H9AItem . C h a@9F?=KAF9F<n g e s in and DisagreementsAK9?J==E=FLKOAL@;;GMFL9FLKGF;;GMFLAF?9F<"AF9F;A9Dwith Accountants on Accounting and Financial DisclosureAK;DGKMJ= |
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!H9AItem . C o n t r o l s and Procedures |
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Item 9C. D i s c l o s u r e Regarding Foreign Jurisdictions that Prevent Inspections |
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(*,!!!PART III |
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Item!H9A10. D i r e cAJ=;LGJK!P=;MLAN=+>>A;=JK9F<GJHGJ9L=#GN=JF9F;=t o r s , Executive Officers and Corporate Governance |
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Item 11. E x e c u t i v e Compensation |
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Item 12. S e c u r i t y Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters |
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Item 14. P r i n c i p a l Accountant Fees and Services |
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PART IV |
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E x h i b i t and Financial Statement Schedules |
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Item 16. |
F o r m 10-K Summary |
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9MLAGF9JQ*GL=Cautionary Note Regarding.=?9JForward-LookingStatements |
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Power of Attorney |
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Disclaimer
Jones Lang LaSalle Inc. published this content on 01 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 11:45:10 UTC.
