ManpowerGroup 2004 Annual Report Download - page 92

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2004 Annual Report MANPOWER INC.90
Certain constant currency and organic constant currency percent variances are discussed throughout this annual
report. A reconciliation to the percent variances calculated based on our financial results is provided below. (See
Constant Currency on page 40 for further information.)
Impact Of
Acquisitions/ Organic
Variance In Dispositions Constant
Reported Impact Of Constant (In Constant Currency
Variance Currency Currency Currency) Variance
YEAR ENDED DECEMBER 31, 2003
Revenues from Services
United States 1.8% —% 1.8% 1.1% .7%
France 20.5 19.6 .9
EMEA 14.1 14.4 (.3)
Jefferson Wells (3.7) — (3.7)
Right(a)
Other Operations 21.0 6.6 14.4 14.4
Manpower Inc. 14.8 12.6 2.2 .2 2.0
Gross Profit – Manpower Inc. 11.9 12.2 (.3) .2 (.5)
Operating Unit Profit
United States 15.2 — 15.2
France 28.2 20.8 7.4
EMEA (37.7) 7.7 (45.4)
Jefferson Wells
Right(a)
Other Operations 106.4 12.4 94.0
Operating Profit – Manpower Inc. 9.9 16.5 (6.6) — (6.6)
Net Earnings per Share – Diluted (b) 19.0 19.0 —
YEAR ENDED DECEMBER 31, 2004
Revenues from Services
United States 4.9% —% 4.9% (1.0)% 5.9%
France 12.7 9.9 2.8
EMEA 29.7 11.7 18.0 1.6 16.4
Jefferson Wells 149.6 — 149.6
Right
Other Operations 22.3 6.3 16.0
Manpower Inc. 22.5 8.4 14.1 3.2 10.9
Gross Profit – Manpower Inc. 30.5 8.5 22.0 9.9 12.1
Operating Unit Profit
United States 46.4 — 46.4
France (2.8) 8.2 (11.0)
EMEA 122.4 18.3 104.1
Jefferson Wells
Right
Other Operations 14.9 6.4 8.5
Operating Profit – Manpower Inc. 53.5 10.5 43.0 7.3 35.7
Net Earnings per Share – Diluted 53.3 8.3 45.0
(a) Represents the operations of Right Management Consultants, Inc. (“RMC”), since its acquisition in January 2004, and the Empower Group. Since RMC comprises
most of this segment, the year-over-year variances are not meaningful and have been excluded from the above information.
(b) In the fourth quarter of 2004, we adopted EITF 04-8. Previously reported Net Earnings Per Share – Diluted amounts have been restated to reflect the impact of
applying the “if-converted” method to our Debentures. (See note 3 to the consolidated financial statements for further information.)
FINANCIAL MEASURES
Constant Currency and Organic Constant Currency Reconciliation