ManpowerGroup 2007 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2007 ManpowerGroup annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 71

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71

Dear Manpower Investor:
2007 was a record year for us in
terms of both revenue and income.
This did not happen by accident.
For the past decade, we have worked tirelessly to balance our business
so that it is now a stronger, more fl exible and more resilient company
than ever before. The balance that we promised you was centered
on diversifying our services, our network and our client mix.
This diversifi cation, which is driven by anticipating the market and
client needs, has improved our profi t margins, reduced our sensitivity
to economic cycles and increased our strategic value to clients.
And in 2007, we delivered.
We fi nished the year with revenues of $20.5 billion, an increase of 17
percent over 2006 or 9 percent in constant currency. Net earnings
from continuing operations improved to $485 million, a 59 percent
increase and net earnings per share from continuing operations –
diluted reached $5.73 per share in 2007, an increase of 65 percent.
Both of these amounts include the benefi t of a modifi cation to the
payroll tax calculation in France, which had a signifi cant favorable
impact on our results in 2007. Excluding this impact, however, our
net earnings from continuing operations improved an impressive 30
percent, while net earnings per share from continuing operations –
diluted increased 34 percent.
2Shareholder’s Letter