ManpowerGroup 2008 Annual Report Download - page 10

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8Shareholder’s Letter Manpower Annual Report 2008
we are in a cyclical business. It is over the next 12 – 18 months
that this durability will be rewarded. In an environment like this,
our competitors will be presented with significant challenges,
and they don’t have our balance sheet, diversity of footprint, and
services to deliver practical solutions.
We couldn’t do this if we didn’t have the finest team in the industry.
We have continued to develop our people. Our philosophy of
Exposure, Experience and Education to develop leaders is paying
off. Our Global / Local approach is part of our secret and predicated
on the involvement and development of our leaders across the
world. The requirement to be ambidextrous has never been more of
an imperative – we must operate the business day to day,
while positioning ourselves for the future. We must optimize local
entrepreneurship and maximize global knowledge and collaboration.
No team is better equipped for this dual task.
Our team’s energy and engagement will be critical in 2009.
We derive a lot of our energy from what we deliver to society
and individuals. Finding a job for an individual is exhilarating for
us. From what Right Management does in Career Transition
and development through to our core staffing business, we are
committed to connecting people to careers.
The natural result is our long-standing commitment to our Corporate
Social Responsibility efforts. And this work will not stop. In fact, it’s
more essential than ever before. Since opening its doors in 2005,
more than 4,000 individuals have enrolled in the Manpower
Vocational Training Centers in Tamil Nadu, India, over 3,000 have
completed their training and more than 1,600 have subsequently
secured employment. In addition to this, whether it be in France,
U.K., Mexico, U.S. or many other parts of the world, we have put
Doing well by
doing good…
our workforce
development
programs provide
an important,
sustainable
revenue stream.
Operating Cash Flows
in millions ($)
Free Cash Flow Capital Expenditures
We have a solid balance sheet and strong
cash flows. Free cash flow more than doubled,
to $698.9 million, in 2008.
08 698.9 93.1
07 91.6340.6
06 80.0279.1
05 77.6191.2
04 67.9119.5