ManpowerGroup 2008 Annual Report Download - page 29

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27Manpower Annual Report 2008 Management’s Discussion & Analysis
Impact of
Acquisitions/
Reported Variance in Dispositions Organic
Amounts represent 2008 Amount Reported Impact of Constant (in Constant Constant
Percentages represent 2008 compared to 2007 (in millions) Variance Currency Currency Currency) Currency
Revenues from Services
United States $ 1,945.4 (0.9)% —% (0.9)% 10.4% (11.3)%
France 6,935.6 (1.3) 7.4 (8.7) — (8.7)
Other EMEA 7,437.7 10.2 2.1 8.1 1.6 6.5
Italy 1,519.5 8.7 8.2 0.5 — 0.5
Jefferson Wells 291.0 (12.4) — (12.4) 0.2 (12.6)
Right Management 449.7 9.7 0.4 9.3 0.5 8.8
Other Operations 2,973.9 13.4 6.5 6.9 0.9 6.0
Manpower Inc. 21,552.8 5.1 4.6 0.5 1.7 (1.2)
Gross Profit - Manpower Inc. 4,102.6 6.6 4.3 2.3 2.4 (0.1)
Operating Unit Profit
United States 32.2 (59.8) — (59.8) 2.9 (62.7)
France 299.0 (23.4) 3.5 (26.9) — (26.9)
Other EMEA 249.5 (2.8) 3.6 (6.4) 3.1 (9.5)
Italy 120.3 16.0 8.7 7.3 — 7.3
Jefferson Wells (19.6) (278.2) — (278.2) (5.1) (273.1)
Right Management 44.6 29.0 (1.2) 30.2 1.7 28.5
Other Operations 54.5 (25.9) 8.5 (34.4) (6.3) (28.1)
Operating Profit - Manpower Inc. 509.2 (38.3) 4.6 (42.9) 0.7 (43.6)
Impact of
Acquisitions/
Reported Variance in Dispositions Organic
Amounts represent 2007 Amount Reported Impact of Constant (in Constant Constant
Percentages represent 2007 compared to 2006 (in millions) Variance Currency Currency Currency) Currency
Revenues from Services
United States $ 1,962.2 (7.2)% —% (7.2)% 2.4% (9.6)%
France 7,025.3 16.7 9.7 7.0 — 7.0
Other EMEA 6,750.4 29.1 10.6 18.5 — 18.5
Italy 1,398.1 23.4 10.4 13.0 — 13.0
Jefferson Wells 332.0 (11.0) — (11.0) — (11.0)
Right Management 409.9 5.8 4.5 1.3 2.9 (1.6)
Other Operations 2,622.4 13.8 3.3 10.5 — 10.5
Manpower Inc. 20,500.3 16.7 7.7 9.0 0.3 8.7
Gross Profit - Manpower Inc. 3,848.6 22.3 7.6 14.7 0.5 14.2
Operating Unit Profit
United States 80.1 (8.3) — (8.3) 3.9 (12.2)
France 390.3 92.0 14.6 77.4 — 77.4
Other EMEA 256.7 63.8 13.7 50.1 — 50.1
Italy 103.7 63.3 14.2 49.1 — 49.1
Jefferson Wells (5.2) (116.2) — (116.2) — (116.2)
Right Management 34.6 88.8 7.6 81.2 12.2 69.0
Other Operations 73.5 5.0 2.0 3.0 — 3.0
Operating Profit - Manpower Inc. 825.4 55.1 10.8 43.3 1.1 42.2
Cash Sources And Uses
Cash used to fund our operations is primarily generated through operating activities and our existing credit facilities. We
believe that our internally generated funds and our existing credit facilities are sufficient to cover our near-term projected cash
needs. We anticipate cash repatriations to the United States from certain international subsidiaries and have provided for
deferred taxes related to those foreign earnings not considered to be permanently invested. As of December 31, 2008 we
have identified approximately $522.2 million of non-U.S. funds that will likely be repatriated, the majority of which is related to
Manpower France. We currently do not have specific plans to repatriate these funds, however we may do so in the future as cash
needs arise.