ManpowerGroup 2009 Annual Report Download - page 12

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10 Manpower 2009 Annual Report Shareholder’s Letter
Rising Customer Sophistication is happening across the board. The
transparency and velocity of information exchange throughout the entire
value chain is creating innovation and tension at every level within that chain.
Technological Revolutions are at the heart of almost all of this. The ability to
have the power to change where and when and how we work, enabling the
organization and individuals to be more agile and innovative is what is happening
on a daily basis and what you have seen so far is only the tip of the iceberg.
These World of Work trends are foundational. They’re foundational to how we
act, where we invest and where we focus our thought leadership. They are
drivers of secular growth at the core of our business as well as in the specialty
areas and outcome-based solutions. It is our grasp of these trends and our
talent aligned to these trends that give us the confi dence that we are addressing
our clients and candidates with real solutions – solutions that are practical,
adaptable and fl exible.
We are aggressive with the execution of our strategy, which is an outside-in
approach, focusing on services that deliver value to our clients and candidates
that address this ever-changing World of Work. We continue to grow our
capabilities organically and, where appropriate, acquire companies that give
us an acceleration and catalytic affect when using our capital, brand and
geographic footprint.
Our strategy is clear. Over the next three years, we will leverage our strengths,
global footprint and brand to aggressively expand our specialty staffi ng and
new sectors and services. Regardless of what the economy does, we are
confi dent that we will move forward at a pace greater than our competition.
Debt as a percentage of total capitalization was 23% in
2009 compared to 28% in 2008 and 26% in 2007.
Total Capitalization
IN MILLIONS ($)
2,536.5 757.3
2,459.4 952.9
2,474.2 823.2
2,658.3 914.5
2,146.6 735.0
09
08
06
07
05
Equity Debt