ManpowerGroup 2009 Annual Report Download - page 29

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27
Management’s Discussion & Analysis Manpower 2009 Annual Report
Selling and Administrative Expenses decreased 29.3% due to a reorganization that occurred in the fourth quarter of 2008
and second quarter of 2009 to realign the business in response to the lower revenue levels. We recorded reorganization
charges of $6.6 million and $4.0 million in 2009 and 2008, respectively, primarily related to severances and offi ce closures. As
a percent of revenues, expenses increased in 2009 compared to 2008, as we could not decrease expenses to the extent of
the revenue decline without negatively impacting the long-term potential of our brand.
2009 OUP was a loss of $22.0 million compared to a loss of $19.6 million in 2008, as expense reductions did not fully
compensate for the declines in Revenues and Gross Profi t.
Financial Measures – Constant Currency And Organic Constant Currency Reconciliation
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 annual fi nancial results is provided below. (See Constant
Currency And Organic Constant Currency on page 19 for further information.)
Amounts represent 2009
Percentages represent 2009 compared to 2008
Reported
Amount
(in millions)
Reported
Variance
Impact of
Currency
Variance
in Constant
Currency
Impact of
Acquisitions
(In Constant
Currency)
Organic
Constant
Currency
Variance
Revenues from Services
Americas:
United States $ 1,593.7 (18.1)% –% (18.1)% 4.8% (22.9)%
Other Americas 967.3 (14.4) (11.3) (3.1) – (3.1)
2,561.0 (16.7) (4.1) (12.6) 3.0 (15.6)
France 4,675.5 (32.6) (3.4) (29.2) – (29.2)
EMEA:
Italy 950.8 (37.4) (3.2) (34.2) – (34.2)
Other EMEA 5,371.7 (27.6) (8.4) (19.2) 0.5 (19.7)
6,322.5 (29.3) (7.6) (21.7) 0.4 (22.1)
Asia Pacifi c 1,728.0 (6.2) 3.0 (9.2) – (9.2)
Right Management 559.4 23.7 (4.8) 28.5 – 28.5
Jefferson Wells 192.3 (33.9) – (33.9) 1.1 (35.0)
Manpower Inc. $ 16,038.7 (25.5)% (4.6)% (20.9)% 0.6 % (21.5)%
Gross Profi t - Manpower Inc. $ 2,818.2 (31.0)% (4.0)% (27.0)% 0.7 % (27.7)%
Operating Unit (Loss) Profi t
Americas:
United States $ (26.2) (181.3)% – % (181.3)% (10.2)% (171.1)%
Other Americas 20.1 (22.4) (11.7) (10.7) – (10.7)
(6.1) (110.6) (5.2) (105.4) (5.7) (99.7)
France 20.8 (93.0) (0.4) (92.6) – (92.6)
EMEA:
Italy 27.9 (76.8) (0.3) (76.5) – (76.5)
Other EMEA 29.4 (87.4) 1.2 (88.6) 2.6 (91.2)
57.3 (83.8) 0.7 (84.5) 1.7 (86.2)
Asia Pacifi c 26.5 (9.3) 10.6 (19.9) – (19.9)
Right Management 113.4 153.6 (5.2) 158.8 – 158.8
Jefferson Wells (22.0) (12.5) – (12.5) (0.4) (12.1)
Operating Profi t - Manpower Inc. 41.7 (91.5)% (0.2)% (91.3)% 0.6 % (91.9)%