ManpowerGroup 2012 Annual Report Download - page 18

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Emerging markets are not only a critical part
of our strategy—they contributed an overall
operating unit profit of $93 million. Over the
years, we’ve invested in planting country flags,
if you will, and now we have turned the corner
where each of the operations are creating profit
with a very bright future. Our emerging markets
now have over 477 million billable hours, up
10% over 2011 with 12% revenue growth in
constant currency. The emerging markets for
us represent 43% of our total billable hours,
but only 13% of our revenues. That single fact
represents significant future opportunity. Our
past investments in emerging markets are paying
off, delivering strong returns. We have the leading
market position with over 400 offices across
nearly 30 emerging markets. We are the recog-
nized market leader in China, with over 150,000
associates, and ranked number one in professional
resourcing. We anticipate significant growth
opportunities from increasing penetration and
economic development to further cement our
leadership position in these markets.
Our Focus…
I am certain there will be more talk and legitimate
concern about fiscal austerity coming through
the pipeline. The debt crisis is still for the most
part left unresolved. Unemployment around the
world has steadied, but is still on a slight rise.
And consumers and businesses have this as
their backdrop against the decisions on how
they spend their money, which of course, is
creating appropriate conservatism. However,
despite all of this, and as I write this, there have
been recent improvements in the Eurozone from
an economic sentiment perspective. While it
remains in recessionary territory, as we have
spoken about in the past, we don’t anticipate
the floor falling out, and in fact, the most recent
Purchasing Managers’ Index (PMI) data would
suggest there is hope for a more positive
trajectory. This does not, however, give us over-
whelming encouragement for the first half of
2013; but, it is moving in the right direction.
ManpowerGroup 2012 Annual Report Letter to Shareholders
16
Business Line Gross Profit
In Billions ($)
Experis
$0.6
$2.3
Manpower
$0.3
ManpowerGroup
Solutions
$0.2
Right
Management $3.4