ManpowerGroup 2012 Annual Report Download - page 25

Financial Highlights ManpowerGroup 2012 Annual Report 23
In Millions ($)
2012 presented to us a challenging economic environment. However, we
were able to achieve revenues of $20.7 billion, down 1% in constant currency.
20,678.0
22,006.0
18,866.5
16,038.7
21,537.1
Revenues from Services(a)
’09
’10
’08
’11
’12
In Millions ($)
Operating Profit decreased to $411.7 million. Excluding non-recurring items,
Operating Profit decreased 9.3% in constant currency from 2011, to $467.1
million in 2012.
411.7
524.2
(122.0)
41.7
493.5
467.1(b)
547.3(c)
337.3(d)
136.2(e)
631.4(f)
Operating Profit
’09
’10
’08
’11
’12
In Percent
Operating Profit Margin decreased to 2.0%. Excluding non-recurring items,
Operating Profit Margin decreased from 2.5% in 2011, to 2.3% in 2012.
Operating Profit Margin
In Millions ($)
Emerging market revenues grew 12.1% in 2012. Key expansion
markets grew: China (+30%), India (+22%) and Russia (+21%).
2,637.9
2,475.9
1,919.6
1,414.8
1,595.3
Emerging Market Revenues
’09
’10
’08
’11
’12
In Percent
Return on Invested Capital is defined as operating profit after tax divided by
the average monthly total of net debt and equity for the year. Net debt is
defined as total debt less cash and cash equivalents.
Return on Invested Capital (ROIC)
In Millions ($)
Net Earnings decreased to $197.6 million. Excluding non-recurring items,
Net Earnings decreased from $270.0 million in 2011 to $236.2 million in 2012.
Net Earnings
In Millions ($)
Debt as a percentage of total capitalization was 24% in 2012, compared
to 22% in 2011 and 23% in 2010.
Total Capitalization
($)
Net Earnings Per Share–Diluted decreased to $2.47. Excluding non-recurring
items, it decreased 4.3% in constant currency from 2011, to $2.95.
Net Earnings Per Share–Diluted
’09
’10
’08
’11
’12 2.0%
2.4%
(0.7)%
0.3%
2.3%
2.3%(b)
2.5%(c)
1.8%(d)
0.9%(e)
2.9%(f)
197.6
251.6
(263.6)
(9.2)
205.5
236.2(b)
270.0(c)
141.3(d)
86.0(e)
365.3(f)
8.0%
10.1%
(7.4)%
0.7%
7.5%
9.4%(b)
10.8%(c)
6.1%(d)
5.7%(e)
13.0%(f)
2.47
3.04
(3.26)
(0.12)
2.58
2.95(b)
3.26(c)
1.72(d)
1.10(e)
4.58(f)
770.1
700.2
698.0
757.3
952.9
2,500.8
2,483.4
2,397.2
2,536.5
2,459.4
’09
’10
’08
’11
’12
’09
’10
’08
’11
’12
’09
’10
’08
’11
’12
’09
’10
’08
’11
’12
As Reported
Excluding Non-Recurring Items
As Reported
Excluding Non-Recurring Items
As Reported
Excluding Non-Recurring Items
As Reported
Excluding Non-Recurring Items
Debt
Equity
As Reported
Excluding Non-Recurring Items
(a) Revenues from Services includes fees received from our franchise offices of $30.9 million, $22.3
million, $23.6 million, $25.2 million and $23.9 million for 2008, 2009, 2010, 2011 and 2012,
respectively. These fees are primarily based on revenues generated by the franchise offices,
which were $1,148.1 million, $746.7 million, $968.0 million, $1,075.2 million and $1,051.8 million
for 2008, 2009, 2010, 2011 and 2012, respectively. In the United States, where the majority of our
franchises operate, Revenues from Services includes fees received from the related franchise
operations of $17.7 million, $10.5 million, $13.7 million, $13.6 million and $14.6 million for 2008,
2009, 2010, 2011 and 2012, respectively. These fees are primarily based on revenues generated
by the franchise operations, which were $746.2 million, $459.3 million, $622.0 million, $646.1
million and $691.7 million for 2008, 2009, 2010, 2011 and 2012, respectively.
(b) Amounts exclude the impact of legal costs and global reorganization charges. (See Note 1 to the
Consolidated Financial Statements for further information.)
(c) Amounts exclude the impact of global reorganization charges. (See Note 1 to the Consolidated
Financial Statements for further information.)
(d) Amounts exclude the impact of the goodwill and intangible asset impairment charges related to
our investments in Right Management and Jefferson Wells, and global reorganization charges.
(See Note 1 to the Consolidated Financial Statements for further information.)
(e) Amounts exclude the impact for the goodwill impairment charge related to our investment in
Jefferson Wells, loss on the sale of an equity investment, charge related to the extinguishment of
our interest rate swap agreements and amended revolving credit facility, and global reorganization
charges. (See Note 1 to the Consolidated Financial Statements for further information.)
(f) Amounts exclude the impact of the goodwill and intangible asset impairment charge related
to our investment in Right Management, French business tax refund, French payroll tax
modification, French competition investigation and global reorganization charges. (See Note 1
to the Consolidated Financial Statements for further information.)
Financial Highlights