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Financial Highlights ManpowerGroup 2013 Annual Report 23
In Millions ($)
2013 presented to us a challenging economic environment. However, we
were able to achieve revenues of $20.3 billion, down 2.1% in constant currency.
20,678.0
22,006.0
18,866.5
16,038.7
Revenues from Services(a)
’10
’11
’09
’12
’13
In Millions ($)
Operating profit increased to $511.9 million. Excluding non-recurring items,
operating profit increased 28.7% in constant currency from 2012, to $601.3
million in 2013.
411.7
524.2
(122.0)
41.7
467.1(c)
547.3(b)
337.3(d)
136.2(e)
Operating Profit
’10
’11
’09
’12
’13
In Percent
Operating profit margin increased to 2.5%. Excluding non-recurring items,
operating profit margin increased from 2.3% in 2012, to 3.0% in 2013.
Operating Profit Margin
In Millions ($)
Emerging market revenues grew 3.8% in 2013. Key expansion
markets grew: India (+23.2%), Brazil (+16.9%) and Russia (+13.3%).
2,637.9
2,475.9
1,919.6
1,414.8
Emerging Market Revenues
’10
’11
’09
’12
’13
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 increased to $288.0 million. Excluding non-recurring items,
net earnings increased from $236.2 million in 2012, to $353.3 million in 2013.
Net Earnings
In Millions ($)
Debt as a percentage of total capitalization was 15% in 2013, compared
to 24% in 2012 and 22% in 2011.
Total Capitalization
($)
Net earnings per share–diluted increased to $3.62. Excluding non-recurring
items, it increased 50.8% in constant currency from 2012, to $4.44.
Net Earnings Per Share–Diluted
’10
’11
’09
’12
’13
2.0%
2.4%
(0.7)%
0.3%
2.3%(c)
2.5%(b)
1.8%(d)
0.9%(e)
3.0%(b)
197.6
251.6
(263.6)
(9.2)
236.2(c)
270.0(b)
141.3(d)
86.0(e)
8.0%
10.1%
(7.4)%
0.7%
9.4%(c)
10.8%(b)
6.1%(d)
5.7%(e)
2.47
3.04
(3.26)
(0.12)
3.62
2.95(c)
3.26(b)
1.72(d)
1.10(e)
770.1
700.2
698.0
757.3
2,500.8
2,483.4
2,397.2
2,536.5
’10
’11
’09
’12
’13
’10
’11
’09
’12
’13
’10
’11
’09
’12
’13
’10
’11
’09
’12
’13
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
20,250.5 13.5%(b) 11.2%
601.3(b) 511.9 353.3(b)
288.0
2.5% 2,914.2 517.9
2,676.8 4.44(b)
(a) Revenues from services includes fees received from our franchise offices of $22.3 million,
$23.6 million, $25.2 million, $23.9 million and $24.4 million for 2009, 2010, 2011, 2012 and 2013,
respectively. These fees are primarily based on revenues generated by the franchise offices,
which were $746.7 million, $968.0 million, $1,075.2 million, $1,051.8 million and $1,069.1 million
for 2009, 2010, 2011, 2012 and 2013, respectively. In the United States, where the majority of our
franchises operate, revenues from services includes fees received from the related franchise
operations of $10.5 million, $13.7 million, $13.6 million, $14.6 million and $15.2 million for 2009,
2010, 2011, 2012 and 2013, respectively. These fees are primarily based on revenues generated
by the franchise operations, which were $459.3 million, $622.0 million, $646.1 million, $691.7
million and $695.6 million for 2009, 2010, 2011, 2012 and 2013, respectively.
(b) Amounts exclude the impact of global restructuring charges. (See Note 1 to the Consolidated
Financial Statements for further information.)
(c) Amounts exclude the impact of legal costs and global restructuring 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 restructuring charges.
(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 restructuring
charges.
Financial Highlights