ManpowerGroup 2014 Annual Report Download

Download and view the complete annual report

Please find the complete 2014 ManpowerGroup annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 98

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98

Accelerating Performance
in the Human Age
| 2014 ANNUAL REPORT |

Table of contents

  • Page 1
    | 2 0 14 A N N U A L R E P O R T | Accelerating Performance in the Human Age

  • Page 2

  • Page 3
    SEEING THE UNSEEN IS HUMANLY POSSIBLE. Our unique perspective as workforce experts helps people achieve their full potential.

  • Page 4

  • Page 5
    ManpowerGroup | Annual Report 2014 03 OUR GOAL IS TO BE THE WORLD'S NO. 1 WORKFORCE SOLUTIONS COMPANY We help clients find the talent to accelerate results. We help candidates find meaningful work. In today's constantly changing global environment, businesses are continually seeking a ...

  • Page 6
    04 Annual Report 2014 | ManpowerGroup OUR BRANDS We provide innovative workforce solutions. ManpowerGroup has been built over the last 65 years to provide our clients with a comprehensive range of workforce solutions. Our deep expertise and experience sourcing, developing and managing talent ...

  • Page 7

  • Page 8

  • Page 9
    ManpowerGroup | Annual Report 2014 07 DEAR MANPOWERGROUP INVESTOR, ManpowerGroup enjoyed a strong year in 2014 from many perspectives. We executed very well financially and operationally, building strength and capabilities in our company.

  • Page 10
    ... GDP makes planning difficult, while soft demand hampers business growth. In 2014, ManpowerGroup successfully navigated this complex environment, guided by our unmatched global perspective on world of work trends and their impact. We accelerated our performance, and that of our clients, across our...

  • Page 11
    ...multi-channel sales and delivery model that leverages our branches as well as our on-site and digital presence. We also expanded our Centers of Recruiting Excellence (CORE) to Poland, Peru, the Philippines and the United States. To further drive growth, Manpower improved its sales approach to better...

  • Page 12
    ...to help companies assess, develop and transition their talent for faster time to value. ManpowerGroup Solutions delivered 12% gross profit growth in constant currency in 2014, with great performance from our Recruit ment Process Outsourcing (RPO) and TAPFIN-Managed Services Provider (MSP) businesses...

  • Page 13
    ManpowerGroup | Annual Report 2014 11 " In this environment, competitive advantage is becoming increasingly transient, and companies require strategic and operational agility." OUR PERSPECTIVE The labor market changes once considered only cyclical are also proving to be structural, creating ...

  • Page 14
    12 Annual Report 2014 | ManpowerGroup OUR OPPORTUNIT Y In this changing world of work, our workforce solutions provide the speed and agility needed to accelerate business performance. Our aim is to continuously strengthen our offerings that address the workforce challenges our clients are facing...

  • Page 15
    ... our client relationships and our organizational structure, as well as our leadership mindset and skills, as more clients recognize the value of working with a trusted partner that has the capabilities to address multiple workforce needs. Our external focus on client needs and market evolution...

  • Page 16

  • Page 17
    ... | Annual Report 2014 15 " We are driven by this duality of purpose: we help companies win in the changing world of work and connect millions of people to meaningful employment." We believe the changing world of work will provide great opportunities for many, including ManpowerGroup and...

  • Page 18
    ... By partnering with clients, governments and community organizations to help people gain needed skills, work experience and build their employability, we benefit individuals, communities and economies. NORTH AMERICA Market Challenge: • • • Long-term unemployment Reintegrating veterans Skills...

  • Page 19
    ... ManpowerGroup markets have employability programs. EUROPE Market Challenge: • • • Youth unemployment Integrating refugees and immigrants Skills mismatch Thanks to the Integra program my skills and abilities as a worker have increased exponentially." Participant in Integra program for college...

  • Page 20
    ...112,876,552 (as of Dec 31, 2014)   2010 2011 2012 2013 2014 Strong Record 2010 2011 2012 2013 2014 of Long-Term Revenue Growth ($ in billions) Avg. Daily Volume 700,000+ (shares per day in 2014) 25 20 Stock Exchange 15 NYSE: MAN Market Capitalization 10 5 $5.3 billion (as of Dec...

  • Page 21
    ... offices, which were $968.0 million, $1,075.2 million, $1,051.8 million, $1,069.1 million and $1,124.7 million for 2010, 2011, 2012, 2013 and 2014. In the United States, where the majority of our franchises operate, revenues from services includes fees received from the related franchise operations...

  • Page 22
    ... offices, which were $968.0 million, $1,075.2 million, $1,051.8 million, $1,069.1 million and $1,124.7 million for 2010, 2011, 2012, 2013 and 2014. In the United States, where the majority of our franchises operate, revenues from services includes fees received from the related franchise operations...

  • Page 23
    ...56 57 91 91 92 93 Management's Discussion & Analysis Management Report on Internal Control Over Financial Reporting Reports of Independent Registered Public Accounting Firm Consolidated Statements of Operations Consolidated Statements of Comprehensive Income Consolidated Balance Sheets Consolidated...

  • Page 24
    ... the world of work. By offering a comprehensive range of workforce solutions and services, we help companies at varying stages in their evolution increase productivity, improve strategy, quality and efficiency, and reduce costs across their workforce to achieve their business goals. ManpowerGroup...

  • Page 25
    ... both the skilled employees our clients need and high-value workforce management, outsourcing and consulting solutions. Client demand for workforce solutions and services is dependent on the overall strength of the labor market and secular trends toward greater workforce flexibility within each of...

  • Page 26
    ... member of executive management. Given this reporting structure, all of our operations have been segregated into the following reporting segments: Americas, which includes United States and Other Americas; Southern Europe, which includes France, Italy and Other Southern Europe; Northern Europe; APME...

  • Page 27
    ...of our reported results, are included on pages 36 and 37. RESULTS OF OPER ATIONS - YE ARS ENDED DECEMBER 31, 2014, 2013 AND 2012 Client demand for workforce solutions and services is dependent on the overall strength of the labor market and secular trends toward greater workforce flexibility within...

  • Page 28
    ...legislative changes restricted the use of temporary employment and we recently experienced a softer demand in the market; • decreased demand for outplacement services at Right Management, where these revenues decreased 10.2% (-9.8% in constant currency); and • our acquisitions in Southern Europe...

  • Page 29
    ...-personnel related costs, excluding the lease and office-related costs noted above, as a result of the simplification and cost recalibration actions taken; partially offset by • legal costs of $9.0 million recorded in the United States related to a settlement agreement (see the Employment-Related...

  • Page 30
    ... 37.3% effective tax rate was higher than the United States Federal statutory rate of 35% due primarily to the French business tax, repatriations, valuation allowances and other permanent items. Net earnings per share - diluted was $5.30 in 2014 compared to $3.62 in 2013. Foreign currency exchange...

  • Page 31
    ManpowerGroup | Annual Report 2014 29 • revenue decline in the United States of 1.4% primarily due to a decrease in our larger strategic account client revenues because of softening demand, a large client project in our Manpower business line that concluded in the first quarter of 2013 and ...

  • Page 32
    ... 678 Company-owned branch offices and 180 stand-alone franchise offices. In the Americas, 4,583.7 4,510.2 4,595.9 2014 2013 2012 revenues from services increased 1.6% (5.4% in constant currency) in 2014 compared to 2013. In the United States, revenues from services increased 4.0% in 2014 compared...

  • Page 33
    ...decline in the gross profit margin in 2014 compared to 2013. The margin increase in the Americas in 2013 was primarily due to the United States, as a result of declines in salary-related and lease costs from the cost recalibration actions, the 2012 legal costs and the improvement in the gross profit...

  • Page 34
    ... Europe's revenues). The increase in France was due primarily to market share gains in a stabilizing market. The increase in Italy was mostly due to increased demand for our Manpower staffing services as clients opted for more flexible labor solutions given the current economic conditions and...

  • Page 35
    ManpowerGroup | Annual Report 2014 33 2014, 2013 and 2012, respectively. Italy's margin increase in 2014 was due to our ability to effectively manage selling and administrative expenses while revenues increased, partially offset by the decrease in our gross profit margin and the impact of three ...

  • Page 36
    34 MANAGEMENT'S DISCUSSION & ANALYSIS of financial condition and results of operations OUP margin for Northern Europe was 3.3%, 2.4% and 2.8% in 2014, 2013 and 2012, respectively. The increase in 2014 was the result of better operational leverage, as we were able to support the higher revenue ...

  • Page 37
    ...-related costs due to lower headcount. Right Management Revenues ($ in millions) Right Management - Right Management is a leading global provider of talent and career management (also known as outplacement services) 294.2 316.8 328.5 2014 2013 2012 workforce solutions, operating in 139 offices...

  • Page 38
    ... represent 2014 compared to 2013 Reported Variance Impact of Currency Revenues from Services Americas: United States Other Americas $ 3,086.4 1,497.3 4,583.7 Southern Europe: France Italy Other Southern Europe 5,351.6 1,178.8 979.3 7,509.7 Northern Europe APME Right Management ManpowerGroup Gross...

  • Page 39
    ... Revenues from Services Americas: United States Other Americas $ 2,967.0 1,543.2 4,510.2 Southern Europe: France Italy Other Southern Europe 5,284.9 1,087.6 864.5 7,237.0 Northern Europe APME Right Management ManpowerGroup Gross Profit - ManpowerGroup Operating Unit Profit Americas: United States...

  • Page 40
    ... office furniture and other costs related to office openings and refurbishments, as well as capitalized software costs of $3.4 million, $0.5 million and $3.3 million in 2014, 2013 and 2012, respectively. From time to time, we acquire and invest in companies throughout the world, including franchises...

  • Page 41
    ManpowerGroup | Annual Report 2014 39 We currently have authorization from our board of directors to repurchase 8.0 million shares of our common stock. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately ...

  • Page 42
    ...current credit rating, the annual facility fee is 17.5 basis points paid on the entire $600.0 million facility and the credit spread is 107.5 basis points on any borrowings. A downgrade from both credit rating agencies would unfavorably impact our facility fees and result in additional costs ranging...

  • Page 43
    ..., 2013 and 2012, respectively. Employment-Related Items The employment of contingent workers and permanent staff throughout the world results in the recognition of liabilities related to defined benefit pension plans, self-insured workers' compensation, social program remittances and payroll tax...

  • Page 44
    ... of financial condition and results of operations Defined Benefit Pension Plans We sponsor several qualified and nonqualified pension plans covering permanent employees. The most significant plans are located in the United Kingdom, the United States, the Netherlands, France and Norway. Annual...

  • Page 45
    ...term. We experienced a significant increase in client claims against us in France during the second quarter of 2013, requesting refunds for various payroll tax subsidies that we had received dating back to 2003 related to our French temporary associates. In March 2014, the French Supreme Court ruled...

  • Page 46
    ... the sale as the terms of the agreement are such that the transaction qualifies for sale treatment according to the accounting guidance on the transfer and servicing of assets. The discount on the sale of this receivable was recorded as a reduction of the payroll tax credits in cost of services. We...

  • Page 47
    ... revenue growth rates and operating unit profit margins, our assessment of future market potential, and our expectations of future business performance. The table below provides our reporting units' estimated fair values and carrying values, determined as part of our annual goodwill impairment test...

  • Page 48
    ... markets. Revenues from services in constant currency were approximately 1.5% higher than reported revenues in 2014. In 2013, the fluctuations in currencies resulted in no impact to our consolidated revenues from services. In both 2014 and 2013, a change in the strength of the United States dollar...

  • Page 49
    ... exposure to market risk for changes in interest rates relates primarily to our variable rate long-term debt obligations. We have historically managed interest rates through the use of a combination of fixed- and variable-rate borrowings and interest rate swap agreements. As of December 31, 2014, we...

  • Page 50
    48 MANAGEMENT'S DISCUSSION & ANALYSIS of financial condition and results of operations The hypothetical changes in the fair value of our market sensitive instruments due to changes in interest rates, and changes in foreign currency exchange rates for the forward contracts, are as follows: As of ...

  • Page 51
    ... major temporary worker employers' associations) entered into a new Collective Labor Agreement (CLA). The first phase of the CLA was effective in November 2013 and January 2014, and required higher wages to temporary employees and higher cost for vacation, sick pay, and temporary staff time accounts...

  • Page 52
    ... in Rule 13a-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is a process designed to provide reasonable assurance to management and the Board of Directors regarding the reliability of financial reporting and the preparation of financial statements for...

  • Page 53
    ... Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit...

  • Page 54
    .... We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements as of and for the year ended December 31, 2014 of the Company and our report dated February 20, 2015 expressed an unqualified opinion on...

  • Page 55
    ManpowerGroup | Annual Report 2014 53 CONSOLIDATED STATEMENTS OF OPERATIONS in millions, except per share data Year Ended December 31 2014 2013 2012 Revenues from services Cost of services Gross profit Selling and administrative expenses Operating profit Interest and other expenses Earnings...

  • Page 56
    ... in millions, except share and per share data December 31 2014 2013 ASSETS Current Assets Cash and cash equivalents Accounts receivable, less allowance for doubtful accounts of $111.4 and $118.6, respectively Prepaid expenses and other assets Future income tax benefits Total current assets Other...

  • Page 57
    ...2014 2013 2012 Cash Flows from Operating Activities Net earnings Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Provision for doubtful accounts Share-based compensation Excess tax benefit on exercise of share...

  • Page 58
    ...Common Stock Shares Issued Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive (Loss) Income Treasury Stock Total Balance, January 1, 2012 Net earnings Other comprehensive loss Issuances under equity plans, including tax benefits Share-based compensation...

  • Page 59
    ... segments. Our largest operations, based on revenues, are located in the United States, France, Italy and the United Kingdom. We specialize in permanent, temporary and contract recruitment and assessment; training and development; outsourcing; career management and workforce consulting services. We...

  • Page 60
    ... long-term portion of deferred revenue was zero and $10.0, respectively. The decrease in these amounts is primarily related to a client contract that ended in 2014. We record revenues from sales of services and the related direct costs in accordance with the accounting guidance on reporting revenue...

  • Page 61
    ...2015. Changes in the restructuring liability balances for each reportable segment and Corporate are as follows: Americas(1) Southern Europe(2) Northern Europe APME Right Management Corporate Total Balance, January 1, 2013 Severance costs, net Office closure costs, net Costs paid or utilized Balance...

  • Page 62
    ... FINANCIAL STATEMENTS in millions, except share and per share data We determine the fair value of our deferred compensation plan assets, comprised of publicly traded securities, by using market quotes as of the last day of the period. The fair value of the foreign currency forward contracts...

  • Page 63
    ... approach because we believe that management's assumptions generally provide greater insight into the reporting unit's fair value. Significant assumptions used in our goodwill impairment tests during 2014, 2013 and 2012 included: expected revenue growth rates, operating unit profit margins, working...

  • Page 64
    ... ineffective portions of the changes in the fair value of cash flow hedges are recognized in earnings. Foreign Currency Translation The financial statements of our non-United States subsidiaries have been translated in accordance with the accounting guidance on foreign currency translation. Under...

  • Page 65
    ... the sale as the terms of the agreement are such that the transaction qualifies for sale treatment according to the accounting guidance on the transfer and servicing of assets. The discount on the sale of this receivable was recorded as a reduction of the 2013 payroll tax credits in cost of services...

  • Page 66
    ... year after the date that the financial statements are issued, and if so, disclose that fact. Management is also required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for us in 2017 and will be applicable to both annual and interim reporting periods. We...

  • Page 67
    ..., in share-based compensation expense related to stock options, deferred stock, restricted stock and performance share units, all of which is recorded in selling and administrative expenses. The total income tax benefit recognized related to share-based compensation during 2014, 2013 and 2012 was...

  • Page 68
    .... We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions: Year Ended December 31 2014 2013 2012 Average risk-free interest rate Expected dividend yield Expected volatility Expected term (years) 1.8% 1.2% 37...

  • Page 69
    ... unrecognized compensation cost related to unvested restricted stock, which we expect to recognize over a weighted-average period of approximately 2.0 years. Performance Share Units Our 2011 Plan allows us to grant performance share units. We grant performance share units with a performance period...

  • Page 70
    ...recognized over the performance and holding periods and is recorded in selling and administrative expenses. We have recognized total compensation expense of $20.1, $13.1 and $9.6 in 2014, 2013 and 2012, respectively, related to the performance share units. Notes to Consolidated Financial Statements

  • Page 71
    ManpowerGroup | Annual Report 2014 69 Other Stock Plans Under the 1990 Employee Stock Purchase Plan, designated employees meeting certain service requirements may purchase shares of our common stock through payroll deductions. These shares may be purchased at their fair market value on a monthly...

  • Page 72
    ...consolidated effective tax rate is as follows: Year Ended December 31 2014 2013 2012 Income tax based on statutory rate Increase (decrease) resulting from: Non-United States tax rate difference Repatriation of non-United States earnings State income taxes, net of Federal benefit Change in valuation...

  • Page 73
    ... which gave rise to the deferred taxes, were as follows: December 31 2014 2013 Current Future Income Tax Benefits (Expense) Accrued payroll taxes and insurance Employee compensation payable Pension and postretirement benefits Repatriation of non-United States earnings Other Valuation allowance $ 11...

  • Page 74
    ..., the United States and the United Kingdom. As of December 31, 2014, we were subject to tax audits in France, Germany, Denmark, Austria, Italy, Norway and Spain. We believe that the resolution of these audits will not have a material impact on earnings. Notes to Consolidated Financial Statements

  • Page 75
    ManpowerGroup | Annual Report 2014 73 Note 06. Goodwill Changes in the carrying value of goodwill by reportable segment and Corporate were as follows: Americas(1) Southern Europe(2) Northern Europe APME Right Management Corporate(3) Total(4) Balance, January 1, 2013 Goodwill acquired Currency ...

  • Page 76
    ... on the entire $600.0 facility and the credit spread is 107.5 basis points on any borrowings. A downgrade from both credit agencies would unfavorably impact our facility fees and result in additional costs ranging from approximately $0.3 to $0.6 annually. Notes to Consolidated Financial Statements

  • Page 77
    ...in the plans' benefit obligations and the fair value of plan assets and the funded status of the plans are as follows: United States Plans Year Ended December 31 2014 2013 Non-United States Plans 2014 2013 Change in Benefit Obligation Benefit obligation, beginning of year Service cost Interest cost...

  • Page 78
    ... share data United States Plans Year Ended December 31 2014 2013 Non-United States Plans 2014 2013 Change in Plan Assets Fair value of plan assets, beginning of year Actual return on plan assets Plan participant contributions Company contributions Benefits paid Currency exchange rate changes Fair...

  • Page 79
    ...4.1% 3.8% The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: United States Plans Year Ended December 31 2014 2013 2012 2014 Non-United States Plans 2013 2012 Discount rate Expected long-term return on plan assets Rate of compensation increase...

  • Page 80
    ... insurance contract that is measured at the present value of expected future benefit payments using the Deutsche National Bank interest curve. The fair value of our pension plan assets by asset category was as follows: United States Plans Fair Value Measurements Using Quoted Prices in Active Markets...

  • Page 81
    ManpowerGroup | Annual Report 2014 79 United States Plans Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Non-United States Plans Fair Value Measurements Using Quoted Prices in Active Markets for ...

  • Page 82
    ... FINANCIAL STATEMENTS in millions, except share and per share data Retiree Health Care Plan We provide medical and dental benefits to certain eligible retired employees in the United States. Due to the nature of the plan, there are no plan assets. The reconciliation of the changes in the plan...

  • Page 83
    ... amounts reported. A one-percentage point change in the assumed health care cost trend rate would have the following effects: 1% Increase 1% Decrease Effect on total of service and interest cost components Effect on benefit obligation $- 0.4 $ - (0.3) Notes to Consolidated Financial Statements

  • Page 84
    ... CONSOLIDATED FINANCIAL STATEMENTS in millions, except share and per share data Future Contributions and Payments During 2015, we plan to contribute $12.4 to our pension plans and to fund our retiree health care payments as incurred. Projected benefit payments from the plans as of December 31, 2014...

  • Page 85
    ...forward contracts") to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. We manage interest rate risk through the use of...

  • Page 86
    ... a significant increase in client claims against us in France during the second quarter of 2013, requesting refunds for various payroll tax subsidies that we had received dating back to 2003 related to our French temporary associates. In March 2014, the French Supreme Court ruled in our favor on...

  • Page 87
    ... Report 2014 85 In June 2012, we recorded legal costs of $10.0 in the United States for various legal matters, the majority of which was related to our entry into a settlement agreement in connection with a purported class action lawsuit involving allegations regarding our vacation pay policies...

  • Page 88
    ... expenses Earnings before income taxes (a) Further breakdown of revenues from services by geographical region is as follows: Revenues from Services (105.8) (33.4) (38.3) $ 681.6 $ 475.5 $ 368.4 2014 2013 2012 United States France Italy United Kingdom Total Foreign $ 3,190.6 5,378.6 1,183...

  • Page 89
    ManpowerGroup | Annual Report 2014 87 Year Ended December 31 2014 2013 2012 Depreciation and Amortization Expense Americas: United States Other Americas $ 9.4 4.1 13.5 Southern Europe: France Italy Other Southern Europe 13.0 2.4 2.2 17.6 Northern Europe APME Right Management Corporate ...

  • Page 90
    ... millions, except share and per share data Year Ended December 31 2014 2013 2012 Total Assets Americas: United States Other Americas $1,532.7 284.1 1,816.8 Southern Europe: France Italy Other Southern Europe 1,922.7 230.0 218.4 2,371.1 Northern Europe APME Right Management Corporate (a) $1,476...

  • Page 91
    ManpowerGroup | Annual Report 2014 89 Year Ended December 31 2014 2013 2012 Long-Lived Assets(a) Americas: United States Other Americas $ 25.4 8.3 33.7 Southern Europe: France Italy Other Southern Europe 44.6 4.7 11.1 60.4 Northern Europe APME Right Management Corporate 29.0 20.6 10.6 0.1 $...

  • Page 92
    ...Year Ended December 31, 2014 Revenues from services Gross profit Operating profit Net earnings Net earnings per share - basic Net earnings per share - diluted Dividends per share Market price: High Low Year Ended December 31, 2013 Revenues from services Gross profit Operating profit Net earnings Net...

  • Page 93
    ManpowerGroup | Annual Report 2014 91 SELECTED FINANCIAL DATA in millions, except per share data As of and for the Year Ended December 31 2014 2013 2012 2011 2010 Operations Data Revenues from services Gross profit Operating profit (loss) Net earnings (loss) Per Share Data Net earnings (...

  • Page 94
    ..., Peru, Philippines, Poland, Portugal, Puerto Rico, Romania, Russia, Serbia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Tunisia, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Venezuela and Vietnam About ManpowerGroup...

  • Page 95
    ... ManpowerGroup MANAGEMENT Jeffrey A. Joerres Executive Chairman Gina R. Boswell1*,3 Executive Vice President - Personal Care, North America Unilever Jonas Prising Chief Executive Officer Darryl Green President and Chief Operating Officer Cari M. Dominguez 2 Former Chair of the Equal Employment...

  • Page 96
    ... 17, 2015, ManpowerGroup common stock was held by approximately 3,600 record holders. Annual Meeting of Shareholders April 28, 2015 at 10 a.m. ManpowerGroup World Headquarters 100 Manpower Place Milwaukee, WI 53212 USA Transfer Agent and Registrar Computershare PO Box 30170 College Station, TX...

  • Page 97
    ...a bridge to employment for individuals from disadvantaged populations around the world. Recognized as the world's most ethical company in our industry, ManpowerGroup is committed to human rights, fair labor practices and ethical business dealings. We proudly support the United Nations Global Compact...

  • Page 98
    ManpowerGroup | 100 Manpower Place | Milwaukee, Wisconsin 53212 | www.manpowergroup.com