ManpowerGroup 2014 Annual Report Download - page 21

Download and view the complete annual report

Please find page 21 of the 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

FINANCIAL HIGHLIGHTS
(a) Revenues from services include fees received from our franchise offices of $23.6 million, $25.2 million, $23.9 million, $24.4 million and $25.4 million for 2010, 2011, 2012,
2013 and 2014, respectively. These fees are primarily based on revenues generated by the franchise 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 of $13.7 million, $13.6 million, $14.6 million, $15.2 million and $16.1 million for 2010, 2011, 2012, 2013 and 2014,
respectively. These fees are primarily based on revenues generated by the franchise operations, which were $622.0 million, $646.1 million, $691.7 million, $695.6 million
and $744.8 million for 2010, 2011, 2012, 2013 and 2014, respectively.
(b) Amounts exclude the impact of global restructuring charges. (See Note 1 to the Consolidated Financial Statements for further information.)
(c) Amounts exclude the impact of legal costs and global restructuring charges. (See Note 1 to the Consolidated Financial Statements for further information.)
(d) Amounts exclude the impact of the goodwill and intangible asset impairment charges related to our investments in Right Management and Jefferson Wells, and global
restructuring charges.
NOTES
20,762.8
20,250.5
20,678.0
2014
2013
2012
22,006.0
2011
18,866.5
2010
Revenues from Services(a)
($ in millions)
In 2014, we experienced revenue growth in most of our markets as the
global economy continued to stabilize. The improving economic conditions
contributed to revenues of $20.8 billion, up 4.0% in constant currency, as
we maintained a steady trend of improvement throughout 2014.
Excluding Non-Recurring Items As Reported
15.6%
11.2%
8.0%
2014
2013
2012
10.1%2011
(7.4)%
13.5%(b)
9.4%(c)
10.8%(b)
6.1%(d)
2010
Return on Invested Capital (ROIC)
Return on invested capital is defined as operating profit after tax divided
by the average monthly total of net debt and equity for the year. Net debt
is defined as total debt less cash and cash equivalents.
Excluding Non-Recurring Items As Reported
427.6
288.0
197.6
2014
2013
2012
251.62011
(263.6)
353.3(b)
236.2(c)
270.0(b)
141.3(d)
2010
Net Earnings
($ in millions)
Net earnings was $427.6 million, up 23% in constant currency excluding
non-recurring items in 2013.
Excluding Non-Recurring Items As Reported
719.9
511.9
411.7
2014
2013
2012
524.2
2011
(122.0)
601.3(b)
467.1(c)
547.3(b)
337.3(d)
2010
Operating Profit
($ in millions)
Operating profit increased to $719.9 million, up 22% in constant currency
excluding non-recurring items in 2013.
ManpowerGroup | Annual Report 2014 19