ManpowerGroup 2014 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 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
(CONTINUED)
Excluding Non-Recurring Items As Reported
Operating Profit Margin
(in percent)
3.5%
2.5%
2.0%
2014
2013
2012
2.4%2011
(0.7)%
3.0%(b)
2.3%(c)
2.5%(b)
1.8%(d)
2010
Operating profit margin increased to 3.5% in 2014 due to a higher gross
profit margin and improved operational leverage.
Emerging market revenues grew 6.0% in 2014. Key expansion markets
grew: Colombia (+40.0%), India (+21.8%) and Korea (+20.4%).
2,623.7
2,676.8
2,637.9
2014
2013
2012
2,475.92011
1,919.62010
Emerging Markets Revenues
($ in millions)
469.1
517.9
770.1
2,943.0
2,914.2
2,500.8
2014
2013
2012
700.22,483.4
2011
698.02,397.2
2010
Total Capitalization
($ in millions)
Debt as a percentage of total capitalization was 14% in 2014, compared
to 15% in 2013 and 24% in 2012.
Equity Debt
Excluding Non-Recurring Items As Reported
5.30
3.62
2.47
2014
2013
2012
3.042011
(3.26)
4.44(b)
2.95(c)
3.26(b)
1.72(d)
2010
Net Earnings Per Share—Diluted
(in dollars)
Net earnings per share—diluted increased to $5.30, up 22% in constant
currency excluding non-recurring items in 2013.
(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
Annual Report 2014 | ManpowerGroup
20