ManpowerGroup 2014 Annual Report Download - page 39

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ManpowerGroup | Annual Report 2014 37
Amounts represent 2013
Percentages represent 2013 compared to 2012
Reported
Amount
(in millions)
Reported
Variance
Impact of
Currency
Variance in
Constant
Currency
Impact of
Acquisitions
(in Constant
Currency)
Organic
Constant
Currency
Variance
Revenues from Services
Americas:
United States $ 2,967.0 (1.4)% —% (1.4)% —% (1.4)%
Other Americas 1,543.2 (2.7) (3.9) 1.2 0.1 1.1
4,510.2 (1.9) (1.4) (0.5) 0.1 (0.6)
Southern Europe:
France 5,284.9 (2.6) 3.2 (5.8) 0.2 (6.0)
Italy 1,087.6 2.9 3.2 (0.3) — (0.3)
Other Southern Europe 864.5 12.5 4.6 7.9 1.8 6.1
7,237.0 (0.2) 3.4 (3.6) 0.3 (3.9)
Northern Europe 5,738.8 (0.6) 1.1 (1.7) 0.6 (2.3)
APME 2,447.7 (10.3) (8.9) (1.4) — (1.4)
Right Management 316.8 (3.6) (1.5) (2.1) — (2.1)
ManpowerGroup $ 20,250.5 (2.1)% —% (2.1)% 0.3% (2.4)%
Gross Profit — ManpowerGroup $ 3,366.7 (2.2)% (0.1)% (2.1)% 0.3% (2.4)%
Operating Unit Profit
Americas:
United States $ 99.8 64.2% —% 64.2% —% 64.2%
Other Americas 43.9 (13.1) (1.6) (11.5) 0.6 (12.1)
143.7 29.0 (0.8) 29.8 0.3 29.5
Southern Europe:
France 198.9 53.4 5.4 48.0 (0.1) 48.1
Italy 53.8 18.5 3.7 14.8 — 14.8
Other Southern Europe 11.9 18.1 6.5 11.6 9.3 2.3
264.6 42.9 5.0 37.9 0.5 37.4
Northern Europe 139.7 (12.6) 0.5 (13.1) 0.6 (13.7)
APME 70.8 (22.0) (8.7) (13.3) — (13.3)
Right Management 20.4 52.3 (7.3) 59.6 — 59.6
Operating Profit — ManpowerGroup $ 511.9 24.3% —% 24.3% 0.5% 23.8%
CASH SOURCES AND USES
Cash used to fund our operations is primarily generated through operating activities and provided by our existing credit
facilities. We believe that our available cash and our existing credit facilities are sufficient to cover our cash needs for the
foreseeable future. We assess and monitor our liquidity and capital resources globally. We use a global cash pooling
arrangement, intercompany lending, and some local credit lines to meet funding needs and allocate our capital resources
among our various entities. As of December 31, 2014, we had $513.2 million of cash held by foreign subsidiaries that was
not available to fund domestic operations unless repatriated. We anticipate cash repatriations to the United States from
certain foreign subsidiaries and have provided for deferred taxes related to those foreign earnings not considered to be
Management’s Discussion & Analysis