ManpowerGroup 2001 Annual Report Download

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It’s more than work.
Manpower Inc.
2001 Annual Report

Table of contents

  • Page 1
    Manpower Inc. 2001 Annual Report It's more than work.

  • Page 2
    It's more than a paycheck. It's more than a title.

  • Page 3
    It's more than a place to mingle.

  • Page 4
    It's more than a routine.

  • Page 5
    It's more than moving paper. It's more than a place to sit.

  • Page 6
    It's more than the passage of time.

  • Page 7
    It's more than work. It's about life.

  • Page 8
    It's about being rewarded for effort.

  • Page 9
    It's about learning something new every day. It's about updating skills for today's environment.

  • Page 10
    It's about being ona team that truly cares for one another.

  • Page 11
    It's about setting a good example for others. It's about pride.

  • Page 12
    It's about knowing you made a difference.

  • Page 13
    At Manpower, it's about the 2 million well-trained, intelligent, motivated, reliable It's about Manpower. people who make a difference to our customers. And in theprocess, they lead productive lives for themselves, and create shareholder value for you.

  • Page 14
    ... many markets and expanded our growth - Jefferson Wells allows us to offer a wide range of presence worldwide, growing our network to more than specialized services that are strategically important to our 3,900 offices, with 235 net office additions in the year. We customers. Just as important, this...

  • Page 15
    ... by Manpower employees, working Manpower the best staffing company to do business with in different countries and different cultures - to a shared worldwide. As a result, we continued our investments in 2001 - making substantial progress on our integrated back office in the United States, developing...

  • Page 16
    ... Highlights Financial Contents - Manpower Inc. 2001 Annual Report - Systemwide Sales (a) in Millions of U.S. Dollars Revenues in Millions of U.S. Dollars Operating Margin (b) in Millions of U.S. Dollars 30 39 Management's Discussion and Analysis Report of Independent Public Accountants...

  • Page 17
    ... of human resource services including professional, technical, specialized, office and industrial staffing; temporary and permanent employee testing, selection, training and development; and organizationalperformance consulting. Results of Operations Years Ended December 31, 2001, 2000 and 1999...

  • Page 18
    ...of internal audit, accounting, technology and tax services. It operates a network of offices throughout the United States and Canada. Empower, which was formed in 2000, provides added-value human resource solutions and consulting services through a network of global offices. During 2001, the Company...

  • Page 19
    ..., 2001. Unless extended by amendment, the agreement expires in December 2002. (See Note 4 to the Consolidated Financial Statements for further information.) The Company's principal ongoing cash needs are to finance working capital, capital expenditures, acquisitions and the share repurchase program...

  • Page 20
    ...human resource services including professional, technical, specialized, office and industrial staffing; temporary and permanent employee testing, selection, training, and development; and organizational-development consulting. The Company believes that the breadth of its operations and the diversity...

  • Page 21
    ..., 2001 and 2000, and the related consolidated statements of operations, cash flows and shareholders' equity for each of the three years in the period ended December 31, 2001. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express...

  • Page 22
    ....4 (496.9) (145.1) (249.8) 740.4 year ended december 31 2001 Total current liabilities Other Liabilities Long-term debt Other long-term liabilities Systemwide sales Systemwide offices at year-end Systemwide information represents total of Company-owned branches and franchises. $ 11,779.1 3,920...

  • Page 23
    ...of businesses, net of cash acquired Proceeds from the sale of property and equipment Cash used by investing activities Cash Flows from Financing Activities Net change in payable to banks Proceeds from long-term debt Repayment of long-term debt Proceeds from stock option and purchase plans Repurchase...

  • Page 24
    ... of human resource services, including professional, technical, specialized, office and industrial staffing; temporary and permanent employee testing, selection, training and development; and organizational-performance consulting. The Company provides services to a wide variety of customers, none of...

  • Page 25
    ... share - diluted for the years ended December 31, is as follows: 2001 2000 1999 Property and equipment are stated at cost and depreciated using the straight-line method over the following estimated useful lives: buildings - up to 40 years; leasehold improvements - lesser of life of asset or lease...

  • Page 26
    ...Financial Statements - in millions, except per share data - (continued) 03 Income Taxes The provision for income taxes consists of: 2001 2000 1999 Deferred income taxes are recorded on temporary differences at the tax rate expected to be in effect when the temporary differences reverse. Temporary...

  • Page 27
    ....8 was unused. The Company has no significant compensating balance requirements or commitment fees related to these lines. A summary of long-term debt at December 31, is as follows: 2001 2000 The revolving credit agreements allow for borrowings in various currencies and up to $100.0 million of the...

  • Page 28
    ...this plan. The Company also has the Savings Related Share Option Scheme for United Kingdom employees with at least one year of service. The employees are offered the opportunity to obtain an option for a specified number of shares of common stock at not less than 85% of their market value on the day...

  • Page 29
    ... in 1999. Retiree Health Care Plan The Company provides 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's benefit obligation and the statement of the funded...

  • Page 30
    ... defined benefit pension plans. In addition, the Company no longer provides medical and dental benefits under its U.S. retiree health care plan to certain employees retiring after March 1, 2000. The net impact of these plan changes was not material to the Consolidated Financial Statements. Defined...

  • Page 31
    ... of significant accounting policies. The Company evaluates performance based on Operating Unit Profit, which is equal to segment revenues less direct costs and branch and national head office operating costs. This profit measure does not include nonrecurring items, goodwill amortization, interest...

  • Page 32
    Notes to Consolidated Financial Statements - in millions, except per share data - (continued) Quarterly Data (unaudited) - in millions, except per share data - 2001 2000 1999 first quarter second quarter third quarter fourth quarter total Total Assets United States France United Kingdom...

  • Page 33
    ... 255.4 163.9 World Headquarters P.O. Box 2053 5301 N. Ironwood Rd. Milwaukee, WI 53201 414 .961.1000 www.manpower.com Transfer Agent and Registrar Mellon Investor Services LLC P.O. Box 3315 South Hackensack, NJ 07606 www.mellon-investor.com Stock Exchange Listing NYSE Symbol: MAN 10-K Report A copy...

  • Page 34
    ... Belgium • Bolivia • Brazil • Canada • Chile • China (PRC) • Colombia • Costa Rica • Czech Republic • Denmark • Ecuador • El Salvador Finland • France • Germany • Greece • Guadeloupe • Guatemala • Honduras • Hong Kong • Hungary • India • Ireland • Israel...

  • Page 35
    P.O. Box 2053 5301 N. Ironwood Rd. Milwaukee, WI 53201 414.961.1000 www.manpower.com A R-105 ( 3/02 ) © 2002 Manpower Inc.