Our Financial Highlights

2020 Segment Revenues
($ in millions)
$18,001.0Total
  • Americas3,792.4
  • Southern Europe7,855.2
  • Northern Europe3,976.7
  • APME2,376.7
2020 Segment Operating Unit Profit
($ in millions)
$395.5Total
  • Americas116.0
  • Southern Europe237.0
  • Northern Europe-27.6
  • APME70.1
Revenues from Services(a)
($ in millions)
  • '20 18,001.0
  • '19 20,863.5
  • '18 21,991.2
  • '17 21,034.3
  • '16 19,654.1

In 2020, we experienced a difficult revenue environment in most of our markets. Revenues were $18.0 billion, down 14% in constant currency (b).

In perhaps the most challenging operating environment in our history, we were able to mitigate the impact of the pandemic on our 2020 financial results by taking strong actions. We finished the year with revenues of $18 billion and operating profit of $188 million. Excluding restructuring charges and other special items our adjusted operating profit represented $377(e) million in 2020.

Avg. Daily Volume(shares per day in 2020)
613k+
Market Capitalization(as of Dec 31, 2020)
$5.0b
Shares Outstanding(as of Dec 31, 2020)
55.6m
Operating Profit(c)
($ in millions)
  • '20 376.9 (e) 187.6
  • '19 719.9 (e) 644.9
  • '18 836.0 (d) 796.7
  • '17 823.7 (d) 789.2
  • '16 745.5
  • As Adjusted
  • As Reported

Operating profit was $188 million, down 71.2% in constant currency. As adjusted, operating profit decreased 48.1% in constant currency.

Emerging Markets Revenues
($ in millions)
  • '20 2,404.0
  • '19 2,912.5
  • '18 3,109.8
  • '17 2,794.7
  • '16 2,482.9

Emerging Markets revenues declined 11.2% in constant currency. Key expansion markets grew in constant currency: Vietnam (+35.4%), Philippines (+22.4%), Turkey (+13.9%), Brazil (+7.8%), Korea (+5.9%) and Russia (+1.9%).

Net Earnings
($ in millions)
  • '20 213.7 (e) 23.8
  • '19 463.2 (e) 465.7
  • '18 586.6 (d) 556.7
  • '17 573.2 (d) 545.4
  • '16 443.7
  • As Adjusted
  • As Reported

Net earnings was $23.8 million, down 94.9% in constant currency. As adjusted, net earnings was down 54.2% in constant currency.

NYSE
MAN
Fiscal Year End Date
12/31
2020 Share Price High/Low
$100.99 / $49.57
Operating Profit Margin(c)
(in percent)
  • '20 2.1% (e) 1.0%
  • '19 3.5% (e) 3.1%
  • '18 3.8% (d) 3.6%
  • '17 3.9% (d) 3.8%
  • '16 3.8%
  • As Adjusted
  • As Reported

Operating profit margin decreased 210bps to 1.0% in 2020. As adjusted, operating profit margin decreased 140bps to 2.1%.

Long-Term Revenue Trends
($ in billions)
Total Capitalization
($ in millions)
  • '20 2,453.6 1,123.9
  • '19 2,761.5 1,073.4
  • '18 2,698.5 1,075.4
  • '17 2,857.6 947.5
  • '16 2,446.4 825.4
  • Equity
  • Debt

Debt as a percentage of total capitalization was 31% in 2020, compared to 28% in 2019 and 28% in 2018.

Net Earnings Per Share—Diluted
(in dollars)
  • '20 3.67 (e) 0.41
  • '19 7.68 (e) 7.72
  • '18 9.02 (d) 8.56
  • '17 8.45 (d) 8.04
  • '16 6.27
  • As Adjusted
  • As Reported

Net earnings per share—diluted decreased to $0.41, down 94.8% in constant currency. As adjusted, it decreased 52.6% in constant currency.

Return on Invested Capital (ROIC)(c)
(in percent)
  • '20 9.8% (e) 1.3%
  • '19 16.6% (e) 14.9%
  • '18 19.4% (d) 18.6%
  • '17 20.8% (d) 20.0%
  • '16 16.7%
  • As Adjusted
  • As Reported

Return on Invested Capital (“ROIC”) 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.

  1. Revenues from services include fees received from our franchise offices of $23.3 million, $23.7 million, $24.1 million, $18.4 million and $14.1 million for 2016, 2017, 2018, 2019 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $1,019.9 million, $1,029.8 million, $1,056.6 million, $822.1 million and $622.8 milllion for 2016, 2017, 2018, 2019 and 2020, respectively. In the United States, where the majority of our franchises operate, revenues from services includes fees received from the related franchise operations of $15.1 million, $14.8 million, $15.0 million, $15.6 million and $12.6 million for 2016, 2017, 2018, 2019 and 2020, respectively. These fees are primarily based on revenues generated by the franchise operations, which were $686.0 million, $651.9 million, $651.2 million, $607.6 million and $445.4 million for 2016, 2017, 2018, 2019 and 2020, respectively.

  2. When we use the term “constant currency,” it means that we have translated financial data for a period into United States dollars using the same foreign currency exchange rates that we used to translate financial data for the previous period. See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2020 Annual Report on Form 10-K for further information.

  3. As of January 1, 2018, we adopted new accounting guidance on presentation of net periodic pension and postretirement benefit cost (“net benefit cost”). Under the new guidance, we are required to present non-service cost components of net benefit cost in interest and other expenses, as opposed to selling and administrative expenses. All previously reported results have been restated to conform to the current year presentation. See Item 8. “Financial Statements and Supplementary Data” in our 2018 Annual Report on Form 10-K for further information.

  4. Amounts exclude the impact of restructuring costs. A reconciliation of these Non-GAAP figures to figures calculated based on U.S. GAAP is provided on the Financial Measures page in the Investor Relations section on our Web site.

  5. Amounts exclude the impact of restructuring costs and special items. A reconciliation of these Non-GAAP figures to figures calculated based on U.S. GAAP is provided on the Financial Measures page in the Investor Relations section on our Web site.