Our Financial Highlights

2021 Segment Revenues(d)
($ in millions)
$20,724.4Total
  • Americas4,263.7
  • Southern Europe9,346.8
  • Northern Europe4,670.5
  • APME2,481.1
2021 Segment Operating Unit Profit
($ in millions)
$763.9Total
  • Americas195.2
  • Southern Europe416.3
  • Northern Europe67.8
  • APME84.6
Revenues from Services(a)
($ in millions)
  • '21 20,724.4
  • '20 18,001.0
  • '19 20,863.5
  • '18 21,991.2
  • '17 21,034.3

During 2021, we experienced recovery in the majority of our markets as we anniversaried the COVID-19 related declines in our results that occurred in 2020. Revenues were $20.7 billion, an increase of 12.1% in constant currency.(b)

We finished 2021 with results that reflect good growth in higher margin offerings and improved business mix, with revenues of $20.7 billion, representing 12.1% growth in constant currency and an operating profit of $585.4 million. As adjusted, earnings per share – diluted increased to $7.24, which represents 93% growth in constant currency.

Avg. Daily Volume(shares per day in 2021)
381k+
Market Capitalization(as of Dec 31, 2021)
$5.2b
Shares Outstanding(as of Dec 31, 2021)
53.6m
Operating Profit
($ in millions)
  • '21 609.5 585.4
  • '20 376.9 187.6
  • '19 719.9 644.9
  • '18 836.0 796.7
  • '17 823.7 789.2
  • As Adjusted(c)
  • As Reported

Operating profit was $585.4 million, up 205.5% in constant currency. As adjusted, operating profit increased 58.0% in constant currency.

Emerging Markets Revenues
($ in millions)
  • '21 2,542.3
  • '20 2,404.0
  • '19 2,912.5
  • '18 3,109.8
  • '17 2,794.7

Emerging Markets revenues increased 7.1% in constant currency. Key expansion markets grew in constant currency: Poland (+45.7%), Vietnam (+28.2%), Turkey (+27.8%), Colombia (+19.0%), and Korea (+7.4%).

Net Earnings
($ in millions)
  • '21 400.9 382.4
  • '20 213.7 23.8
  • '19 463.2 465.7
  • '18 586.6 556.7
  • '17 573.2 545.4
  • As Adjusted(c)
  • As Reported

Net earnings was $382.4 million, up 1465.2% in constant currency.

NYSE
MAN
Fiscal Year End Date
12/31
2021 Share Price High/Low
$125.07 / $85.97
Operating Profit Margin
(in percent)
  • '21 2.9% 2.8%
  • '20 2.1% 1.0%
  • '19 3.5% 3.1%
  • '18 3.8% 3.6%
  • '17 3.9% 3.8%
  • As Adjusted(c)
  • As Reported

Operating profit margin increased 180bps to 2.8% in 2021. As adjusted, operating profit margin increased 80bps to 2.9%.

Strong Long-Term Revenue Trends
($ in billions)
Total Capitalization
($ in millions)
  • '21 2,531.7 1,118.3
  • '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
  • Equity
  • Debt

Debt as a percentage of total capitalization was 31% in 2021.

Net Earnings Per Share—Diluted
(in dollars)
  • '21 7.24 6.91
  • '20 3.67 0.41
  • '19 7.68 7.72
  • '18 9.02 8.56
  • '17 8.45 8.04
  • As Adjusted(c)
  • As Reported

Net earnings per share—diluted increased to $6.91 as reported. As adjusted, net earnings per share was $7.24, an increase of 93% in constant currency.

Return on Invested Capital (ROIC)
(in percent)
  • '21 18.5% 17.7%
  • '20 9.8% 1.3%
  • '19 16.6% 14.9%
  • '18 19.4% 18.6%
  • '17 20.8% 20.0%
  • As Adjusted(c)
  • 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 $15.3 million and $14.1 million for the years ended December 31, 2021 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $1,116.9 million and $622.8 million for the years ended December 31, 2021 and 2020, respectively.

    In the United States, revenues from services include fees received from our franchise offices of $12.8 million and $12.6 million for the years ended December 31, 2021 and 2020, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $477.6 million and $445.4 million for the years ended December 31, 2021 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 2021 Annual Report on Form 10-K for further information.

  3. Amounts exclude the impact of restructuring costs and other 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.

  4. The consolidated total of $20,724.4 million excludes eliminated intercompany revenue of $37.7 million.