Our Financial Highlights

2018 Segment Revenues
($ in millions)
$21,991.2Total
  • Americas4,159.3
  • Southern Europe9,371.6
  • Northern Europe5,370.5
  • APME2,890.3
  • Right Management199.5
2018 Segment Operating Unit Profit
($ in millions)
$941.8Total
  • Americas203.9
  • Southern Europe467.6
  • Northern Europe122.7
  • APME114.8
  • Right Management32.8
Revenues from Services(a)
($ in millions)
  • '18 21,991.2
  • '17 21,034.3
  • '16 19,654.1
  • '15 19,329.9
  • '14 20,762.8

In 2018, we experienced revenue growth in most of our markets. Revenues were $22.0 billion, up 2.5% in constant currency(b).

2018 was a good year with revenues of $22 billion representing 2% growth in constant currency and operating profit of $797 million. Earnings per share also increased to $8.56, which represents 5% growth in constant currency. Our solid results are a demonstration of our ability to respond with agility to changing market dynamics.

Market Capitalization(as of Dec 31, 2018)
$3.9b
Shares Outstanding(as of Dec 31, 2018)
60.8m
Avg. Daily Volume(shares per day in 2018)
190k+
Operating Profit(c)
($ in millions)
  • '18 836.0 (d) 796.7
  • '17 823.7 (d) 789.2
  • '16 745.5
  • '15 709.5 (e) 693.1
  • '14 724.3
  • As Adjusted
  • As Reported

Operating profit was $796.7 million, down 0.4% in constant currency. Excluding restructuring costs, operating profit decreased 0.2% in constant currency.

Emerging Markets Revenues
($ in millions)
  • '18 3,109.8
  • '17 2,794.7
  • '16 2,482.9
  • '15 2,511.7
  • '14 2,623.7

Emerging Markets revenues grew 14.8% in constant currency. Key expansion markets grew in constant currency: Malaysia (+38.5%), Brazil (+14.0%), Thailand (+13.1%) and Czech Republic (+5.9%).

Net Earnings
($ in millions)
  • '18 586.6 (d) 556.7
  • '17 573.2 (d) 545.4
  • '16 443.7
  • '15 421.4 (e) 419.2
  • '14 427.6
  • As Adjusted
  • As Reported

Net earnings was $556.7 million, up 1.1% in constant currency. Excluding restructuring costs, net earnings was flat in constant currency.

NYSE
MAN
Fiscal Year End Date
12/31
2018 Share Price High/Low
$136.02 / $62.59
Operating Profit Margin(c)
(in percent)
  • '18 3.8% (d) 3.6%
  • '17 3.9% (d) 3.8%
  • '16 3.8%
  • '15 3.7% (e) 3.6%
  • '14 3.5%
  • As Adjusted
  • As Reported

Operating profit margin decreased 20bps to 3.6% in 2018. Excluding restructuring costs, operating profit margin decreased 10bps to 3.8%.

Strong Long-Term Revenue Trends
($ in billions)
Total Capitalization
($ in millions)
  • '18 2,698.5 1,075.4
  • '17 2,857.6 947.5
  • '16 2,446.4 825.4
  • '15 2,692.5 855.1
  • '14 2,943.0 467.8
  • Equity
  • Debt

Debt as a percentage of total capitalization was 28% in 2018, compared to 25% in both 2017 and 2016.

Net Earnings Per Share—Diluted
(in dollars)
  • '18 9.02 (d) 8.56
  • '17 8.45 (d) 8.04
  • '16 6.27
  • '15 5.42 (e) 5.40
  • '14 5.30
  • As Adjusted
  • As Reported

Net earnings per share—diluted increased to $8.56, up 5.5% in constant currency. Excluding restructuring costs, it increased 5.3% in constant currency.

Return on Invested Capital (ROIC)(c)
(in percent)
  • '18 19.4% (d) 18.6%
  • '17 20.8% (d) 20.0%
  • '16 16.7%
  • '15 16.0% (e) 15.6%
  • '14 15.7%
  • As Adjusted
  • As Reported

Return on Invested capital 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 $25.4 million, $24.2 million, $23.3 million, $23.7 million and $24.1 million for 2014, 2015, 2016, 2017 and 2018, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $1,124.7 million, $1,082.3 million, $1,019.9 million, $1,029.8 million and $1,056.6 million for 2014, 2015, 2016, 2017 and 2018, respectively. In the United States, where the majority of our franchises operate, revenues from services includes fees received from the related franchise operations of $16.1 million, $15.2 million, $15.1 million, $14.8 million and $15.0 million for 2014, 2015, 2016, 2017 and 2018, respectively. These fees are primarily based on revenues generated by the franchise operations, which were $744.8 million, $714.1 million, $686.0 million, $651.9 million and $651.2 million for 2014, 2015, 2016, 2017 and 2018, 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 2018 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 non-operating gains in other income. 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.

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