Our Financial Highlights
- Americas4,935.7
- Southern Europe8,536.3
- Northern Europe4,048.3
- APME2,387.3
- Americas282.6
- Southern Europe413.1
- Northern Europe42.4
- APME87.7
During 2022, we experienced solid demand in the majority of our markets across all brands and services. Revenues were $19.8 billion, an increase of 4.9% in constant currency.(b)
We finished 2022 with results that reflect solid growth in our higher margin offerings and improved business mix, with revenues of $19.8 billion, representing 5% growth in constant currency and EBITA of $619 million. As adjusted, earnings per share – diluted increased to $8.52, which represents 31% growth in constant currency.
Operating profit was $581.7 million, up 11.7% in constant currency. As adjusted, operating profit increased 20.8% in constant currency.
Emerging Markets revenues increased 0.2% in constant currency. Key expansion markets grew in constant currency: Poland (+15.9%), Vietnam (+7.5%), India (+13.6%), Colombia (+17.5%), and Korea (+10.4%).
Net earnings was $373.8 million, up 9.9% in constant currency. As adjusted, net earnings increased 24.8% in constant currency.
Operating profit margin increased 10bps to 2.9% in 2022. As adjusted, operating profit margin increased 40bps to 3.3%.
Debt as a percentage of total capitalization was 29% in 2022.
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.
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The consolidated total of $19,827.5 million excludes eliminated intercompany revenue of $80.1 million.
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Revenues from services include fees received from our franchise offices of $15.7 million and $15.3 million for the years ended December 31, 2022 and 2021, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $1,058.4 million and $1,116.9 million for the years ended December 31, 2022 and 2021, respectively.
In the United States, revenues from services include fees received from our franchise offices of $12.8 million for both the years ended December 31, 2022 and 2021, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $476.1 million and $477.6 million for the years ended December 31, 2022 and 2021, respectively.”
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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 2022 Annual Report on Form 10-K for further information.
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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.