Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - ManpowerGroup Inc. | earningspresentation2018.htm |
| EX-99.1 - EXHIBIT 99.1 - ManpowerGroup Inc. | ex033118991pressrelease.htm |
| 8-K - 8-K - ManpowerGroup Inc. | man-033118x8k.htm |
Exhibit 99.3 | |||||||||
ManpowerGroup | |||||||||
Restated Operating Profit and Interest and Other Expenses | |||||||||
(In millions)
Effective January 1, 2018, we adopted new accounting guidance on the 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.
Three Months Ended March 31 | Three Months Ended June 30 | ||||||||||||||||||||
% Variance | % Variance | ||||||||||||||||||||
Amount | Constant | Amount | Constant | ||||||||||||||||||
2017 | 2016 | Reported | Currency | 2017 | 2016 | Reported | Currency | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||
Operating Unit Profit: | |||||||||||||||||||||
Americas: | |||||||||||||||||||||
United States | $ | 26.3 | $ | 22.6 | 16.3 | % | 16.3 | % | $ | 44.5 | $ | 39.9 | 11.6 | % | 11.6 | % | |||||
Other Americas | 12.4 | 11.6 | 6.3 | % | 10.7 | % | 13.0 | 13.8 | -6.0 | % | -4.6 | % | |||||||||
38.7 | 34.2 | 12.9 | % | 14.4 | % | 57.5 | 53.7 | 7.1 | % | 7.4 | % | ||||||||||
Southern Europe: | |||||||||||||||||||||
France | 50.6 | 47.7 | 6.2 | % | 10.2 | % | 70.7 | 68.0 | 3.9 | % | 6.2 | % | |||||||||
Italy | 18.2 | 16.1 | 13.0 | % | 17.3 | % | 27.6 | 22.8 | 21.0 | % | 24.0 | % | |||||||||
Other Southern Europe | 12.7 | 8.4 | 50.6 | % | 53.9 | % | 12.5 | 12.0 | 5.2 | % | 5.9 | % | |||||||||
81.5 | 72.2 | 12.9 | % | 16.9 | % | 110.8 | 102.8 | 7.9 | % | 10.1 | % | ||||||||||
Northern Europe | 11.8 | 32.6 | -63.7 | % | -62.7 | % | 33.1 | 37.5 | -11.8 | % | -7.8 | % | |||||||||
APME | 20.1 | 19.3 | 4.4 | % | 2.9 | % | 23.3 | 22.2 | 4.7 | % | 5.5 | % | |||||||||
Right Management | 8.8 | 9.5 | -7.4 | % | -6.2 | % | 8.5 | 14.5 | -41.4 | % | -40.9 | % | |||||||||
160.9 | 167.8 | 233.2 | 230.7 | ||||||||||||||||||
Corporate expenses | (24.6 | ) | (26.7 | ) | (29.6 | ) | (25.6 | ) | |||||||||||||
Intangible asset amortization expense | (8.4 | ) | (9.0 | ) | (8.4 | ) | (9.0 | ) | |||||||||||||
Operating profit | 127.9 | 132.1 | -3.2 | % | -0.7 | % | 195.2 | 196.1 | -0.4 | % | 1.7 | % | |||||||||
Interest and other expenses (a) | (15.8 | ) | (13.1 | ) | (11.0 | ) | (10.4 | ) | |||||||||||||
Earnings before income taxes | $ | 112.1 | $ | 119.0 | $ | 184.2 | $ | 185.7 | |||||||||||||
(a) The components of interest and other expenses were: | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Interest expense | $ | 11.9 | $ | 11.0 | $ | 11.9 | $ | 11.5 | |||||||||||||
Interest income | (1.0 | ) | (0.7 | ) | (1.2 | ) | (0.8 | ) | |||||||||||||
Foreign exchange losses | 0.1 | 0.9 | 0.2 | 0.7 | |||||||||||||||||
Miscellaneous expense (income), net | 4.8 | 1.9 | 0.1 | (1.0 | ) | ||||||||||||||||
$ | 15.8 | $ | 13.1 | $ | 11.0 | $ | 10.4 | ||||||||||||||
Six Months Ended June 30 | |||||||||||||||
% Variance | |||||||||||||||
Amount | Constant | ||||||||||||||
2017 | 2016 | Reported | Currency | ||||||||||||
(Unaudited) | |||||||||||||||
Operating Unit Profit: | |||||||||||||||
Americas: | |||||||||||||||
United States | $ | 70.8 | $ | 62.5 | 13.3 | % | 13.3 | % | |||||||
Other Americas | 25.4 | 25.4 | -0.4 | % | 2.4 | % | |||||||||
96.2 | 87.9 | 9.3 | % | 10.1 | % | ||||||||||
Southern Europe: | |||||||||||||||
France | 121.3 | 115.7 | 4.9 | % | 7.8 | % | |||||||||
Italy | 45.8 | 38.9 | 17.7 | % | 21.2 | % | |||||||||
Other Southern Europe | 25.2 | 20.4 | 23.9 | % | 25.7 | % | |||||||||
192.3 | 175.0 | 10.0 | % | 12.9 | % | ||||||||||
Northern Europe | 44.9 | 70.1 | -35.9 | % | -33.3 | % | |||||||||
APME | 43.4 | 41.5 | 4.6 | % | 4.3 | % | |||||||||
Right Management | 17.3 | 24.0 | -27.9 | % | -27.1 | % | |||||||||
394.1 | 398.5 | ||||||||||||||
Corporate expenses | (54.2 | ) | (52.3 | ) | |||||||||||
Intangible asset amortization expense | (16.8 | ) | (18.0 | ) | |||||||||||
Operating profit | 323.1 | 328.2 | -1.5 | % | 0.7 | % | |||||||||
Interest and other expenses (a) | (26.8 | ) | (23.5 | ) | |||||||||||
Earnings before income taxes | $ | 296.3 | $ | 304.7 | |||||||||||
(a) The components of interest and other expenses were: | |||||||||||||||
2017 | 2016 | ||||||||||||||
Interest expense | $ | 23.8 | $ | 22.5 | |||||||||||
Interest income | (2.2 | ) | (1.5 | ) | |||||||||||
Foreign exchange losses | 0.3 | 1.6 | |||||||||||||
Miscellaneous expenses, net | 4.9 | 0.9 | |||||||||||||
$ | 26.8 | $ | 23.5 | ||||||||||||
Three Months Ended September 30 | Three Months Ended December 31 | ||||||||||||||||||||
% Variance | % Variance | ||||||||||||||||||||
Amount | Constant | Amount | Constant | ||||||||||||||||||
2017 | 2016 | Reported | Currency | 2017 | 2016 | Reported | Currency | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||
Operating Unit Profit: | |||||||||||||||||||||
Americas: | |||||||||||||||||||||
United States | $ | 43.5 | $ | 40.8 | 6.5 | % | 6.5 | % | $ | 37.8 | $ | 39.0 | -3.1 | % | -3.1 | % | |||||
Other Americas | 16.0 | 14.0 | 14.9 | % | 13.2 | % | 19.8 | 14.2 | 39.3 | % | 38.3 | % | |||||||||
59.5 | 54.8 | 8.7 | % | 8.2 | % | 57.6 | 53.2 | 8.2 | % | 8.0 | % | ||||||||||
Southern Europe: | |||||||||||||||||||||
France | 77.6 | 69.4 | 11.8 | % | 6.3 | % | 81.1 | 67.4 | 20.2 | % | 10.3 | % | |||||||||
Italy | 24.2 | 18.4 | 31.5 | % | 25.0 | % | 34.5 | 21.8 | 58.3 | % | 44.8 | % | |||||||||
Other Southern Europe | 16.2 | 13.7 | 18.0 | % | 13.3 | % | 18.0 | 13.1 | 37.5 | % | 28.5 | % | |||||||||
118.0 | 101.5 | 16.2 | % | 10.6 | % | 133.6 | 102.3 | 30.5 | % | 19.9 | % | ||||||||||
Northern Europe | 49.8 | 47.4 | 5.1 | % | 0.8 | % | 45.4 | 48.9 | -7.1 | % | -13.2 | % | |||||||||
APME | 27.4 | 25.3 | 7.8 | % | 9.1 | % | 28.1 | 21.7 | 30.6 | % | 29.6 | % | |||||||||
Right Management | 8.1 | 8.8 | -7.8 | % | -8.3 | % | 10.6 | 11.9 | -11.0 | % | -13.3 | % | |||||||||
262.8 | 237.8 | 275.3 | 238.0 | ||||||||||||||||||
Corporate expenses | (25.3 | ) | (23.9 | ) | (28.9 | ) | (16.6 | ) | |||||||||||||
Intangible asset amortization expense | (8.8 | ) | (9.0 | ) | (9.0 | ) | (9.0 | ) | |||||||||||||
Operating profit | 228.7 | 204.9 | 11.5 | % | 7.9 | % | 237.4 | 212.4 | 11.8 | % | 5.2 | % | |||||||||
Interest and other expenses (a) | (11.7 | ) | (5.2 | ) | (13.4 | ) | (15.5 | ) | |||||||||||||
Earnings before income taxes | $ | 217.0 | $ | 199.7 | $ | 224.0 | $ | 196.9 | |||||||||||||
(a) The components of interest and other expenses were: | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Interest expense | $ | 12.6 | $ | 13.3 | $ | 13.0 | $ | 13.7 | |||||||||||||
Interest income | (1.2 | ) | (1.0 | ) | (1.4 | ) | (1.1 | ) | |||||||||||||
Foreign exchange losses | 0.1 | — | 0.4 | 1.2 | |||||||||||||||||
Miscellaneous expense (income), net | 0.2 | (7.1 | ) | 1.4 | 1.7 | ||||||||||||||||
$ | 11.7 | $ | 5.2 | $ | 13.4 | $ | 15.5 | ||||||||||||||
Nine Months Ended September 30 | Year Ended December 31 | ||||||||||||||||||||
% Variance | % Variance | ||||||||||||||||||||
Amount | Constant | Amount | Constant | ||||||||||||||||||
2017 | 2016 | Reported | Currency | 2017 | 2016 | Reported | Currency | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||
Operating Unit Profit: | |||||||||||||||||||||
Americas: | |||||||||||||||||||||
United States | $ | 114.3 | $ | 103.3 | 10.6 | % | 10.6 | % | $ | 152.1 | $ | 142.3 | 6.9 | % | 6.9 | % | |||||
Other Americas | 41.4 | 39.4 | 5.1 | % | 6.2 | % | 61.2 | 53.6 | 14.1 | % | 14.7 | % | |||||||||
155.7 | 142.7 | 9.1 | % | 9.4 | % | 213.3 | 195.9 | 8.9 | % | 9.0 | % | ||||||||||
Southern Europe: | |||||||||||||||||||||
France | 198.9 | 185.1 | 7.5 | % | 7.2 | % | 280.0 | 252.5 | 10.9 | % | 8.0 | % | |||||||||
Italy | 70.0 | 57.3 | 22.1 | % | 22.4 | % | 104.5 | 79.1 | 32.1 | % | 28.6 | % | |||||||||
Other Southern Europe | 41.4 | 34.1 | 21.6 | % | 20.7 | % | 59.4 | 47.2 | 26.0 | % | 22.9 | % | |||||||||
310.3 | 276.5 | 12.3 | % | 12.0 | % | 443.9 | 378.8 | 17.2 | % | 14.2 | % | ||||||||||
Northern Europe | 94.7 | 117.5 | -19.4 | % | -19.6 | % | 140.1 | 166.4 | -15.8 | % | -17.7 | % | |||||||||
APME | 70.8 | 66.8 | 5.8 | % | 6.1 | % | 98.9 | 88.5 | 11.8 | % | 11.9 | % | |||||||||
Right Management | 25.4 | 32.8 | -22.5 | % | -22.1 | % | 36.0 | 44.7 | -19.4 | % | -19.7 | % | |||||||||
656.9 | 636.3 | 932.2 | 874.3 | ||||||||||||||||||
Corporate expenses | (79.5 | ) | (76.2 | ) | (108.4 | ) | (92.8 | ) | |||||||||||||
Intangible asset amortization expense | (25.6 | ) | (27.0 | ) | (34.6 | ) | (36.0 | ) | |||||||||||||
Operating profit | 551.8 | 533.1 | 3.5 | % | 3.5 | % | 789.2 | 745.5 | 5.9 | % | 4.0 | % | |||||||||
Interest and other expenses (a) | (38.5 | ) | (28.7 | ) | (51.9 | ) | (44.2 | ) | |||||||||||||
Earnings before income taxes | $ | 513.3 | $ | 504.4 | $ | 737.3 | $ | 701.3 | |||||||||||||
(a) The components of interest and other expenses were: | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Interest expense | $ | 36.4 | $ | 35.8 | $ | 49.4 | $ | 49.5 | |||||||||||||
Interest income | (3.4 | ) | (2.5 | ) | (4.8 | ) | (3.6 | ) | |||||||||||||
Foreign exchange losses | 0.4 | 1.6 | 0.8 | 2.8 | |||||||||||||||||
Miscellaneous expense (income), net | 5.1 | (6.2 | ) | 6.5 | (4.5 | ) | |||||||||||||||
$ | 38.5 | $ | 28.7 | $ | 51.9 | $ | 44.2 | ||||||||||||||