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<br /> ManpowerGroupTM 2011 Annual Report<br /> <br /> 2011 marked a new era for our company. The world has dramatically<br /> changed since our founding in 1948 more than 60 years ago, and so have we.<br /> Our mission has remained the same, but we have constantly evolved<br /> and reinvented ourselves to anticipate trends in the changing world of work.<br /> We pioneered this industry and have leaned forward when others have<br /> fallen back. We've built an unmatched global network based on local expertise,<br /> amassed an unstoppable workforce four million strong and developed<br /> unbeatable innovative workforce solutions. Our deep understanding of human<br /> potential is without compare; we interview more than 12 million people<br /> each year and work with hundreds of thousands of companies of all sizes<br /> around the world.<br /> That's why only we were able to identify the dawn of the Human Age. We saw<br /> new complexities and challenges on the horizon, a<a title="MAN-20120315-AR11-EJK.pdf page 1" href="http://viewer.zmags.com/publication/cdb0bfef?page=1"> ManpowerGroupTM 2011 Annual Report</a> <a title="MAN-20120315-AR11-EJK.pdf page 2" href="http://viewer.zmags.com/publication/cdb0bfef?page=2"> </a> <a title="MAN-20120315-AR11-EJK.pdf page 3" href="http://viewer.zmags.com/publication/cdb0bfef?page=3"> 2011 marked a new era for our company. The world </a> <a title="MAN-20120315-AR11-EJK.pdf page 4" href="http://viewer.zmags.com/publication/cdb0bfef?page=4"> MANPOWER Companies anticipate temporary/contract</a> <a title="MAN-20120315-AR11-EJK.pdf page 5" href="http://viewer.zmags.com/publication/cdb0bfef?page=5"> EXPERIS Organizations have become much more spec</a> <a title="MAN-20120315-AR11-EJK.pdf page 6" href="http://viewer.zmags.com/publication/cdb0bfef?page=6"> </a> <a title="MAN-20120315-AR11-EJK.pdf page 7" href="http://viewer.zmags.com/publication/cdb0bfef?page=7"> MANPOWERGROUP SOLUTIONS To stay ahead of the inc</a> <a title="MAN-20120315-AR11-EJK.pdf page 8" href="http://viewer.zmags.com/publication/cdb0bfef?page=8"> MANPOWERGROUP™ is the world leader in innovative </a> <a title="MAN-20120315-AR11-EJK.pdf page 9" href="http://viewer.zmags.com/publication/cdb0bfef?page=9"> </a> <a title="MAN-20120315-AR11-EJK.pdf page 10" href="http://viewer.zmags.com/publication/cdb0bfef?page=10"> </a> <a title="MAN-20120315-AR11-EJK.pdf page 11" href="http://viewer.zmags.com/publication/cdb0bfef?page=11"> I'm especially pleased to report that 2011 was an</a> <a title="MAN-20120315-AR11-EJK.pdf page 12" href="http://viewer.zmags.com/publication/cdb0bfef?page=12"> As compelling and rewarding as 2011 was, we all k</a> <a title="MAN-20120315-AR11-EJK.pdf page 13" href="http://viewer.zmags.com/publication/cdb0bfef?page=13"> BUSINESS LINE GROSS PROFIT IN BILLIONS ($) </a> <a title="MAN-20120315-AR11-EJK.pdf page 14" href="http://viewer.zmags.com/publication/cdb0bfef?page=14"> “THIS WINNING COMBINATION DOESN'T COME FROM BEI</a> <a title="MAN-20120315-AR11-EJK.pdf page 15" href="http://viewer.zmags.com/publication/cdb0bfef?page=15"> The world is moving faster than the pace at which</a> <a title="MAN-20120315-AR11-EJK.pdf page 16" href="http://viewer.zmags.com/publication/cdb0bfef?page=16"> Today's environment requires us to be global and </a> <a title="MAN-20120315-AR11-EJK.pdf page 17" href="http://viewer.zmags.com/publication/cdb0bfef?page=17"> DIFFERENTIATION Elevating our brand and our in</a> <a title="MAN-20120315-AR11-EJK.pdf page 18" href="http://viewer.zmags.com/publication/cdb0bfef?page=18"> WE ARE A COMPANY WITH HEART THAT MAKES UNLEASHING</a> <a title="MAN-20120315-AR11-EJK.pdf page 19" href="http://viewer.zmags.com/publication/cdb0bfef?page=19"> I want to take this time to thank our colleagues </a> <a title="MAN-20120315-AR11-EJK.pdf page 20" href="http://viewer.zmags.com/publication/cdb0bfef?page=20"> AT A GLANCE 2011 SEGMENT REVENUES in millions</a> <a title="MAN-20120315-AR11-EJK.pdf page 21" href="http://viewer.zmags.com/publication/cdb0bfef?page=21"> FINANCIAL HIGHLIGHTS REVENUES FROM SERVICE</a> <a title="MAN-20120315-AR11-EJK.pdf page 22" href="http://viewer.zmags.com/publication/cdb0bfef?page=22"> TABLE OF CONTENTS 21 Management's Discuss</a> <a title="MAN-20120315-AR11-EJK.pdf page 23" href="http://viewer.zmags.com/publication/cdb0bfef?page=23">MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 24" href="http://viewer.zmags.com/publication/cdb0bfef?page=24"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 25" href="http://viewer.zmags.com/publication/cdb0bfef?page=25">The Americas, Southern Europe, Northern Europe and</a> <a title="MAN-20120315-AR11-EJK.pdf page 26" href="http://viewer.zmags.com/publication/cdb0bfef?page=26"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 27" href="http://viewer.zmags.com/publication/cdb0bfef?page=27"> The 5.5% decrease in Selling and administrative e</a> <a title="MAN-20120315-AR11-EJK.pdf page 28" href="http://viewer.zmags.com/publication/cdb0bfef?page=28"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 29" href="http://viewer.zmags.com/publication/cdb0bfef?page=29"> så an increase in organic salary-related costs du</a> <a title="MAN-20120315-AR11-EJK.pdf page 30" href="http://viewer.zmags.com/publication/cdb0bfef?page=30"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 31" href="http://viewer.zmags.com/publication/cdb0bfef?page=31"> Gross profit margin decreased in 2011 due primaril</a> <a title="MAN-20120315-AR11-EJK.pdf page 32" href="http://viewer.zmags.com/publication/cdb0bfef?page=32"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 33" href="http://viewer.zmags.com/publication/cdb0bfef?page=33"> In 2011, Selling and administrative expenses decr</a> <a title="MAN-20120315-AR11-EJK.pdf page 34" href="http://viewer.zmags.com/publication/cdb0bfef?page=34"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 35" href="http://viewer.zmags.com/publication/cdb0bfef?page=35"> Accounts receivable increased to $4,181.3 million</a> <a title="MAN-20120315-AR11-EJK.pdf page 36" href="http://viewer.zmags.com/publication/cdb0bfef?page=36"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 37" href="http://viewer.zmags.com/publication/cdb0bfef?page=37"> Our euro-denominated notes have been designated a</a> <a title="MAN-20120315-AR11-EJK.pdf page 38" href="http://viewer.zmags.com/publication/cdb0bfef?page=38"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 39" href="http://viewer.zmags.com/publication/cdb0bfef?page=39"> There are two main factors that impact workers' c</a> <a title="MAN-20120315-AR11-EJK.pdf page 40" href="http://viewer.zmags.com/publication/cdb0bfef?page=40"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 41" href="http://viewer.zmags.com/publication/cdb0bfef?page=41"> In the fourth quarter of 2010, two of our reporti</a> <a title="MAN-20120315-AR11-EJK.pdf page 42" href="http://viewer.zmags.com/publication/cdb0bfef?page=42"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 43" href="http://viewer.zmags.com/publication/cdb0bfef?page=43"> The hypothetical impact on 2011 earnings and Accu</a> <a title="MAN-20120315-AR11-EJK.pdf page 44" href="http://viewer.zmags.com/publication/cdb0bfef?page=44"> MANAGEMENT'S DISCUSSION & ANALYSIS of financial co</a> <a title="MAN-20120315-AR11-EJK.pdf page 45" href="http://viewer.zmags.com/publication/cdb0bfef?page=45">In June 2011, the FASB issued new accounting guida</a> <a title="MAN-20120315-AR11-EJK.pdf page 46" href="http://viewer.zmags.com/publication/cdb0bfef?page=46">Report Of Independent Registered Public Accounting</a> <a title="MAN-20120315-AR11-EJK.pdf page 47" href="http://viewer.zmags.com/publication/cdb0bfef?page=47"> Report Of Independent Registered Public Accountin</a> <a title="MAN-20120315-AR11-EJK.pdf page 48" href="http://viewer.zmags.com/publication/cdb0bfef?page=48">CONSOLIDATED STATEMENTS OF OPERATIONS in millions</a> <a title="MAN-20120315-AR11-EJK.pdf page 49" href="http://viewer.zmags.com/publication/cdb0bfef?page=49">CONSOLIDATED BALANCE SHEETS in millions, except s</a> <a title="MAN-20120315-AR11-EJK.pdf page 50" href="http://viewer.zmags.com/publication/cdb0bfef?page=50">CONSOLIDATED STATEMENTS OF CASH FLOWS in millions</a> <a title="MAN-20120315-AR11-EJK.pdf page 51" href="http://viewer.zmags.com/publication/cdb0bfef?page=51">CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY i</a> <a title="MAN-20120315-AR11-EJK.pdf page 52" href="http://viewer.zmags.com/publication/cdb0bfef?page=52">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 53" href="http://viewer.zmags.com/publication/cdb0bfef?page=53"> We record revenues from sales of services and the</a> <a title="MAN-20120315-AR11-EJK.pdf page 54" href="http://viewer.zmags.com/publication/cdb0bfef?page=54"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 55" href="http://viewer.zmags.com/publication/cdb0bfef?page=55"> GOODWILL AND OTHER INTANGIBLE ASSETS We have Goo</a> <a title="MAN-20120315-AR11-EJK.pdf page 56" href="http://viewer.zmags.com/publication/cdb0bfef?page=56"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 57" href="http://viewer.zmags.com/publication/cdb0bfef?page=57"> CAPITALIZED SOFTWARE FOR INTERNAL USE We capital</a> <a title="MAN-20120315-AR11-EJK.pdf page 58" href="http://viewer.zmags.com/publication/cdb0bfef?page=58"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 59" href="http://viewer.zmags.com/publication/cdb0bfef?page=59"> 02. Acquisitions On September 22, 2011, we acquir</a> <a title="MAN-20120315-AR11-EJK.pdf page 60" href="http://viewer.zmags.com/publication/cdb0bfef?page=60"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 61" href="http://viewer.zmags.com/publication/cdb0bfef?page=61"> A summary of stock option activity is as follows:</a> <a title="MAN-20120315-AR11-EJK.pdf page 62" href="http://viewer.zmags.com/publication/cdb0bfef?page=62"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 63" href="http://viewer.zmags.com/publication/cdb0bfef?page=63"> PERFORMANCE SHARE UNITS Our 2003 Plan and our 20</a> <a title="MAN-20120315-AR11-EJK.pdf page 64" href="http://viewer.zmags.com/publication/cdb0bfef?page=64"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 65" href="http://viewer.zmags.com/publication/cdb0bfef?page=65"> A reconciliation between taxes computed at the U.</a> <a title="MAN-20120315-AR11-EJK.pdf page 66" href="http://viewer.zmags.com/publication/cdb0bfef?page=66"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 67" href="http://viewer.zmags.com/publication/cdb0bfef?page=67"> We conduct business globally in 80 countries and </a> <a title="MAN-20120315-AR11-EJK.pdf page 68" href="http://viewer.zmags.com/publication/cdb0bfef?page=68"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 69" href="http://viewer.zmags.com/publication/cdb0bfef?page=69"> As defined in the Agreement, we had a Debt-to-EBIT</a> <a title="MAN-20120315-AR11-EJK.pdf page 70" href="http://viewer.zmags.com/publication/cdb0bfef?page=70"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 71" href="http://viewer.zmags.com/publication/cdb0bfef?page=71"> The weighted-average assumptions used in the meas</a> <a title="MAN-20120315-AR11-EJK.pdf page 72" href="http://viewer.zmags.com/publication/cdb0bfef?page=72"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 73" href="http://viewer.zmags.com/publication/cdb0bfef?page=73"> The discount rate used in the measurement of the </a> <a title="MAN-20120315-AR11-EJK.pdf page 74" href="http://viewer.zmags.com/publication/cdb0bfef?page=74"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 75" href="http://viewer.zmags.com/publication/cdb0bfef?page=75"> 12. Derivative Financial Instruments We are expos</a> <a title="MAN-20120315-AR11-EJK.pdf page 76" href="http://viewer.zmags.com/publication/cdb0bfef?page=76"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 77" href="http://viewer.zmags.com/publication/cdb0bfef?page=77"> Year Ended December 31 </a> <a title="MAN-20120315-AR11-EJK.pdf page 78" href="http://viewer.zmags.com/publication/cdb0bfef?page=78"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 79" href="http://viewer.zmags.com/publication/cdb0bfef?page=79"> Year Ended December 31 </a> <a title="MAN-20120315-AR11-EJK.pdf page 80" href="http://viewer.zmags.com/publication/cdb0bfef?page=80"> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in mil</a> <a title="MAN-20120315-AR11-EJK.pdf page 81" href="http://viewer.zmags.com/publication/cdb0bfef?page=81"> 15. Quarterly Data (Unaudited) First Quarter </a> <a title="MAN-20120315-AR11-EJK.pdf page 82" href="http://viewer.zmags.com/publication/cdb0bfef?page=82">SELECTED FINANCIAL DATA in millions, except per s</a> <a title="MAN-20120315-AR11-EJK.pdf page 83" href="http://viewer.zmags.com/publication/cdb0bfef?page=83">PRINCIPAL OPERATING UNITS </a> <a title="MAN-20120315-AR11-EJK.pdf page 84" href="http://viewer.zmags.com/publication/cdb0bfef?page=84">CORPORATE INFORMATION Directors JEFFREY </a> <a title="MAN-20120315-AR11-EJK.pdf page 85" href="http://viewer.zmags.com/publication/cdb0bfef?page=85"> WORLD HEADQUARTERS P.O. Box 2053 100 Manpower Pl</a> <a title="MAN-20120315-AR11-EJK.pdf page 86" href="http://viewer.zmags.com/publication/cdb0bfef?page=86"> www.manpowergroup.com ManpowerGroup 100 Manpower</a>