Short answer
ManpowerGroup Inc (MAN) filed its fiscal 2011 10-K annual report with the SEC on Feb 23, 2012.
- Top risk flagged: German employment regulations restrict contract lengths and industries available to associates
ManpowerGroup Inc FY2011 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global workforce-solutions model, matching talent with employers through staffing, consulting, training, career management and outsourcing
- 2011 brand emphasis: Experis expansion in IT, Engineering, Finance and Accounting, plus dedicated ManpowerGroup Solutions unit
- Strategic shift toward higher-value professional resourcing, project-based work and outcome-based outsourcing beyond traditional staffing
- Global network nearly 3,800 offices across 80 countries and territories, serving more than 400,000 clients
- 3.5 million people connected to opportunities in 2011, with approximately 31,000 full-time equivalent employees
Management Discussion & Analysis
- Revenue $22.006B, up 16.6% YoY, with constant-currency growth of 11.6%
- Operating margin 2.4% vs (0.6%), gross margin 16.8% vs 17.2%
- Best segment Northern Europe: $6.159B revenue, 3.5% OUP margin; worst Right Management: $323.7M revenue, (0.4)% OUP margin
- Operating cash flow $69.2M, capex $64.9M, buybacks $104.5M, dividends $65.1M
- Outlook: 2012 growth pace uncertain amid slowing global economy and difficult forecasting conditions
Risk Factors
- German employment regulations restrict contract lengths and industries available to associates
- European concentration: approximately 85% of 2011 revenues generated outside the United States
- Third-party data-center and back-office outsourcing exposes operations to service interruptions and data loss
- Adecco, Randstad and Kelly Services intensify pricing competition in a low-barrier industry
- Total debt $700.2 million as of December 31, 2011, limiting operating flexibility
Generated from the filing text; verify against the original. How to read a 10-K
Other ManpowerGroup Inc annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.