Our Financial Highlights

2023 Segment Revenues^(a)

($ in millions)

$18,914.5Total

Americas4,414.8
Southern Europe8,515.3
Northern Europe3,748.0
APME2,322.3

2023 Segment Operating Unit Profit

($ in millions)

$499.2Total

Americas165.6
Southern Europe357.7
Northern Europe(116.7)
APME92.6

Revenues from Services^(b)

($ in millions)

'23 18,914.5
'22 19,827.5
'21 20,724.4
'20 18,001.0
'19 20,863.5
'18 21,991.2
'17 21,034.3

During 2023, we experienced softened demand in the majority of our markets across all brands and services. Revenues were $18.9 billion, a decrease of 4.0% in constant currency.^(b)

Emerging Markets Revenues

($ in millions)

'23 2,390.9
'22 2,304.6
'21 2,542.3
'20 2,404.0
'19 2,912.5
'18 3,109.8
'17 2,794.7

Emerging Markets revenues increased 12.0% in constant currency and 13.3% in organic constant currency. Key expansion markets grew in constant currency: Argentina (+139.8%), Mexico (3.2%), Poland (+7.3%), and Korea (+10.4%).

We finished 2023 with results that reflect lower demand across most offerings, with revenues of $18.9 billion, representing a 4.0% decline in constant currency and an operating profit of $255.8 million. As adjusted, earnings per share – diluted decreased to $6.04, which represents a 28% decline in constant currency.

Avg. Daily Volume(shares per day in 2023)

337k+

Market Capitalization(as of Dec 31, 2023)

^$3.88b

Shares Outstanding(as of Dec 31, 2023)

48.4m

Operating Profit^(d)

($ in millions)

'23 462.4 255.8
'22 660.5 581.7
'21 609.5 585.4
'20 376.9 187.6
'19 719.9 644.9
'18 836.0 796.7
'17 823.7 789.2

As Adjusted^(c)
As Reported

Operating profit was $255.8 million, down 53.3% in constant currency. As adjusted, operating profit decreased 28.5% in constant currency.

Net Earnings^(d)

($ in millions)

'23 304.2 88.8
'22 449.5 373.8
'21 400.9 382.4
'20 213.7 23.8
'19 463.2 465.7
'18 586.6 556.7
'17 573.2 545.4

As Adjusted^(c)
As Reported

Net earnings was $88.8 million, down 74.3% in constant currency.

Operating Profit Margin^(d)

(in percent)

'23 2.4% 1.4%
'22 3.3% 2.9%
'21 2.9% 2.8%
'20 2.1% 1.0%
'19 3.5% 3.1%
'18 3.8% 3.6%
'17 3.9% 3.8%

As Adjusted^(c)
As Reported

Operating profit margin decreased 150bps to 1.4% in 2023. As adjusted, operating profit margin decreased 90bps to 2.4%.

Long-Term Revenue Trends

($ in billions)

Net Earnings Per Share—Diluted^(d)

(in dollars)

'23 6.04 1.76
'22 8.52 7.08
'21 7.24 6.91
'20 3.67 0.41
'19 7.68 7.72
'18 9.02 8.56
'17 8.45 8.04

As Adjusted^(c)
As Reported

Net earnings per share—diluted decreased to $1.76 as reported. As adjusted, net earnings per share was $6.04, a decrease of 28% in constant currency.

Return on Invested Capital (ROIC)^(d)

(in percent)

'23 11.1% 3.8%
'22 16.0% 13.5%
'21 18.5% 17.7%
'20 9.8% 1.3%
'19 16.6% 14.9%
'18 19.4% 18.6%
'17 20.8% 20.0%

As Adjusted^(c)
As Reported

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.

NYSE

MAN

Fiscal Year End Date

12/31

2023 Share Price High/Low

^$91.50 / ^$68.43

Total Capitalization

($ in millions)

'23 2,234.1 1,002.6
'22 2,458.1 986.5
'21 2,531.7 1,118.3
'20 2,453.6 1,123.9
'19 2,761.5 1,073.4
'18 2,698.5 1,075.4
'17 2,857.6 947.5

Equity
Debt

Debt as a percentage of total capitalization was 31% in 2023.

The consolidated total of $18,914.5 million excludes eliminated intercompany revenue of $85.9 million.
Revenues from services include fees received from our franchise offices of $14.8 million and $15.7 million for the year ended December 31, 2023 and 2022, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $995.8 million and $1,058.4 million for the year ended December 31, 2023 and 2022, respectively.

In the United States, revenues from services include fees received from our franchise offices of $11.9 million and $12.8 million for the year ended December 31, 2023 and 2022, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $397.7 million and $476.1 million for the year ended December 31, 2023 and 2022, respectively.
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 2023 Annual Report on Form 10-K for further information.
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.