Slide 1: Manpower Inc. 2006 1st Quarter Results
Manpower Inc. 2006 1 st Quarter Results Now Next April 18, 2006 Exhibit 99.2
Slide 2: Forward Looking Statement
2 Manpower Inc. 2006 1 st Quarter Results Forward Looking Statement This presentation includes forward-looking statements which are subject to risks and uncertainties. Actual results might differ materially from those projected in the forward-looking statements. Forward-looking statements can be ide
Slide 3: Consolidated Financial Highlights
3 Manpower Inc. 2006 1 st Quarter Results Consolidated Financial Highlights Operating Profit $60M OP Margin 1.5% 86% CC $3.9B Gross Margin 18.3% EPS $ .59 ( $ .48 as adjusted*) 11% CC 12 bps 14 bps 5% CC Q1 Highlights Throughout this presentation, the difference between reported variances and Consta
Slide 4: Consolidated Gross Profit Margin Change
4 Manpower Inc. 2006 1 st Quarter Results 18.26% 18.14% Q1 2005 Temporary Recruitment Permanent Recruitment Mix - Right Q1 2006 - 0.22% + 0.24% + 0.10% Consolidated Gross Profit Margin Change
Slide 5: United States Segment
5 Manpower Inc. 2006 1 st Quarter Results United States Segment Q1 Financial Highlights OUP Margin 1.9% 90 bps $510M OUP $9M Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment revenues less direct costs and branch and national headquarters
Slide 6: France Segment
6 Manpower Inc. 2006 1 st Quarter Results contemporary working France Segment Q1 Financial Highlights OUP Margin 2.4% $1.3B OUP $30M 10% CC 20 bps 18% CC
Slide 7: EMEA Segment
7 Manpower Inc. 2006 1 st Quarter Results contemporary working EMEA Segment Q1 Financial Highlights OUP Margin 1.6% $1.4B OUP $23M 15% CC 50 bps 69% CC
Slide 8: EMEA – Q1 Revenue Growth YoY
8 Manpower Inc. 2006 1 st Quarter Results 23% 19% 17% 11% -18% 13% 12% -12% 23% 20% 28% 30% 18% 19% 10% 8% Other Spain Holland Germany Elan UK - Manpower Italy Nordics EMEA – Q1 Revenue Growth YoY Growth - CC Revenue Growth % of Segment
Slide 9: Jefferson Wells Segment
9 Manpower Inc. 2006 1 st Quarter Results contemporary working Jefferson Wells Segment Q1 Financial Highlights OUP Margin 6.0% $96M OUP $6M 270 bps
Slide 10: Right Management Segment
10 Manpower Inc. 2006 1 st Quarter Results contemporary working Right Management Segment Q1 Financial Highlights OUP Margin 4.5% $96M OUP $4M 4% CC 490 bps 57% CC
Slide 11: Other Operations Segment
11 Manpower Inc. 2006 1 st Quarter Results contemporary working Other Operations Segment Q1 Financial Highlights OUP Margin 3.2% $555M OUP $18M 14% CC 70 bps 52% CC
Slide 12: Other Operations – Q1 Revenue Growth YoY
12 Manpower Inc. 2006 1 st Quarter Results 27% 38% -4% 7% 2% 31% 25% -3% Other Mexico Australia/NZ Japan Other Operations – Q1 Revenue Growth YoY Growth - CC Revenue Growth % of Segment
Slide 13: Financial Highlights
13 Manpower Inc. 2006 1 st Quarter Results Financial Highlights
Slide 14: Impact of One-Time Items
14 Manpower Inc. 2006 1 st Quarter Results 2006 Gain on Sale Reorganization Project 2006 As Reported of Business Charges Titan As Adjusted 3,929.9 $ - $ - $ - $ 3,929.9 $ Cost of services 3,212.5 - - - 3,212.5 Gross profit 717.4 - - - 717.4 Selling and administrative expenses 657.7 - (9.0) (9.2) 639
Slide 15: Balance Sheet Highlights
15 Manpower Inc. 2006 1 st Quarter Results 39% 29% 26% 25% 416 370 280 200 842 902 735 754 2003 2004 2005 Q1 2006 Total Debt Net Debt 1,000 2003 2004 2005 Q1 2006 Balance Sheet Highlights Total Debt ($ in millions) Total Debt to Total Capitalization
Slide 16: Cash Flow Summary – First Quarter
16 Manpower Inc. 2006 1 st Quarter Results * 612,600 shares in 2006 and 1,065,000 shares in 2005 Proceeds from Sale of Business Cash Flow Summary – First Quarter 2006 2005 Cash from Operations $ $ Capital Expenditures (15) (19) Free Cash Flow Share Repurchases * (33) (47) Change in Debt (145) Other
Slide 17: Second Quarter Outlook
17 Manpower Inc. 2006 1 st Quarter Results Up 3-5% Second Quarter Outlook U.S. Up 4-6% France Up 3-5% (Up 7-9% CC) EMEA (Up 7-9% CC) Jefferson Wells Right Down 5-7% (Down 3-5% CC) Other Up 9-11% (Up 12-14% CC) Total Up 4-6% (Up 7-9% CC) Gross Profit Margin 18.4 - 18.6% Operating Profit Margin 2.8 –
Slide 18: Questions?
2006 st Quarter Results Questions? Answers April 18, 2006