Slide 1: Manpower Inc. 3rd Quarter Results
Helping Clients and Candidates Win for Over Six Decades Exhibit 99.2 2009 October MANPOWER INC. 3 rd Quarter Results
Slide 2: Forward-Looking Statement
2 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. Additional information concerning factors that could cause actual results to materially differ from th
Slide 3: Q3 Consolidated Financial Highlights
3 (1) Excludes non-recurring items for 2009 and 2008 as set forth on page 15. N/A CC bps Operating Profit ($19M) OP Margin - 0.5% Revenue $4.2B Gross Margin 16.9% EPS ( $.64) bps N/A N/A N/A Q3 Highlights Throughout this presentation, the difference between reported variances and Constant Currency (
Slide 4: Consolidated Gross Margin Change
4 Consolidated Gross Margin Change
Slide 5: Americas Segment Q3 Financial Highlights
5 CC Q3 Financial Highlights OUP Margin 0.7% bps Revenue $653M OUP $5M 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 operating costs. (2) (1) Included in these amounts is
Slide 6: Americas - Q3 Revenue Growth YoY
6 Revenue Growth - CC Revenue Growth % of Segment Revenue (1) (1) On an organic basis, US revenue decreased 24% in USD. Americas - Q3 Revenue Growth YoY
Slide 7: France Segment Q3 Financial Highlights
7 Q3 Financial Highlights OUP Margin 0.8% Revenue $1.3B OUP $11M CC bps CC France Segment (31% of Revenue)
Slide 8: EMEA Segment Q3 Financial Highlights
8 Q3 Financial Highlights OUP Margin 1.6% Revenue $1.6B OUP $26M CC bps (1) Included in these amounts is Italy, which had revenue of $231M (-39% in USD, -35% in CC) and OUP of $9M (-70% in USD, -68% in CC). CC (1) EMEA Segment (39% of Revenue)
Slide 9: EMEA - Q3 Revenue Growth YoY
9 Revenue Growth - CC Revenue Growth % of Segment Revenue EMEA - Q3 Revenue Growth YoY
Slide 10: Asia Pacific Segment Q3 Financial Highlights
10 Q3 Financial Highlights OUP Margin 0.9% Revenue $428M OUP $4M CC bps CC Asia Pacific Segment (10% of Revenue)
Slide 11: Asia Pacific - Q3 Revenue Growth YoY
11 Revenue Growth - CC Revenue Growth % of Segment Revenue Asia Pacific - Q3 Revenue Growth YoY
Slide 12: Right Management Segment Q3 Financial Highlights
12 CC Q3 Financial Highlights OUP Margin 15.6% Revenue $136M OUP $21M CC bps Right Management Segment (3% of Revenue)
Slide 13: Jefferson Wells Segment Q3 Financial Highlights
13 Jefferson Wells Segment (1% of Revenue) Q3 Financial Highlights OUP Margin - 1.2% Revenue $48M OUP $(1M) bps N/A
Slide 14: Financial Highlights
14 Financial Highlights
Slide 15: Q3 Non-recurring Items
15 ($ in millions, except per share amounts) Q3 Non-recurring Items
Slide 16: Cash Flow Summary - Nine Months
16 Other (2) Change in Cash (12) Cash from Operations Capital Expenditures (27) (71) Free Cash Flow Share Repurchases - (125) Change in Debt (21) ($ in millions) Effect of Exchange Rate Changes (10) Acquisitions of Businesses, net of cash acquired (224) (89) Cash Flow Summary - Nine Months
Slide 17: Balance Sheet Highlights
17 Total Debt ($ in millions) Total Debt to Total Capitalization Total Debt Net Debt (a) On October 16, 2009, we elected to repay the €100M ($146M) borrowing under the revolving credit agreement. If the repayment had been made on September 30, 2009, debt would have been $763M and Total Debt to Total
Slide 18: Revolving Credit Agreement Amendment and Debt Maturities
18 (a) (a) Effective October 16, 2009, we amended our Revolving Credit Agreement. The amendment reduces the size of the facility from $625M to $400M and revises covenant levels and pricing. The amended agreement requires, as of September 30, that we comply with a Debt-to- EBITDA ratio of less than 3
Slide 19: Fourth Quarter Outlook
19 Revenue Americas Down 10-13% France Down 9-11% (Down 19-21% CC) Down 1-3% Asia Pacific (Down 8-10% CC) Jefferson Wells Right Management Up 5-7% (Up 1-3% CC) Down 9-11% (Down 16-18% CC) Total Gross Profit Margin 17.4-17.6% Operating Profit Margin 0.9-1.1% Tax Rate EPS (excluding non-recurring item
Slide 20: Questions?
Questions? Answers October 21, 2009 Manpower Inc. 2009 3 rd Quarter Results