Slide 1: ManpowerGroup Fourth Quarter Results
ManpowerGroup Fourth Quarter Results February 3, 2016 Exhibit 99.2
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation includes forward-looking statements which are subject to known and unknown risks and uncertainties. Actual results might differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause ac
Slide 3: Q4 Financial Highlights
3 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results As Reported Excluding Non-recurring Items Q4 Financial Highlights 3% 3% Revenue $5.0B 7% CC 7% CC 20 bps 20 bps Gross Margin 17.2% 6% 2% Operating Profit $181M 5% CC 14% CC 10 bps 20 bps OP Margin 3.7% (4.0% excluding restruct
Slide 4: EPS Bridge – Q4 vs. Guidance Midpoint
4 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results EPS Bridge – Q4 vs. Guidance Midpoint $1.51 $1.68 $1.66 -0.17 +0.06 +0.12 Q4 Guidance Midpoint Operational Performance Tax Rate (31.8% vs 36.5%) Currency (-16¢ vs -15¢) Reported Excluding Non- recurring Items Other Income Gain
Slide 5: Consolidated Gross Margin Change
5 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results Consolidated Gross Margin Change +0.1% 17.0% 17.2% Q4 2014 Permanent Recruitment Currency/Other Q4 2015 Americas Southern Europe Northern Europe APME Mix/Rounding Americas Southern Europe Northern Europe APME 10 1 12 1 10 1 (2
Slide 6: Gross Profit by Business Line – Q4 2015
6 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results 5 17 10 15 8 $538M 63% $175M 21% $91M 11% $47M 5% $851M Growth in CC % Business Line Gross Profit – Q4 2015 █ Manpower █ Experis █ ManpowerGroup - Total █ ManpowerGroup Solutions █ Right Management
Slide 7: SG&A Expense Bridge – Q4 YoY
7 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results 675.5 +29.8 +6.7 +16.4 Q4 2014 Reported Currency Impact Acquisitions Operational Impact Q4 2015 Recurring Expenses Restructuring Charges Q4 2015 Reported -58.4 13.2% % of Revenue 13.2% % of Revenue 670.0 653.6 SG&A Expense Bri
Slide 8: Americas Segment Q4 Financial Highlights
8 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results As Reported Excluding Restructuring Charges Q4 Financial Highlights 3% 3% Revenue $1.1B 4% CC 4% CC 0% 6% OUP $56M 6% CC 12% CC 20 bps 50 bps OUP Margin 4.9% Operating Unit Profit (OUP) is the measure that we use to evaluate s
Slide 9: Americas – Q4 Revenue Growth
9 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results -5% -2% 24% -1% -5% 18% 46% 21% US Mexico Argentina Other 66% 12% 6% 16% Americas – Q4 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue
Slide 10: Southern Europe Segment Q4 Financial Highlights
10 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results As Reported Q4 Financial Highlights 4% Revenue $1.7B 9% CC 1% OUP $93M 15% CC 20 bps OUP Margin 5.3% Southern Europe Segment (35% of Revenue)
Slide 11: Southern Europe – Q4 Revenue Growth
11 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results Southern Europe – Q4 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue -7% 5% 9% -1% 6% 20% 24% 6% France Italy Spain Other 67% 18% 8% 7%
Slide 12: Northern Europe Segment Q4 Financial Highlights
12 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results As Reported Excluding Restructuring Charges Q4 Financial Highlights 5% 5% Revenue $1.4B 6% CC 6% CC 26% 9% OUP $40M 18% CC 1% CC 80 bps 10 bps OUP Margin 2.8% Northern Europe Segment (29% of Revenue) (1) (1) Excludes the impa
Slide 13: Northern Europe – Q4 Revenue Growth
13 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results -9% -16% 48% -11% -12% -16% -5% -1% 69% 1% 1% -2% UK Nordics Germany Netherlands Belgium Other 36% 18% 18% 9% 6% 13% Northern Europe – Q4 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue (1) On an or
Slide 14: APME Segment Q4 Financial Highlights
14 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results As Reported Excluding Restructuring Charges Q4 Financial Highlights 2% 2% Revenue $579M 12% CC 12% CC 14% 0% OUP $18M 9% CC 7% CC 60 bps 10 bps OUP Margin 3.2% APME Segment (12% of Revenue) (1) (1) Excludes the impact of rest
Slide 15: APME – Q4 Revenue Growth
15 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results APME – Q4 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue (1) On an organic basis, Australia/NZ revenue decreased 12% (+4% in CC). (1) -5% 9% 4% 1% 30% 11% Japan Australia/NZ Other 32% 25% 43%
Slide 16: Right Management Segment Q4 Financial Highlights
16 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results As Reported Excluding Restructuring Charges Q4 Financial Highlights 1% 1% Revenue $70M 8% CC 8% CC 64% 84% OUP $10M 76% CC 97% CC 560 bps 740 bps OUP Margin 14.6% Right Management Segment (1% of Revenue) (1) (1) Excludes the
Slide 17: Cash Flow Summary – Full Year
17 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results Cash Flow Summary – Full Year (in millions of USD) 2015 2014 Net Earnings 419 428 Non-cash Provisions and Other 209 192 Change in Operating Assets/Liabilities (117) (314) Capital Expenditures (52) (51) Free Cash Flow 459 255
Slide 18: Balance Sheet Highlights
18 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results Balance Sheet Highlights Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt (Cash) 22% 23% 15% 14% 13% 13% 25% 24% 0% 10% 20% 30% 2011 2012 2013 2014 Q1 Q2 Q3 Q4 2015 119 120 -221 -231 --20
Slide 19: Debt Notes and Revolving Credit Agreement
19 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results (1) On September 11, 2015, we offered and sold €400.0M aggregate principal amount of notes with a coupon of 1.875% and a maturity date of September 11, 2022. The notes were issued at a price of 99.753% to yield an effective i
Slide 20: First Quarter Outlook
20 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results First Quarter Outlook Revenue Total Up 1-3% (Up 5-7% CC) Americas Flat/Down 2% (Up 4-6% CC) Southern Europe Up 3-5% (Up 6-8% CC) Northern Europe Flat/Up 2% (Up 3-5% CC) APME Up 4-6% (Up 9-11% CC) Right Management Down/Up 1% (
Slide 21: Our journey to 4% EBITA
21 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results Our journey to 4% EBITA... • 2015 EBITA margin of 3.8%, the highest in the past 20 years. • 140 basis point improvement since 2012 and ahead of our expectations. Above analysis excludes restructuring charges and other non-rec
Slide 22: Key Take Aways
22 ManpowerGroup | February 2016 ManpowerGroup 2015 Fourth Quarter Results Key Take Aways Solid quarterly performance; 2015 was the highest operating profit margin in the past 20 years, with strong progress in all brands and offerings. We remain committed to seizing growth opportunities aligned with