Slide 1: ManpowerGroup 4th Quarter
ManpowerGroup 4th Quarter January 30, 2013
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation includes forward-looking statements, including earnings projections 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
Slide 3: Consolidated Financial Highlights
As Reported Excluding Non -recurring Items Q4 Financial Highlights 5% 5% Revenue $5.2B 4% CC 4% CC 20 bps 20 bps Gross Margin 16.9% 19% 12% Operating Profit $105M 17% CC 11% CC 40 bps 20 bps OP Margin 2.0% 13% 7% EPS $.68 12% CC 6% CC Throughout this presentation, the difference between reported var
Slide 4: EPS Bridge - Q4 vs. Guidance Midpoint
EPS Bridge - Q4 vs. Guidance Midpoint
Slide 5: Non-Recurring Items
Q4 2012 FY 2012 FY 2011 Pre-tax Earnings Net Earnings EPS - Diluted Pre-tax Earnings Net Earnings EPS - Diluted Pre-tax Earnings Net Earnings EPS - Diluted Earnings, As Reported $94.8 $ 53.3 $ 0.68 $ 368.4 $ 197.6 $ 2.47 $ 479.9 $ 251.6 $ 3.04 Reorganization Charges 26.6 18.3 0.23 45.4 32.1 0.40 20.
Slide 6: Consolidated Gross Margin Change
Consolidated Gross Margin Change
Slide 7: Business Line Gross Profit - Q4 2012
Business Line Gross Profit - Q4 2012 █ ManpowerGroup Solutions █ Right Management
Slide 8: SG&A Expense Bridge - Q4 YoY
= = SG&A Expense Bridge - Q4 YoY (in millions of USD) 20.5 28.5 74.9 | #266 745.2 Q42011 Reorganization 042011 Currency Operational 042012 Reorganization Q4 2012 Reported Charges Recurring —Impact Impact. Recurring Charges —- Reported Expenses Expenses
Slide 9: Americas Segment
As Reported Excluding Non-recurring Items Q4 Financial Highlights 0% 0% Revenue $1.2B 0% CC 0% CC 7% 10% OUP $36M 8% CC 11% CC 20 bps 30 bps OUP Margin 3.1% (1) Americas Segment (22% of Revenue) (1) Included in these amounts is the US, which had revenue of $751M (-2%) and OUP of $22M (-17%, or -20%
Slide 10: Americas - Q4 Revenue Growth YoY
Americas - Q4 Revenue Growth YoY % of Segment
Slide 11: Southern Europe Segment
As Reported Excluding Non-recurring Items Q4 Financial Highlights 12% 12% Revenue $1.8B 8% CC 8% CC 34% 28% OUP $28M 31% CC 24% CC 50 bps 30 bps OUP Margin 1.6% (1) Southern Europe Segment (34% of Revenue) (1) Included in these amounts is France, which had revenue of $1.3B (-9% CC) and OUP of $18M (
Slide 12: Southern Europe - Q4 Revenue Growth YoY
Southern Europe - Q4 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 74% 15% 5% 6% (1) (1) On an organic basis, France revenue decreased 14% (-10% in CC).
Slide 13: Northern Europe Segment
As Reported Excluding Non-recurring Items Q4 Financial Highlights 3% 3% Revenue $1.5B 3% CC 3% CC 34% 28% OUP $34M 34% CC 28% CC 110 bps 100 bps OUP Margin 2.3% Northern Europe Segment (29% of Revenue) (1) (1) Excludes the impact of reorganization charges of $11.5M in Q4 2012 and $12.0M in Q4 2011.
Slide 14: Northern Europe - Q4 Revenue Growth YoY
Northern Europe - Q4 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 26% 24% 12% 10% 21% 7%
Slide 15: APME Segment
As Reported Excluding Non-recurring Items Q4 Financial Highlights 0% 0% Revenue $698M 1% CC 1% CC 31% 33% OUP $28M 33% CC 35% CC 100 bps 100 bps OUP Margin 4.1% APME Segment (13% of Revenue) (1) (1) Excludes the impact of reorganization charges of $0.4M in Q4 2012.
Slide 16: APME - Revenue by Country
% of Segment Revenue 42% Japan 24% Australia/NZ 34% Other M@ RevenueGrowth ff RevenueGrowth- CC
Slide 17: Right Management Segment
As Reported Excluding Non-recurring Items Q4 Financial Highlights 6% 6% Revenue $85M 7% CC 7% CC N/A N/A OUP $8M N/A N/A 1670 bps 960 bps OUP Margin 9.7% Right Management Segment (2% of Revenue) (1) (1) Excludes the impact of reorganization charges of $0.5M in Q4 2012 and $6.1M in Q4 2011.
Slide 18: Cash Flow Summary - Full Year
($ in millions) 2012 2011 Cash provided by operating activities 332 69 Capital Expenditures (72) (65) Free Cash Flow 260 4 Change in Debt 42 15 Share Repurchases (138) (105) Dividends paid (68) (65) Acquisitions of Businesses, net (49) (49) Effect of Exchange Rate Changes 18 (28) Other 3 36 Change i
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights Total Debt ($ in millions) Total Debt to
Slide 20: Credit Facilities
Interest Rate Maturity Date Total Outstanding at 12/31/12 Remaining Available at 12/31/12 Euro Notes: - Euro 200M 4.86% Jun 2013 264 - - Euro 350M 4.505% Jun 2018 462 - Revolving Credit Agreement 1.48% Oct 2016 - 799 Uncommitted lines and Other Various Various 44 335 Total Debt 770 1,134 Credit Faci
Slide 21: First Quarter Outlook
Revenue Total Down 6-8% (Down 6-8% CC) Americas Down 2-4% (Down 1-3% CC) Southern Europe Down 10-12% (Down 11-13% CC) Northern Europe Down 5-7% (Down 6-8% CC) APME Down 6-8% (Down 1-3% CC) Right Management Up 2-4% (Up 2-4% CC) Gross Profit Margin 16.6 - 16.8% Operating Profit Margin 1.4 - 1.6% Tax R
Slide 22: Differentiation
DIFFERENTIATION Articulating the unique value we bring to our clients, building our brand and capabilities to do more while improving gross margins Driving Results Through Our Organization & People
Slide 23: Questions
Questions