Slide 1: Manpower Inc. 2005 2nd Quarter Results
Exhibit 99.2 Manpower Inc. 2005 2nd Quarter Results July 19, 2005 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-look
Slide 2: Consolidated Financial Highlights: Q2 Highlights
Consolidated Financial Highlights Q2 Highlights 12% 8% CC Revenue $4.1B 60 bps Gross Margin 18.2% 15% 11% CC Operating Profit $110M 10 bps OP Margin 2.7% 25% 21% CC EPS $.70 Throughout this presentation, the difference between reported variances and Constant Currency (CC) variances represents the im
Slide 3: Gross Profit Margin Change
Consolidated Financial Highlights Gross Profit Margin Change 19% 18% 17% 16% 18.75% - 0.21% - 0.20% - 0.13% - 0.24% + 0.05% + 0.22% 18.24% Q2 2004 EMEA France Staffing Jefferson Wells Mix -Right Other Perm Placement Q2 2005
Slide 4: United States
United States Segment Q2 Financial Highlights 2% Revenue $507M 27% OUP $18M 80 bps OUP Margin 3.5% 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.
Slide 5: France
France Segment Q2 Financial Highlights 10% 6% CC $1.4B Revenue 5% 1% CC $42M OUP 20 bps OUP Margin 2.9%
Slide 6: EMEA
EMEA Segment Q2 Financial Highlights 18% 14% CC $1.4B Revenue 47% 42% CC $38M OUP 50 bps OUP Margin 2.7%
Slide 7: EMEA Segment
EMEA Segment % of Segment Revenue Q2 Revenue Growth YoY 19% UK—Manpower 9% 7% 18% Nordics 24% 18% 16% Italy 15% 10% 12% Elan 44% 40% 7% Germany 24% 19% 7% Spain 25% 20% 6% Holland 13% 8% 15% Other 6% 3% Revenue Growth Revenue Growth—CC
Slide 8: Jefferson Wells
Jefferson Wells Segment Q2 Financial Highlights 22% Revenue $93M 16% OUP $9M 450 bps OUP Margin 10.0%
Slide 9: Right Management
Right Management Segment Q2 Financial Highlights 10% 12% CC Revenue $108M 26% 28% CC OUP $9M 180 bps OUP Margin 8.6%
Slide 10: Other Operations
Other Operations Segment Q2 Financial Highlights 21% 16% CC $518M Revenue 36% 31% CC OUP $13M 30 bps OUP Margin 2.5%
Slide 11: Other Operations Segment
Other Operations Segment % of Segment Revenue Q2 Revenue Growth YoY 11% 41% Japan 9% Australia/NZ 20% 18% 11% Mexico 30% 13% 25% 28% Other 34% 27% Revenue Growth Revenue Growth—CC
Slide 12: Manpower Financial Highlights
MANPOWER = Financial Highlights _— a gz ez
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights Total Debt $ in millions 1,000 800 600 400 200 0 2002 2003 2004 Q2 2005 Net Debt Total Debt Total Debt to Total Capitalization Percent 60% 50% 40% 30% 20% 10% 0% 45% 39% 29% 27% 2002 2003 2004 Q2 2005
Slide 14: Capital Structure
Capital Structure (in millions) December 31, 2004 June 30, 2005 Euro Notes - Euro 150M (3/05) $204 $- - Euro 200M (7/06) 271 242 - Euro 300M (6/12) - 363 Convertible Bonds 265 - Revolver/Other 162 149 Total Debt 902 754 Total Equity 2,174 2,039 Total Capital $3,076 $2,793 Shares Outstanding 90.3 87.
Slide 15: Cash Flow Summary – First Half
Cash Flow Summary – First Half (in millions) 2005 2004 Cash from Operations $98 $68 Capital Expenditures (36) (27) Free Cash Flow 62 41 Share Repurchases * (204) - Change in Debt (32) 9 Other 5 (36) Change in Cash $(169) $14 * 5,000,000 shares
Slide 16: Third Quarter Outlook
Third Quarter Outlook Revenue U.S. Flat France Up 3-5% EMEA Up 8-10% Jefferson Wells Down 12-14% (Up 2-5% sequentially) Right Flat Other Up 15-17% Total Up 5-7% Gross Profit Margin 18.1—18.3% Operating Profit Margin 3.0 – 3.2% Tax Rate 36.5% EPS $.81—$.85 Current exchange rates approximate the avera
Slide 17: Questions
Manpower Inc. 2005 2nd Quarter Results July 19, 2005 Questions