Slide 1: Manpower Inc. 2007 3rd Quarter Results
Manpower Inc. 2007 3 rd Quarter Results New Face New Place October 17, 2007 Exhibit 99.2
Slide 2: Forward Looking Statement
2 Manpower Inc. 2007 3 Quarter Results rd 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. 2007 3 Quarter Results rd Throughout this presentation, the difference between reported variances and Constant Currency (CC) variances represents the impact of currency on our financial results. Constant Currency is further explained on our Web site. Consolidated Financial Highlights
Slide 4: Consolidated Gross Profit Margin Change
4 Manpower Inc. 2007 3 Quarter Results rd 18.40% 17.52% Consolidated Gross Profit Margin Change Q3 2006 France - Impact of Payroll Tax Change Temporary Recruitment Permanent Recruitment Mix - Specialty Q3 2007 - 0.30% + 0.25% + 0.57% + 0.36%
Slide 5: United States Segment
5 Manpower Inc. 2007 3 Quarter Results rd United States Segment (9% of Revenue) Q3 Financial Highlights OUP Margin 4.8% 50 bps $502M OUP $24M 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 nati
Slide 6: France Segment
6 Manpower Inc. 2007 3 Quarter Results rd France Segment (35% of Revenue) Q3 Financial Highlights OUP Margin 5.4% $1.9B OUP $101M 5% CC 170 bps 51% CC (1) The impact of the change in the French payroll tax calculation is included above. The change has a $27.0M positive impact on OUP and a positive 1
Slide 7: Other EMEA Segment
7 Manpower Inc. 2007 3 Quarter Results rd Other EMEA Segment (33% of Revenue) Q3 Financial Highlights OUP Margin 4.3% $1.7B OUP $74M 19% CC 70 bps 41% CC
Slide 8: Other EMEA – Q3 Revenue Growth YoY
8 Manpower Inc. 2007 3 Quarter Results rd 46% 9% 38% 19% 4% 17% 36% 28% 31% 12% 28% 26% 41% Other EMEA – Q3 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Other Spain Netherlands Germany UK - Manpower Elan Nordics
Slide 9: Italy Segment
9 Manpower Inc. 2007 3 Quarter Results rd Italy Segment (6% of Revenue) Q3 Financial Highlights OUP Margin 7.3% $335M OUP $25M 12% CC 120 bps 35% CC
Slide 10: Jefferson Wells Segment
10 Manpower Inc. 2007 3 Quarter Results rd Jefferson Wells Segment (2% of Revenue) Q3 Financial Highlights OUP Margin - 2.0% $86M OUP $(2M) 1260 bps (1) (1) Results include $3.0M of move-related expenses for the move to the new headquarters.
Slide 11: Right Management Segment
11 Manpower Inc. 2007 3 Quarter Results rd Right Management Segment (2% of Revenue) Q3 Financial Highlights OUP Margin 5.8% $99M OUP $6M 5% CC 340 bps 147% CC
Slide 12: Other Operations Segment
12 Manpower Inc. 2007 3 Quarter Results rd Other Operations Segment (13% of Revenue) Q3 Financial Highlights OUP Margin 2.8% $663M OUP $19M 11% CC 10 bps 11% CC
Slide 13: Other Operations – Q3 Revenue Growth YoY
13 Manpower Inc. 2007 3 Quarter Results rd 24% 17% 9% 4% 9% 9% 7% 16% Other Operations – Q3 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Other Mexico Australia/NZ Japan
Slide 14: Financial Highlights
14 Manpower Inc. 2007 3 Quarter Results rd Financial Highlights
Slide 15: Reported Q3 Results vs. Guidance
15 Manpower Inc. 2007 3 Quarter Results rd + $.02 - $.02 - $.03 + $.14 + $.19 + $.08 Share Repurchase Accretion Reported Q3 Results vs. Guidance Reported Guidance Revenue Growth (Constant Currency) 8.5% 7 - Operating Profit Margin 4.2% 3.9 - 4.1% EPS $1.57 $1.39 - $1.43 Currency + $.08 Headquarters
Slide 16: Balance Sheet Highlights
16 Manpower Inc. 2007 3 Quarter Results rd 367 280 370 416 137 135 109 848 906 837 823 735 902 842 39% 29% 26% 25% 25% 26% 24% 1,000 2003 2004 2005 2006 Q1 2007 Q2 2007 Q3 2007 Total Debt Net Debt Balance Sheet Highlights Total Debt ($ in millions) Total Debt to Total Capitalization 2003 2004 2005 2
Slide 17: Cash Flow Summary – Nine Months
17 Manpower Inc. 2007 3 Quarter Results rd Proceeds from Sale of Business Other Change in Cash (149) - * 4,944,200 shares in 2007 and 4,000,000 shares in 2006. Cash Flow Summary – Nine Months 2007 2006 Cash from Operations Capital Expenditures (66) (47) Free Cash Flow Share Repurchases * (360) (236)
Slide 18: Fourth Quarter Outlook
18 Manpower Inc. 2007 3 Quarter Results rd Fourth Quarter Outlook U.S. Down 3-5% France Up 14-16% (Up 4-6% CC) Up 21-23% Italy (Up 11-13% CC) Jefferson Wells Right Management Up 4-6% (Up 1-3% CC) Other Up 12-14% (Up 11-13% CC) Total Up 14-16% (Up 8-10% CC) Gross Profit Margin 18.2-18.4% Operating Pr
Slide 19: Full-Year Forecast
19 Manpower Inc. 2007 3 Quarter Results rd - $.22 + $.86 - $.22 - - + $.86 Full-Year Forecast 2006 Variance $ CC $ 20.3B EPS – Continuing Operations Items impacting EPS: $5.61 Reorg./cost initiatives French payroll tax change 2007 Forecast $ 17.6B $3.48 Note: 2007 forecasted amounts are based upon t
Slide 20: Questions? Answers
Manpower Inc. 2007 3 rd Quarter Results Questions? Answers October 17, 2007