Slide 1: ManpowerGroup Second Quarter Results
ManpowerGroup Second Quarter Results July 21, 2015 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: Q2 Financial Highlights
3 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Q2 Financial Highlights 9% Revenue $4.9B 7% CC 20 bps Gross Margin 17.1% 5% Operating Profit $179M 12% CC 20 bps OP Margin 3.7% 1% EPS $1.33 16% CC Throughout this presentation, the difference between reported variances and Consta
Slide 4: EPS Bridge – Q2 vs. Guidance Midpoint
4 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results EPS Bridge – Q2 vs. Guidance Midpoint $1.25 $1.33 +0.02 +0.06 Q2 Guidance Midpoint Operational Performance Currency (-23¢ vs -29¢) Q2 Reported
Slide 5: Consolidated Gross Margin Change
5 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Consolidated Gross Margin Change +0.2% 16.9% 17.1% +0.2% Q2 2014 Staffing Permanent Recruitment Currency Impact Q2 2015 -0.2%
Slide 6: Business Line Gross Profit – Q2 2015
6 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Growth in CC % Business Line Gross Profit – Q2 2015 █ Manpower █ Experis █ ManpowerGroup - Total █ ManpowerGroup Solutions █ Right Management $528M 63% $164M 20% $92M 11% $47M 6% $831M 4 9 22 0 7
Slide 7: SG&A Expense Bridge – Q2 YoY
7 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results SG&A Expense Bridge – Q2 YoY (in millions of USD) 13.4% % of Revenue 13.3% % of Revenue 709.9 651.9 +36.5 Q2 2014 Reported Currency Impact Operational Impact Q2 2015 - 94.5 (1) This was unfavorably impacted 20 bps due to the effec
Slide 8: Americas Segment Q2 Financial Highlights
8 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results 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. Q2 Financial Highlights 2% Revenue $1
Slide 9: Americas – Q2 Revenue Growth YoY
9 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Americas – Q2 Revenue Growth YoY Revenue Growth - CCRevenue Growth % of Segment Revenue -2% -4% 26% -8% -2% 13% 40% 8% US Mexico Argentina Other 67% 12% 5% 16%
Slide 10: Southern Europe Segment Q2 Financial Highlights
10 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Q2 Financial Highlights 10% Revenue $1.8B 11% CC 3% OUP $93M 20% CC 40 bps OUP Margin 5.3% Southern Europe Segment (36% of Revenue)
Slide 11: Southern Europe – Q2 Revenue Growth YoY
11 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Southern Europe – Q2 Revenue Growth YoY Revenue Growth - CCRevenue Growth % of Segment Revenue -15% 2% 10% -8% 5% 26% 37% 8% France Italy Spain Other 68% 18% 7% 7%
Slide 12: Northern Europe Segment Q2 Financial Highlights
12 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Q2 Financial Highlights 13% Revenue $1.3B 4% CC 22% OUP $36M 10% CC 30 bps OUP Margin 2.7% Northern Europe Segment (28% of Revenue)
Slide 13: Northern Europe – Q2 Revenue Growth YoY
13 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Northern Europe – Q2 Revenue Growth YoY Revenue Growth - CCRevenue Growth % of Segment Revenue 1% -20% -13% -20% -19% -23% 11% 2% 7% -1% 0% -3% UK Nordics Germany Netherlands Belgium Other 39% 20% 12% 9% 6% 14%
Slide 14: APME Segment Q2 Financial Highlights
14 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Q2 Financial Highlights 6% Revenue $557M 6% CC 11% OUP $19M 1% CC 20 bps OUP Margin 3.3% APME Segment (11% of Revenue)
Slide 15: APME – Q2 Revenue Growth YoY
15 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results APME – Q2 Revenue Growth YoY Revenue Growth - CCRevenue Growth % of Segment Revenue -13% -12% 3% 4% 6% 7% Japan Australia/NZ Other 34% 24% 42% (1) On an organic basis, Australia/NZ revenue decreased 20% (-4% in CC). (1)
Slide 16: Right Management Segment Q2 Financial Highlights
16 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Right Management Segment (2% of Revenue) Q2 Financial Highlights 10% Revenue $72M 2% CC 8% OUP $12M 4% CC 20 bps OUP Margin 16.2%
Slide 17: Cash Flow Summary – Six Months YTD
17 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Cash Flow Summary – 6 Months YTD (in millions of USD) 2015 2014 Net Earnings 171 180 Non-cash Provisions and Other 107 79 Change in Operating Assets/Liabilities (239) (275) Capital Expenditures (20) (21) Free Cash Flow 19 (37) Ch
Slide 18: Balance Sheet Highlights
18 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Balance Sheet Highlights Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt (Cash) 22% 24% 15% 14% 13% 13% 0% 10% 20% 30% 2011 2012 2013 2014 Q1 Q2 2015 120 122 -220 -230 --206 -36 700 770 518
Slide 19: Credit Facilities – June 30, 2015
19 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - €350M 4.505% Jun 2018 390 - Revolving Credit Agreement 1.26% Oct 2018 - 599 Uncommitted lines and Other Various Various 40 251 Total Debt 430 850 Cred
Slide 20: Third Quarter Outlook
20 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Third Quarter Outlook Revenue Total Down 6-8% (Up 5-7% CC) Americas Down 1-3% (Up 3-5% CC) Southern Europe Down 9-11% (Up 6-8% CC) Northern Europe Down 9-11% (Up 3-5% CC) APME Up/Down 1% (Up 12-14% CC) Right Management Down 6-8%
Slide 21: Key Take Aways
21 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Key Take Aways Delivered strong results through our focus on disciplined pricing coupled with efficiency and productivity. We have built capabilities and solutions for our clients to exploit market opportunities while improving o
Slide 22: Returning Cash to Shareholders
22 ManpowerGroup | July 2015 ManpowerGroup 2015 Second Quarter Results Returning Cash to Shareholders ($ in millions, except per share amounts) • 2.2M shares repurchased in H1 2015; 4M shares (>5% of outstanding) in the past twelve months. • 8% of outstanding shares repurchased in 2011/12. • 3.8M (5