Slide 1: Manpower Inc. 2009 2nd Quarter Results
1 Helping Clients and Candidates Win for Over Six Decades 2009 July 23 MANPOWER INC. 2009 2 nd Quarter Results Exhibit 99.2
Slide 2: Forward-Looking Statement
2 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. Additional information concerning factors that could cause actual results to materially differ from th
Slide 3: Consolidated Financial Highlights
3 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. 81% CC Operating Profit $22M OP Margin 0.6% Revenue $3.8B Gross Margin 18
Slide 4: Consolidated Gross Margin Change
4 Consolidated Gross Margin Change
Slide 5: Americas Segment Q2 Financial Highlights
5 19% CC Q2 Financial Highlights OUP Margin - 0.3% 310 bps Revenue $595M OUP $(2M) N/A 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. (2) (1) Included in
Slide 6: Americas - Q2 Revenue Growth YoY
6 Revenue Growth - CC Revenue Growth % of Segment Revenue (1) (1) On an organic basis, US revenue decreased 31% in USD. Americas - Q2 Revenue Growth YoY
Slide 7: France Segment Q2 Financial Highlights
7 Q2 Financial Highlights OUP Margin 0.4% Revenue $1.1B OUP $4M 36% CC 320 bps 93% CC France Segment (29% of Revenue)
Slide 8: EMEA Segment Q2 Financial Highlights
8 Q2 Financial Highlights OUP Margin 0.2% Revenue $1.5B OUP $3M 28% CC 470 bps (1) Included in these amounts is Italy, which had revenue of $230M (-48% in USD, -40% in CC) and OUP of $7M (-82% in USD, -79% in CC). (2) Includes reorganization charges of $5.5M recorded in 2009. (2) 97% CC (1) EMEA Seg
Slide 9: EMEA - Q2 Revenue Growth YoY
9 Revenue Growth - CC Revenue Growth % of Segment Revenue EMEA - Q2 Revenue Growth YoY
Slide 10: Asia Pacific Segment Q2 Financial Highlights
10 Q2 Financial Highlights OUP Margin 0.9% Revenue $406M OUP $4M 13% CC 110 bps 71% CC (1) (1) Includes reorganization charges of $1.5M recorded in 2009. Asia Pacific Segment (11% of Revenue)
Slide 11: Asia Pacific - Q2 Revenue Growth YoY
11 Revenue Growth - CC Revenue Growth % of Segment Revenue Asia Pacific - Q2 Revenue Growth YoY
Slide 12: Right Management Segment Q2 Financial Highlights
12 232% CC Q2 Financial Highlights OUP Margin 26.8% Revenue $158M OUP $42M 46% CC 1530 bps Right Management Segment (4% of Revenue)
Slide 13: Jefferson Wells Segment
13 Jefferson Wells Segment (1% of Revenue) Q2 Financial Highlights OUP Margin - 21.2% Revenue $48M OUP $(10M) 1900 bps N/A (1) (1) Includes reorganization charges of $5.9M recorded in 2009.
Slide 14: Financial Highlights
14 Financial Highlights
Slide 15: Results of Operations
15 Results of Operations (in millions)
Slide 16: Cash Flow Summary - First Half
16 Other (21) Change in Cash (12) 2009 2008 Cash from Operations Capital Expenditures (17) (52) Free Cash Flow Share Repurchases - (53) Change in Debt (22) ($ in millions) Effect of Exchange Rate Changes (1) Acquisitions of Businesses, net of cash acquired (196) (85) Cash Flow Summary - First Half
Slide 17: Balance Sheet Highlights
17 Total Debt ($ in millions) Total Debt to Total Debt Net Debt 2009 2009 Balance Sheet Highlights
Slide 18: Revolving Credit Agreement and Debt Details
18 (a) (a) $625M multi-currency Revolving Credit Agreement provided by 17 banks. As of June 30, 2009, there was a €100M borrowing under the Revolving Credit Agreement at Euro LIBOR + 40 bps (our current credit spread). The Euro LIBOR portion has been swapped to a 5.71% fixed rate until July 2010, re
Slide 19: Third Quarter Outlook
19 Revenue Americas Down 21-23% France Down 36-38% (Down 31-33% CC) Down 10-12% Asia Pacific (Down 11-13% CC) Jefferson Wells Right Management Up 23-25% (Up 29-31% CC) Down 29-31% (Down 24-26% CC) Total Gross Profit Margin 17.5-17.7% Operating Profit Margin 0.7-0.9% Tax Rate EPS $0.07-$0.21 (Neg. $.
Slide 20: Questions?
Questions? Answers July 23, 2009 Manpower Inc. 2009 2 nd Quarter Results