Slide 1: Manpower Inc. 2006 2nd Quarter Results
Manpower Inc. 2006 2 nd Quarter Results Now Next July 19, 2006 Exhibit 99.2
Slide 2: Forward Looking Statement
2 Manpower Inc. 2006 2 nd Quarter Results 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. 2006 2 nd Quarter Results Consolidated Financial Highlights Operating Profit $139M OP Margin 3.1% 29% CC Revenue $4.4B Gross Margin 18.4% EPS $ .91 10% CC 15 bps 40 bps 27% CC Q2 Highlights Throughout this presentation, the difference between reported variances and Constant Currency
Slide 4: Consolidated Gross Profit Margin Change
4 Manpower Inc. 2006 2 nd Quarter Results 18.39% 18.24% Q2 2005 Temporary Recruitment Permanent Recruitment Mix - Right Q2 2006 - 0.31% + 0.27% + 0.19% Consolidated Gross Profit Margin Change
Slide 5: United States Segment
5 Manpower Inc. 2006 2 nd Quarter Results United States Segment Q2 Financial Highlights OUP Margin 4.2% 70 bps Revenue $535M OUP $22M 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 hea
Slide 6: France Segment
6 Manpower Inc. 2006 2 nd Quarter Results contemporary working France Segment Q2 Financial Highlights OUP Margin 3.2% Revenue $1.5B OUP $50M 10% CC 20 bps 18% CC
Slide 7: EMEA Segment
7 Manpower Inc. 2006 2 nd Quarter Results contemporary working EMEA Segment Q2 Financial Highlights OUP Margin 3.2% Revenue $1.6B OUP $52M 12% CC 60 bps 35% CC
Slide 8: EMEA Q2 Revenue Growth YoY
8 Manpower Inc. 2006 2 nd Quarter Results 16% 13% -11% 11% 25% 25% -9% 11% 14% 15% 9% 26% 22% 9% 21% 26% Other Holland Spain Germany Elan UK - Manpower Nordics Italy EMEA – Q2 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue
Slide 9: Jefferson Wells Segment
9 Manpower Inc. 2006 2 nd Quarter Results contemporary working Jefferson Wells Segment Q2 Financial Highlights OUP Margin 10.2% Revenue $99M OUP $10M 20 bps
Slide 10: Right Management Segment
10 Manpower Inc. 2006 2 nd Quarter Results contemporary working Right Management Segment Q2 Financial Highlights OUP Margin 10.6% Revenue $104M OUP $11M 4% CC 200 bps 18% CC
Slide 11: Other Operations Segment
11 Manpower Inc. 2006 2 nd Quarter Results contemporary working Other Operations Segment Q2 Financial Highlights OUP Margin 2.6% Revenue $577M OUP $15M 14% CC 10 bps 18% CC
Slide 12: Other Operations Q2 Revenue Growth YoY
12 Manpower Inc. 2006 2 nd Quarter Results 31% 27% 28% 29% 6% -3% -1% Other Mexico Australia/NZ Japan Other Operations – Q2 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue
Slide 13: Financial Highlights
13 Manpower Inc. 2006 2 nd Quarter Results Financial Highlights
Slide 14: Balance Sheet Highlights
14 Manpower Inc. 2006 2 nd Quarter Results 39% 29% 26% 32% 416 370 280 280 842 902 735 1,048 2003 2004 2005 Q2 2006 1,000 1,200 2003 2004 2005 Q2 2006 Total Debt Net Debt Balance Sheet Highlights Total Debt ($ in millions) Total Debt to Total Capitalization
Slide 15: Cash Flow Summary – First Half
15 Manpower Inc. 2006 2 nd Quarter Results * 1,970,300 shares in 2006 and 5,000,000 shares in 2005 Proceeds from Sale of Business Cash Flow Summary – First Half 2006 2005 Cash from Operations Capital Expenditures (35) (36) Free Cash Flow Share Repurchases * (119) (204) Change in Debt (32) Other (4)
Slide 16: Third Quarter Outlook
16 Manpower Inc. 2006 2 nd Quarter Results Up 14-16% Third Quarter Outlook Revenue U.S. Up 1-3% France Up 11-13% (Up 8-10% CC) EMEA (Up 11-13% CC) Jefferson Wells Right Down 1-3% (Down 3-5% CC) Other Up 12-14% (Up 14-16% CC) Total Up 10-12% (Up 8-10% CC) Gross Profit Margin 18.2 - 18.4% Operating Pr
Slide 17: Questions? Answers
2006 nd Quarter Results Questions? Answers July 19, 2006
Slide 18: Appendix
2006 nd Quarter Results Appendix July 19, 2006
Slide 19: France and EMEA Restatement - 2006
19 Manpower Inc. 2006 2 nd Quarter Results Revenue: France 1,241 1,238 EMEA 1,433 1,343 OUP: France EMEA France and EMEA Restatement - 2006 ($ in millions) 2006 2005 Var CC Var Q1 Restated
Slide 20: France and EMEA Restatement - 2005
20 Manpower Inc. 2006 2 nd Quarter Results Revenue: France 1,238 1,131 1,397 1,273 EMEA 1,343 1,146 1,430 1,208 OUP: France -2% -7% EMEA -1% Revenue: France 2,635 2,404 EMEA 2,773 2,354 OUP: France -1% EMEA France and EMEA Restatement - 2005 ($ in millions) 2005 2004 Var CC Var Q1 Restated 2005 2004
Slide 21: France and EMEA Restatement - 2005
21 Manpower Inc. 2006 2 nd Quarter Results Revenue: France 1,479 1,395 1,362 1,401 -3% EMEA 1,401 1,312 1,487 1,445 OUP: France -9% -8% -14% -6% EMEA Revenue: France 4,114 3,799 5,476 5,200 EMEA 4,174 3,666 5,661 5,111 OUP: France -2% -5% -6% -5% EMEA France and EMEA Restatement - 2005 ($ in million