Slide 1: ManpowerGroup 2nd Quarter
ManpowerGroup 2 nd Quarter July 20, 2012
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation includes forward-looking statements, including earnings projections 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
Slide 3: Q2 Consolidated Financial Highlights
As Reported Excluding Non -recurring Items Q2 Financial Highlights 8% 8% Revenue $5.2B 1% CC 1% CC 40 bps 40 bps Gross Margin 16.6% 37% 18% Operating Profit $94M 30% CC 11% CC 90 bps 30 bps OP Margin 1.8% 41% 13% EPS $.51 34% CC 5% CC Throughout this presentation, the difference between reported var
Slide 4: Q2 Non-Recurring Items
Pre-tax Earnings Net Earnings EPS - Diluted Earnings, As Reported $ 83.1 $ 41.0 $ 0.51 Reorganization Charges 18.7 13.9 0.17 Legal Costs - US 10.0 6.5 0.08 Earnings, Excluding non- recurring items $ 111.8 $ 61.4 $ 0.76 Q2 Non-Recurring Items ($ in millions, except per share amounts) (1) Includes reo
Slide 5: Consolidated Gross Margin Change
Consolidated Gross Margin Change
Slide 6: SG&A Expense Bridge - Q2 YoY
=~ —S SG&A Expense Bridge - Q2 YoY (in millions of USD) -50.8 220 nat +10.0 P| " = Eco 7386 Q2 2011 Currency Operational Q22012 Reorganization Legal Costs Q2 2012 Reported Impact Impact Recurring Charges Reported Expense
Slide 7: Business Line Gross Profit - Q2 2012
$862M Business Line Gross Profit - Q2 2012 █ Manpower █ Experis █ ManpowerGroup - Total █ ManpowerGroup Solutions █ Right Management
Slide 8: Americas Segment Q2 Financial Highlights
As Reported Excluding Non-recurring Items Q2 Financial Highlights 2% 2% Revenue $1.2B 1% CC 1% CC 54% 7% OUP $18M 52% CC 5% CC 180 bps 20 bps OUP Margin 1.6% (1) Americas Segment (22% of Revenue) (1) Included in these amounts is the US, which had revenue of $763M (-4%) and OUP of $8M (-72%, or -10%
Slide 9: Americas - Q2 Revenue Growth YoY
Americas - Q2 Revenue Growth YoY
Slide 10: Southern Europe Segment Q2 Financial Highlights
As Reported Q2 Financial Highlights 13% Revenue $1.9B 3% CC 38% OUP $31M 30% CC 70 bps OUP Margin 1.6% (1) Southern Europe Segment (36% of Revenue) (1) Included in these amounts is France, which had revenue of $1.4B (-3% CC) and OUP of $16M (-29% CC). On an organic basis, France revenue decreased 15
Slide 11: Southern Europe - Q2 Revenue Growth YoY
Southern Europe - Q2 Revenue Growth YoY (1) On an organic basis, France revenue decreased 15% (-5% in CC).
Slide 12: Northern Europe Segment Q2 Financial Highlights
As Reported Q2 Financial Highlights 10% Revenue $1.4B 1% CC 30% OUP $39M 24% CC 80 bps OUP Margin 2.8% Northern Europe Segment (27% of Revenue)
Slide 13: Northern Europe - Q2 Revenue Growth YoY
Northern Europe - Q2 Revenue Growth YoY
Slide 14: APME Segment Q2 Financial Highlights
As Reported Q2 Financial Highlights 0% Revenue $663M 2% CC 16% OUP $22M 18% CC 50 bps OUP Margin 3.3% APME Segment (13% of Revenue)
Slide 15: APME - Q2 Revenue Growth YoY
APME - Q2 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 44% 25% 31%
Slide 16: Right Management Segment Q2 Financial Highlights
As Reported Excluding Non-recurring Items Q2 Financial Highlights 1% 1% Revenue $84M 3% CC 3% CC N/A 166% OUP ($3M) N/A 172% CC 680 bps 550 bps OUP Margin (3.5%) Right Management Segment (2% of Revenue) (1) (1) Excludes the impact of reorganization charges of $10.4M in Q2 2012.
Slide 17: Cash Flow Summary - First Half
($ in millions) 2012 2011 Cash used in operating activities (40) (192) Capital Expenditures (34) (28) Free Cash Flow (74) (220) Change in Debt 56 4 Share Repurchases (33) (19) Dividends paid (34) (33) Acquisitions of Businesses net of cash acquired (34) (15) Effect of Exchange Rate Changes (7) 31 Ot
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Total Debt ($ in millions) Total Debt to
Slide 19: Credit Facilities
Interest Rate Maturity Date Total Outstanding at 6/30/12 Remaining Available at 6/30/12 Euro Notes: - Euro 200M 4.86% Jun 2013 253 - - Euro 350M 4.505% Jun 2018 443 - Revolving Credit Agreement 1.52% Oct 2016 - 798 Uncommitted lines and Other Various Various 59 325 Total Debt 755 1,123 Credit Facili
Slide 20: Third Quarter Outlook
Revenue Total Down 11-13% (Down 3-5% CC) Americas Down 3-5% (Down 1-3% CC) Southern Europe Down 18-20% (Down 6-8% CC) Northern Europe Down 11-13% (Down 2-4% CC) APME Down 2-4% (Up 0-2% CC) Right Management Down 0-2% (Up 2-4% CC) Gross Profit Margin 16.3 - 16.5% Operating Profit Margin 2.1 - 2.3% Tax
Slide 21: Differentiation
DIFFERENTIATION Articulating the unique value we bring to our clients, building our brand and capabilities to do more while improving gross margins Driving Results Through Our Organization & People
Slide 22: Questions
Questions