Slide 1: Manpower Inc. 2008 3rd Quarter Results
MANPOWER INC. 2008 3 rd QUARTER RESULTS OCTOBER 21, 2008 Exhibit 99.2
Slide 2: Forward Looking Statement
2 Manpower Inc. 2008 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: Q3 Highlights: Consolidated Financial Highlights
3 Manpower Inc. 2008 3 Quarter Results rd 380 bps 142% CC Operating Profit $21M OP Margin $5.7B Gross Margin EPS ( $.55) 1% CC 27 bps 96% CC Q3 Highlights Throughout this presentation, the difference between reported variances and Constant Currency (CC) variances represents the impact of currency on
Slide 4: Consolidated Gross Profit Margin Change
4 Manpower Inc. 2008 3 Quarter Results rd 18.13% 18.40% Q3 2007 Decrease in Impact of Payroll Tax Changes Temporary Recruitment Permanent Recruitment Mix - Specialty Q3 2008 - 0.12% + 0.28% + 0.14% - 0.57% Consolidated Gross Profit Margin Change
Slide 5: United States Segment
5 Manpower Inc. 2008 3 Quarter Results rd United States Segment (9% of Revenue) Q3 Financial Highlights OUP Margin 250 bps $520M OUP $12M 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
Slide 6: France Segment
6 Manpower Inc. 2008 3 Quarter Results rd France Segment (33% of Revenue) Q3 Financial Highlights OUP Margin $1.9B OUP $66M 8% CC 40 bps 18% CC (1) Excludes the impact of the French payroll tax change from 2007. As Reported 8% CC 190 bps 40% CC (1) Excluding Non-recurring Items
Slide 7: Other EMEA Segment
7 Manpower Inc. 2008 3 Quarter Results rd Other EMEA Segment (35% of Revenue) Q3 Financial Highlights OUP Margin $2.0B OUP $76M 8% CC 40 bps 2% CC (1) (1) The results above include the results of Vitae, which was acquired in April 2008. On an organic basis, revenue increased 10% in USD (6% in CC). (
Slide 8: Other EMEA Q3 Revenue Growth YoY
8 Manpower Inc. 2008 3 Quarter Results 37% 21% 5% 16% -17% 6% 25% 7% 26% 17% -9% 24% 16% -6% rd -2% Other Spain Belgium Netherlands Germany UK - Manpower Elan Nordics Other EMEA – Q3 Revenue Growth YoY Growth - CC Revenue Growth % of Segment (1) (1) The Netherlands results include the results of Vit
Slide 9: Italy Segment
9 Manpower Inc. 2008 3 Quarter Results rd Italy Segment (7% of Revenue) Q3 Financial Highlights OUP Margin $376M OUP $29M 2% CC 50 bps 9% CC
Slide 10: Jefferson Wells Segment
10 Manpower Inc. 2008 3 Quarter Results rd Jefferson Wells Segment (1% of Revenue) Q3 Financial Highlights OUP Margin - $74M OUP $(2M) 10 bps N/A
Slide 11: Right Management Segment
11 Manpower Inc. 2008 3 Quarter Results rd 39% CC Right Management Segment (2% of Revenue) Q3 Financial Highlights OUP Margin $108M OUP $8M 8% CC 130 bps
Slide 12: Other Operations Segment
12 Manpower Inc. 2008 3 Quarter Results rd Other Operations Segment (13% of Revenue) Q3 Financial Highlights OUP Margin $747M OUP $14M 6% CC 90 bps 32% CC
Slide 13: Other Operations Q3 Revenue Growth YoY
13 Manpower Inc. 2008 3 Quarter Results 22% 5% -9% 16% 6% 15% -5% rd Other Australia/NZ Mexico Japan Other Operations – Q3 Revenue Growth YoY Growth - CC Revenue Growth % of Segment
Slide 14: Financial Highlights
14 Manpower Inc. 2008 3 Quarter Results rd Financial Highlights
Slide 15: Balance Sheet Highlights
15 Manpower Inc. 2008 3 Quarter Results rd 358 377 453 370 280 135 340 902 735 823 915 999 972 1,014 29% 26% 25% 26% 26% 27% 26% Balance Sheet Highlights Total Debt ($ in millions) Total Debt to Total Capitalization Total Debt Net Debt 1,200 2004 2005 2006 2007 Q1 Q2 2008 Q3 2004 2005 2006 2007 Q1 Q
Slide 16: Credit Facilities as of September 30, 2008
16 Manpower Inc. 2008 3 Quarter Results rd Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes: - Euro 200M June 2013 - - Euro 300M June 2012 - Revolving Credit Agreement Nov 2012 A/R Securitization July 2009 Uncommitted lines and Other Various Various Total Debt Credit Faci
Slide 17: Cash Flow Summary - Nine Months
17 Manpower Inc. 2008 3 Quarter Results rd Other (36) Change in Cash (149) * 2,231,610 shares in 2008 and 4,944,200 shares in 2007. $11.5M of cash paid in 2008 was for shares repurchased in 2007. Cash Flow Summary – Nine Months 2008 2007 Cash from Operations Capital Expenditures (70) (66) Free Cash
Slide 18: Fourth Quarter Outlook
18 Manpower Inc. 2008 3 Quarter Results rd Fourth Quarter Outlook U.S. Down 2-4% France Down 21-23% (Down 15-17% CC) Down 11-13% Italy (Down 4-6% CC) Jefferson Wells Right Management Up 4-6% (Up 7-9% CC) Other Up 5-7% (Up 0-2% CC) Total Down 9-11% (Down 5-7% CC) Gross Profit Margin 18.6-18.8% Operat
Slide 19: Questions?
Manpower Inc. 2008 3 Quarter Results Questions? Answers October 21, 2008 rd