Slide 1: ManpowerGroup 4th Quarter
ManpowerGroup 4 th Quarter February 1, 2012
Slide 2: Forward-Looking Statement
ManpowerGroup 2011 4 th Quarter Results February 2012 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 state
Slide 3: Q4 Consolidated Financial Highlights
ManpowerGroup 2011 4 th Quarter Results February 2012 As Reported Excluding Non -recurring Items Q4 Financial Highlights 5% 5% Revenue $5.5B 6% CC 6% CC 30 bps 30 bps Gross Margin 17.1% N/A 29% Operating Profit $130M N/A 29% CC 900 bps 50 bps OP Margin 2.4% N/A 48% EPS $.78 N/A 48% CC Throughout thi
Slide 4: Consolidated Gross Margin Change
ManpowerGroup 2011 4 th Quarter Results February 2012 Consolidated Gross Margin Change
Slide 5: SG&A Expense Bridge - Q4 YOY
ManpowerGroup 2011 4 th Quarter Results February 2012 Productivity Gain SG&A Expense Bridge - Q4 YOY (in millions of USD) 87.1% 83.9% % of GP % of GP
Slide 6: Q4 Non-Recurring Items
ManpowerGroup 2011 4 th Quarter Results February 2012 2011 2010 Pre-tax Earnings Net Earnings EPS - Diluted Pre-tax Earnings Net Earnings EPS - Diluted Earnings, As Reported $ 119.4 $ 63.6 $ 0.78 $ (352.6) $ (350.4) $ (4.29) Reorganization Charge 20.5 16.3 0.20 30.5 20.6 0.25 Goodwill and Intangible
Slide 7: Business Line Gross Profit - Q4 2011
ManpowerGroup 2011 4 th Quarter Results February 2012 Growth Business Line Gross Profit - Q4 2011 █ Manpower █ Experis █ ManpowerGroup - Total █ ManpowerGroup Solutions █ Right Management
Slide 8: Americas Segment
ManpowerGroup 2011 4 th Quarter Results February 2012 As Reported Excluding Non -recurring Items Q4 Financial Highlights 3% 3% Revenue $1.2B 5% CC 5% CC 59% 35% OUP $38M 62% CC 37% CC 120 bps 80 bps OUP Margin 3.3% Americas Segment (21% of Revenue) (1) Included in these amounts is the US, which had
Slide 9: Americas - Q4 Revenue Growth YoY
ManpowerGroup 2011 4 th Quarter Results February 2012 Americas - Q4 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 66% 12% 7% 15%
Slide 10: Southern Europe Segment
ManpowerGroup 2011 4 th Quarter Results February 2012 As Reported Excluding Non -recurring Items Q4 Financial Highlights 5% 5% Revenue $2.0B 6% CC 6% CC 41% 13% OUP $43M 42% CC 14% CC 50 bps 10 bps OUP Margin 2.1% Southern Europe Segment (37% of Revenue) (1) Included in these amounts is France, whic
Slide 11: Southern Europe - Q4 Revenue Growth YoY
ManpowerGroup 2011 4 th Quarter Results February 2012 Southern Europe - Q4 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 75% 15% 5% 5%
Slide 12: Northern Europe Segment
ManpowerGroup 2011 4 th Quarter Results February 2012 As Reported Excluding Non -recurring Items Q4 Financial Highlights 3% 3% Revenue $1.5B 4% CC 4% CC 18% 1% OUP $52M 18% CC 1% CC 80 bps 10 bps OUP Margin 3.4% Northern Europe Segment (28% of Revenue) (1) Excludes the impact of reorganization charg
Slide 13: Northern Europe - Q4 Revenue Growth YoY
ManpowerGroup 2011 4 th Quarter Results February 2012 Northern Europe - Q4 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 21% 17% 15% 12% 10% 18% 7%
Slide 14: APME Segment
ManpowerGroup 2011 4 th Quarter Results February 2012 As Reported Q4 Financial Highlights 18% Revenue $695M 14% CC 121% OUP $22M 115% CC 140 bps OUP Margin 3.1% APME Segment (13% of Revenue) (1) (1) On an organic basis, revenue increased 9% (5% in CC).
Slide 15: APME - Q4 Revenue Growth YoY
ManpowerGroup 2011 4 th Quarter Results February 2012 APME - Q4 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 44% 26% 30% (1) On an organic basis, Other revenue growth was 11% (+13% CC). (1)
Slide 16: Right Management Segment
ManpowerGroup 2011 4 th Quarter Results February 2012 As Reported Excluding Non-recurring Items Q4 Financial Highlights 8% 8% Revenue $80M 9% CC 9% CC N/A N/A OUP ($6M) N/A N/A 1240 bps 70 bps OUP Margin (7.0%) Right Management Segment (1% of Revenue) (1) Excludes the impact of reorganization charge
Slide 17: Cash Flow Summary - Full Year
ManpowerGroup 2011 4 th Quarter Results February 2012 ($ in millions) 2011 2010 Cash from Operations 69 182 Capital Expenditures (65) (58) Free Cash Flow 4 124 Change in Debt 15 (15) Share Repurchases (105) (35) Acquisitions of Businesses net of cash acquired (49) (270) Effect of Exchange Rate Chang
Slide 18: Balance Sheet Highlights
ManpowerGroup 2011 4 th Quarter Results February 2012 Balance Sheet Highlights Total Debt ($ in millions) Total Debt to Total Capitalization Total Debt Net Debt
Slide 19: Credit Facilities
ManpowerGroup 2011 4 th Quarter Results February 2012 Interest Rate Maturity Date Total Outstanding at 12/31/11 Remaining Available at 12/31/11 Euro Notes: - Euro 200M 4.86% Jun 2013 259 - - Euro 300M 4.58% Jun 2012 389 - Revolving Credit Agreement 1.57% Oct 2016 - 798 Uncommitted lines and Other Va
Slide 20: First Quarter Outlook
ManpowerGroup 2011 4 th Quarter Results February 2012 Revenue Total Down 1-3% (Up 0-2% CC) Americas Down 1-3% (Up 0-2% CC) Southern Europe Down 5-7% (Down 0-2% CC) Northern Europe Down 2-4% (Up 0-2% CC) APME Up 11-13% (Up 7-9% CC) Right Management Down 9-11% (Down 7-9% CC) Gross Profit Margin 16.6 -
Slide 21: Last year at this time, we didn't have…
ManpowerGroup 2011 4 th Quarter Results February 2012 Last year at this time, we didn’t have… … Introduction of Human Age … Launch of our new parent brand - ManpowerGroup … Launch of our new professional resourcing brand - Experis … Launch of our solutions offering - ManpowerGroup Solutions … Reposi
Slide 22: Strategic Drivers
ManpowerGroup 2011 4 th Quarter Results February 2012 Strategic Drivers
Slide 23: Questions
Questions