Slide 1: Manpower Inc. 2007 2nd Quarter Results
Manpower Inc. 2007 2 nd Quarter Results New Face New Place July 19, 2007 Exhibit 99.2
Slide 2: Forward Looking Statement
2 Manpower Inc. 2007 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. 2007 2 nd Quarter Results Consolidated Financial Highlights 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.
Slide 4: Consolidated Gross Profit Margin Change
4 Manpower Inc. 2007 2 nd Quarter Results 20.34% 17.85% Q2 2006 France - Retroactive Impact of Payroll Tax Change France - Q2 Impact of Payroll Tax Change Temporary Recruitment Permanent Recruitment Mix - Specialty Q2 2007 - + 0.24% + 1.80% + 0.37% + 0.40% Consolidated Gross Profit Margin Change
Slide 5: United States Segment
5 Manpower Inc. 2007 2 nd Quarter Results United States Segment (10% of Revenue) Q2 Financial Highlights OUP Margin 110 bps $489M OUP $26M 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 nationa
Slide 6: France Segment
6 Manpower Inc. 2007 2 nd Quarter Results France Segment (35% of Revenue) Q2 Financial Highlights OUP Margin $1.8B OUP $164M 8% CC 600 bps 209% CC (1) The cumulative impact of the change in the French payroll tax calculation is included above. The cumulative change has a $99M positive impact on OUP
Slide 7: Other EMEA Segment
7 Manpower Inc. 2007 2 nd Quarter Results Other EMEA Segment (31% of Revenue) Q2 Financial Highlights OUP Margin $1.6B OUP $56M 17% CC 120 bps 78% CC
Slide 8: Other EMEA Q2 Revenue Growth YoY
8 Manpower Inc. 2007 2 nd Quarter Results 36% 23% 39% 16% 8% 23% 27% 14% 31% 3% 15% 25% 32% 12% Other Spain Netherlands Germany Elan UK - Manpower Nordics Other EMEA – Q2 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment
Slide 9: Italy Segment
9 Manpower Inc. 2007 2 nd Quarter Results Italy Segment (7% of Revenue) Q2 Financial Highlights OUP Margin $354M OUP $29M 13% CC 90 bps 28% CC
Slide 10: Jefferson Wells Segment
10 Manpower Inc. 2007 2 nd Quarter Results Jefferson Wells Segment (2% of Revenue) Q2 Financial Highlights OUP Margin $84M OUP $1M 890 bps
Slide 11: Right Management Segment
11 Manpower Inc. 2007 2 nd Quarter Results Right Management Segment (2% of Revenue) Q2 Financial Highlights OUP Margin $106M OUP $11M 0% CC 30 bps 4% CC
Slide 12: Other Operations Segment
12 Manpower Inc. 2007 2 nd Quarter Results Other Operations Segment (13% of Revenue) Q2 Financial Highlights OUP Margin $635M OUP $15M 11% CC 20 bps 2% CC
Slide 13: Other Operations Q2 Revenue Growth YoY
13 Manpower Inc. 2007 2 nd Quarter Results 26% 21% 5% 2% 9% 8% 3% 14% Other Mexico Australia/NZ Japan Other Operations – Q2 Revenue Growth YoY Growth - CC Revenue Growth % of Segment
Slide 14: Financial Highlights
14 Manpower Inc. 2007 2 nd Quarter Results Financial Highlights
Slide 15: Reconciliation of Reported EPS to Q2 Guidance
15 Manpower Inc. 2007 2 nd Quarter Results $1.20 $1.86 $1.14 $0.70 $1.00 $1.30 $1.60 $1.90 Q2 Guidance (mid-point) Operational Performance Interest and Other Expense Tax Rate Currency Q2 Before of French Impact 2006 Q1-07 Q2-07 Q2 2007 - $0.05 + $0.10 - $0.01 + $0.02 + $0.45 + $0.10 + $0.11 Reconcil
Slide 16: Balance Sheet Highlights
16 Manpower Inc. 2007 2 nd Quarter Results 137 280 370 416 135 109 848 837 823 735 902 842 39% 29% 26% 25% 25% 24% 1,000 2003 2004 2005 2006 Q1 2007 Q2 2007 2003 2004 2005 2006 Q1 2007 Q2 2007 Total Debt Net Debt Balance Sheet Highlights Total Debt ($ in millions) Total Debt to Total Capitalization
Slide 17: Cash Flow Summary - First Half
17 Manpower Inc. 2007 2 nd Quarter Results * 1,214,800 shares in 2007 and 1,970,300 shares in 2006. Proceeds from Sale of Business Cash Flow Summary – First Half 2007 2006 Cash from Operations Capital Expenditures (41) (35) Free Cash Flow Share Repurchases * (89) (119) Change in Debt Other (28) Chan
Slide 18: Third Quarter Outlook
18 Manpower Inc. 2007 2 nd Quarter Results Third Quarter Outlook U.S. Down 6-8% France Up 11-13% (Up 4-6% CC) Up 21-23% Italy (Up 13-15% CC) Jefferson Wells Right Management Up 4-5% (Up 1-2% CC) Other Up 12-14% (Up 10-12% CC) Total Up 13-15% (Up 7-9% CC) Gross Profit Margin 18.1-18.3% Operating Prof
Slide 19: Questions?
Manpower Inc. 2007 2 nd Quarter Results Questions? Answers July 19, 2007