Slide 1: Manpower Inc. 2008 2nd Quarter Results
MANPOWER INC. 2008 2 QUARTER RESULTS nd JULY 18, 2008 Exhibit 99.2
Slide 2: Forward Looking Statement
2 Manpower Inc. 2008 2 Quarter Results nd 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: Q2 Highlights: Consolidated Financial Highlights
3 Manpower Inc. 2008 2 Quarter Results nd 38% CC Operating Profit $207M OP Margin 3.5% $5.9B Gross Margin 19.5% EPS $1.34 5% CC 80 bps 200 bps 35% CC Q2 Highlights Throughout this presentation, the difference between reported variances and Constant Currency (CC) variances represents the impact of cu
Slide 4: Consolidated Gross Profit Margin Change
4 Manpower Inc. 2008 2 Quarter Results nd 19.54% 20.34% Q2 2007 Decrease in Impact of Payroll Tax Changes Temporary Recruitment Permanent Recruitment Mix - Specialty Q2 2008 - 0.20% + 0.47% + 0.28% - 1.35% Consolidated Gross Profit Margin Change
Slide 5: United States Segment
5 Manpower Inc. 2008 2 Quarter Results nd United States Segment (8% of Revenue) Q2 Financial Highlights OUP Margin 3.0% 230 bps $492M OUP $15M 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 nat
Slide 6: France Segment
6 Manpower Inc. 2008 2 Quarter Results nd France Segment (33% of Revenue) Q2 Financial Highlights OUP Margin 3.6% $2.0B OUP $70M 5% CC 0 bps 6% CC (1) Excludes the impact of the French payroll tax change from both years, and the French legal reserve in 2008. As Reported 5% CC 560 bps 63% CC (1) Excl
Slide 7: Other EMEA Segment
7 Manpower Inc. 2008 2 Quarter Results nd Other EMEA Segment (35% of Revenue) Q2 Financial Highlights OUP Margin 4.2% $2.1B OUP $85M 18% CC 70 bps 36% CC (1) (1) The results above include the results of Vitae, which was acquired in April 2008. On an organic basis, revenue increased 27% in USD (15% i
Slide 8: Other EMEA – Q2 Revenue Growth YoY
8 Manpower Inc. 2008 2 Quarter Results nd 38% 25% 22% -14% 31% 19% 10% 7% 42% 9% 37% 52% 46% Other Spain Netherlands Germany UK - Manpower Elan Nordics Other EMEA – Q2 Revenue Growth YoY Growth - CC Revenue Growth % of Segment (1) (1) The Netherlands results include the results of Vitae, which was a
Slide 9: Italy Segment
9 Manpower Inc. 2008 2 Quarter Results nd Italy Segment (8% of Revenue) Q2 Financial Highlights OUP Margin 8.5% $441M OUP $38M 8% CC 30 bps 12% CC
Slide 10: Jefferson Wells Segment
10 Manpower Inc. 2008 2 Quarter Results nd Jefferson Wells Segment (1% of Revenue) Q2 Financial Highlights OUP Margin - 2.2% $76M OUP $(2M) 350 bps N/A
Slide 11: Right Management Segment
11 Manpower Inc. 2008 2 Quarter Results nd 16% CC Right Management Segment (2% of Revenue) Q2 Financial Highlights OUP Margin 11.5% $116M OUP $13M 4% CC 110 bps
Slide 12: Other Operations Segment
12 Manpower Inc. 2008 2 Quarter Results nd Other Operations Segment (13% of Revenue) Q2 Financial Highlights OUP Margin 2.1% $772M OUP $17M 10% CC 30 bps 5% CC
Slide 13: Other Operations – Q2 Revenue Growth YoY
13 Manpower Inc. 2008 2 Quarter Results nd 29% 19% 10% 5% 15% 21% 12% -1% Other Mexico Australia/NZ Japan Other Operations – Q2 Revenue Growth YoY Growth - CC Revenue Growth % of Segment
Slide 14: Financial Highlights
14 Manpower Inc. 2008 2 Quarter Results nd Financial Highlights
Slide 15: Q2 Non-recurring Items
15 Manpower Inc. 2008 2 Quarter Results nd 2007 French French Payroll Tax French Payroll Tax Change - Legal Change - 2005 Reserve Total 2006-2007 Gross profit 53.7 $ 53.7 $ 114.0 $ S&A expenses (54.1) (54.1) 14.7 Operating profit 53.7 (54.1) (0.4) 99.3 Net earnings 35.2 (50.0) (14.8) 57.2 Net earnin
Slide 16: Balance Sheet Highlights
16 Manpower Inc. 2008 2 Quarter Results nd 29% 26% 25% 26% 26% 26% 358 377 453 370 280 135 902 735 823 915 999 1,014 2004 2005 2006 2007 Q1 2008 Q2 2008 1,200 2004 2005 2006 2007 Q1 2008 Q2 2008 Balance Sheet Highlights Total Debt ($ in millions) Total Debt to Total Capitalization Total Debt Net Deb
Slide 17: Cash Flow Summary – First Half
17 Manpower Inc. 2008 2 Quarter Results nd Other Change in Cash (10) * 752,300 shares in 2008 and 1,214,800 shares in 2007. $11.5M of cash paid in 2008 was for shares repurchased in 2007. Cash Flow Summary – First Half 2008 2007 Cash from Operations Capital Expenditures (51) (41) Free Cash Flow Shar
Slide 18: Third Quarter Outlook
18 Manpower Inc. 2008 2 Quarter Results nd Third Quarter Outlook U.S. Up 7-9% France Up 4-6% (Down 7-9% CC) Up 21-23% Italy (Up 6-8% CC) Jefferson Wells Right Management Up 8-10% (Up 3-5% CC) Other Up 17-19% (Up 5-7% CC) Total Up 13-15% (Up 2-4% CC) Gross Profit Margin 18.3-18.5% Operating Profit Ma
Slide 19: Questions?
Manpower Inc. 2008 2 nd Quarter Results Questions? Answers July 18, 2008