Slide 1: Manpower Inc. 2005 3rd Quarter Results
Exhibit 99.2 Manpower Inc. 2005 3rd Quarter Results October 19, 2005 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-l
Slide 2: Consolidated Financial Highlights: Q3 Highlights
Consolidated Financial Highlights Q3 Highlights 6% 6% CC Revenue $4.1B 40 bps Gross Margin 18.3% 4% 4% CC Operating Profit $132M 10 bps OP Margin 3.2% 0% $.87 0% CC EPS Throughout this presentation, the difference between reported variances and Constant Currency (CC) variances represents the impact
Slide 3: Gross Profit Margin Change
Consolidated Financial Highlights Gross Profit Margin Change 19% 18% 17% 16% 18.67% + 0.12% - 0.16% - 0.26% - 0.16% - 0.10% + 0.14% 18.25% Q3 2004 US EMEA Staffing France Jefferson Wells Mix - Right Permanent Recruitment Q3 2005
Slide 4: United States
United States Segment Q3 Financial Highlights 0% Revenue $532M 45% OUP $23M 140 bps OUP Margin 4.3% 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 headquarters operating costs.
Slide 5: France
France Segment Q3 Financial Highlights 7% 7% CC Revenue $1.5B 10% 9% CC OUP $50M 60 bps OUP Margin 3.4%
Slide 6: EMEA
EMEA Segment Q3 Financial Highlights 6% 7% CC Revenue $1.4B 37% 38% CC OUP $47M 80 bps OUP Margin 3.4%
Slide 7: EMEA Segment
EMEA Segment % of Segment Revenue Q3 Revenue Growth YoY -5% 18% UK - Manpower -3% 17% Nordics 6% 5% 15% Italy 11% 11% 12% 16% Elan 18% 9% Germany 19% 19% 8% 13% Spain 13% 6% Holland 8% 8% 1% 15% Other 1% Revenue Growth Revenue Growth - CC
Slide 8: Jefferson Wells
Jefferson Wells Segment Q3 Financial Highlights 6% 11% SEQ Revenue $104M 54% OUP $12M 1160 bps OUP Margin 11.1% Sequential (SEQ) variance represents the growth over the previous quarter.
Slide 9: Right Management
Right Management Segment Q3 Financial Highlights 6% 7% CC Revenue $96M 35% 40% CC OUP $2M 100 bps OUP Margin 2.2%
Slide 10: Other Operations
Other Operations Segment Q3 Financial Highlights 19% 15% CC Revenue $533M 55% 50% CC OUP $17M 70 bps OUP Margin 3.1%
Slide 11: Other Operations Segment
Other Operations Segment % of Segment Revenue Q3 Revenue Growth YoY 39% Japan 7% 9% 17% Australia/NZ 13% 6% 14% Mexico 33% 25% 30% Other 35% 28% Revenue Growth Revenue Growth - CC
Slide 12: Financial Highlights
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Slide 13: Balance Sheet Highlights
Balance Sheet Highlights Total Debt $ in millions 1,000 Q1 Q2 Q3 Net Debt Total Debt Total Debt to Total Capitalization Percent 60% 50% 40% 30% 20% 10% 0% 45% 39% 29% 22% 27% 26% Q1 Q2 Q3
Slide 14: Cash Flow Summary
Cash Flow Summary – 9 Months (in millions) 2005 2004 Cash from Operations $174 $62 Capital Expenditures (56) (43) Free Cash Flow 118 19 Share Repurchases * (204) - Change in Debt (26) 5 Other 12 (35) Change in Cash $(100) $(11) * 5,000,000 shares
Slide 15: Fourth Quarter Outlook
Fourth Quarter Outlook Revenue U.S. Flat France Down 1-3% (Up 5-7% CC) EMEA Flat (Up 5-7% CC) Jefferson Wells Down 2-4% Right Down 6-8% (Down 4-6% CC) Other Up 10-12% (Up 11-13% CC) Total Up 0-2% (Up 5-7% CC) Gross Profit Margin 18.2 - 18.4% Operating Profit Margin 3.1 – 3.3% Tax Rate 36.5% EPS $.82
Slide 16: Questions
Manpower Inc. 2005 3rd Quarter Results October 19, 2005 Questions