Slide 1: 2010 2nd Quarter Results Manpower Inc.
2010 2 nd Quarter Results Manpower Inc. 2010 July 21
Slide 2: Forward-Looking Statement
Manpower Inc. 2010 2 nd Quarter Results July 2010 2 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 statements. Additional informatio
Slide 3: Consolidated Financial Highlights
Manpower Inc. 2010 2 nd Quarter Results July 2010 3 157% CC 24% CC 120 bps Operating Profit $79M OP Margin 1.7% Revenue $4.6B Gross Margin 17.4% EPS $.40 90 bps 331% CC Q1 Highlights Throughout this presentation, the difference between reported variances and Constant Currency (CC) variances represen
Slide 4: Consolidated Gross Margin Change
Manpower Inc. 2010 2 nd Quarter Results July 2010 4 Consolidated Gross Margin Change
Slide 5: Americas Segment Q2 Financial Highlights
Manpower Inc. 2010 2 nd Quarter Results July 2010 5 64% CC Americas Segment (22% of Revenue) Q2 Financial Highlights OUP Margin 1.8% 210 bps $992M OUP $18M Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment revenues less direct costs and b
Slide 6: Americas - Q2 Revenue Growth YoY
Manpower Inc. 2010 2 nd Quarter Results July 2010 6 Americas - Q2 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment (1) On an organic basis, US revenue was $504M (+35%). (1)
Slide 7: France Segment Q2 Financial Highlights
Manpower Inc. 2010 2 nd Quarter Results July 2010 7 France Segment (27% of Revenue) Q2 Financial Highlights OUP Margin 0.8% $1.3B OUP $10M 23% CC 40 bps 169% CC
Slide 8: EMEA Segment Q2 Financial Highlights
Manpower Inc. 2010 2 nd Quarter Results July 2010 8 (1) Included in these amounts is Italy, which had revenue of $259M (+12% in USD, 21% in CC) and OUP of $14M (+99% in USD, +115% in CC). (2) 2009 includes reorganization charges of $5.5M. EMEA Segment (37% of Revenue) Q2 Financial Highlights OUP Mar
Slide 9: EMEA - Q2 Revenue Growth YoY
Manpower Inc. 2010 2 nd Quarter Results July 2010 9 EMEA - Q2 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment
Slide 10: Asia Pacific Segment Q2 Financial Highlights
Manpower Inc. 2010 2 nd Quarter Results July 2010 10 Asia Pacific Segment (11% of Revenue) Q2 Financial Highlights OUP Margin 2.3% $506M OUP $12M 15% CC 140 bps 215% CC (1) (1) (1) (1) 2009 includes reorganization charges of $1.5M.
Slide 11: Asia Pacific - Q2 Revenue Growth YoY
Manpower Inc. 2010 2 nd Quarter Results July 2010 11 Asia Pacific - Q2 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment
Slide 12: Right Management Segment Q2 Financial Highlights
Manpower Inc. 2010 2 nd Quarter Results July 2010 12 82% CC Right Management Segment (2% of Revenue) Q2 Financial Highlights OUP Margin 7.9% $99M OUP $8M 38% CC 1890 bps
Slide 13: Jefferson Wells Segment Q2 Financial Highlights
Manpower Inc. 2010 2 nd Quarter Results July 2010 13 Jefferson Wells Segment (1% of Revenue) Q2 Financial Highlights OUP Margin - 7.5% $41M OUP $(3M) 1370 bps N/A (1) (1) 2009 includes reorganization charges of $5.9M.
Slide 14: Cash Flow Summary - First Half
Manpower Inc. 2010 2 nd Quarter Results July 2010 14 Other (12) Change in Cash (462) (21) Cash Flow Summary - First Half 2010 2009 Cash from Operations (66) Capital Expenditures (28) (17) Free Cash Flow (94) Change in Debt (259) (85) ($ in millions) Effect of Exchange Rate Changes (92) (1) Acquisiti
Slide 15: COMSYS Acquisition Summary
Manpower Inc. 2010 2 nd Quarter Results July 2010 15 COMSYS Acquisition Summary Closing date: April 5, 2010 Consideration: Cash $192M Stock 188M (3.2M shares @ $58.94 per share) Debt Retired 47M $427M (1) (1) Represents the closing stock price on April 5, which is higher than the average stock price
Slide 16: Balance Sheet Highlights
Manpower Inc. 2010 2 nd Quarter Results July 2010 16 Balance Sheet Highlights Total Debt ($ in millions) Total Debt to Total Capitalization Total Debt Net Debt 2010 2010
Slide 17: Credit Facilities as of June 30, 2010
Manpower Inc. 2010 2 nd Quarter Results July 2010 17 (b) (b) Credit Facilities as of June 30, 2010 ($ in millions) (a) (a) This $400M agreement requires, as of June 30, that we comply with a Debt-to-EBITDA ratio of less than 6.00 to 1 and a fixed charge coverage ratio of greater than 1.25 to 1. As d
Slide 18: Third Quarter Outlook
Manpower Inc. 2010 2 nd Quarter Results July 2010 18 Third Quarter Outlook Americas Up 60-62% France Up 2-4% (Up 14-16% CC) Up 18-20% Asia Pacific (Up 14-16% CC) Jefferson Wells Right Management Down 34-36% (Down 32-34% CC) Up 13-15% (Up 20-22% CC) Total Gross Profit Margin 16.8-17.0% Operating Prof
Slide 19: 2010 2nd Quarter Results Manpower Inc.
2010 2 nd Quarter Results Manpower Inc.