Slide 1: ManpowerGroup 1st Quarter
ManpowerGroup 1 st Quarter April 20, 2012
Slide 2: Forward-Looking Statement
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 statements. Additional information concerning factors that
Slide 3: Consolidated Financial Highlights
As Reported Q1 Financial Highlights 0% Revenue $5.1B 3% CC 30 bps Gross Margin 16.6% 9% Operating Profit $94M 14% CC 10 bps OP Margin 1.8% 16% EPS $.50 21% CC Throughout this presentation, the difference between reported variances and Constant Currency (CC) variances represents the impact of currenc
Slide 4: Consolidated Gross Margin Change
Consolidated Gross Margin Change
Slide 5: SG&A Expense Bridge - Q1 YoY
Productivity Gain SG&A Expense Bridge - Q1 YoY (in millions of USD) 90.0% 88.9% % of GP % of GP
Slide 6: Business Line Gross Profit - Q1 2012
$847M Growth in CC % Business Line Gross Profit - Q1 2012 █ Manpower █ Experis █ ManpowerGroup - Total █ ManpowerGroup Solutions █ Right Management
Slide 7: Americas Segment
As Reported Q1 Financial Highlights 2% Revenue $1.1B 4% CC 3% OUP $22M 7% CC 10 bps OUP Margin 2.0% (1) Americas Segment (22% of Revenue) (1) Included in these amounts is the US, which had revenue of $736M (-2%) and OUP of $7M (-21%). Operating Unit Profit (OUP) is the measure that we use to evaluat
Slide 8: Americas - Q1 Revenue Growth YoY
Americas - Q1 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 65% 12% 8% 15%
Slide 9: Southern Europe Segment
As Reported Q1 Financial Highlights 4% Revenue $1.8B 1% CC 13% OUP $23M 9% CC 20 bps OUP Margin 1.3% (1) Southern Europe Segment (35% of Revenue) (1) Included in these amounts is France, which had revenue of $1.3B (flat in CC) and OUP of $5M (-51% CC). On an organic basis, revenue decreased 6% (-2%
Slide 10: Southern Europe - Q1 Revenue Growth YoY
Southern Europe - Q1 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 74% 15% 5% 6%
Slide 11: Northern Europe Segment
As Reported Q1 Financial Highlights 1% Revenue $1.4B 3% CC 5% OUP $44M 8% CC 10 bps OUP Margin 3.0% Northern Europe Segment (28% of Revenue)
Slide 12: Northern Europe - Q1 Revenue Growth YoY
Northern Europe - Q1 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 25% 24% 14% 10% 20% 7%
Slide 13: APME Segment
As Reported Q1 Financial Highlights 13% Revenue $680M 10% CC 19% OUP $20M 16% CC 20 bps OUP Margin 2.9% APME Segment (13% of Revenue) (1) (1) On an organic basis, revenue increased 6% (3% in CC).
Slide 14: APME - Q1 Revenue Growth YoY
APME - Q1 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue 44% 27% 29% (1) On an organic basis, Other revenue growth was 10% (+12% CC). (1)
Slide 15: Right Management Segment
As Reported Q1 Financial Highlights 3% Revenue $80M 2% CC 25% OUP $2M 25% CC 90 bps OUP Margin 3.1% Right Management Segment (2% of Revenue)
Slide 16: Cash Flow Summary - Q1
($ in millions) 2012 2011 Cash used in operating activities (21) (160) Capital Expenditures (19) (11) Free Cash Flow (40) (171) Change in Debt 1 10 Acquisitions of Businesses net of cash acquired (2) - Effect of Exchange Rate Changes 15 31 Other (1) 7 Change in Cash (27) (123) Cash Flow Summary - Q1
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights Total Debt ($ in millions) Total Debt to Total Capitalization Total Debt Net Debt
Slide 18: Credit Facilities
Interest Rate Maturity Date Total Outstanding at 3/31/12 Remaining Available at 3/31/12 Euro Notes: - Euro 200M 4.86% Jun 2013 267 - - Euro 300M 4.58% Jun 2012 400 - Revolving Credit Agreement 1.52% Oct 2016 - 798 Uncommitted lines and Other Various Various 55 338 Total Debt 722 1,136 Credit Facilit
Slide 19: Second Quarter Outlook
Revenue Total Down 6-8% (Down 0-2% CC) Americas Up/Down 1% (Up 1-3% CC) Southern Europe Down 12-14% (Down 3-5% CC) Northern Europe Down 8-10% (Down 1-3% CC) APME Up 2-4% (Up 3-5% CC) Right Management Up/Down 1% (Up 1-3% CC) Gross Profit Margin 16.9 - 17.0% Operating Profit Margin 2.3 - 2.5% Tax Rate
Slide 20: Driving Results Through Our Organization & People
DIFFERENTIATION Articulating the unique value we bring to our clients, building our brand and capabilities to do more while improving gross margins Driving Results Through Our Organization & People
Slide 21: Questions
Questions