Slide 1: Manpower Inc. 2008 1st Quarter Results
MANPOWER INC. 2008 1 QUARTER RESULTS st APRIL 18, 2008 Exhibit 99.2
Slide 2: Forward Looking Statement
2 Manpower Inc. 2008 1 Quarter Results st 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: Q1 Highlights: Consolidated Financial Highlights
3 Manpower Inc. 2008 1 Quarter Results st 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. Consolidated Financial Highlights
Slide 4: Consolidated Gross Profit Margin Change
4 Manpower Inc. 2008 1 Quarter Results st 17.97% 17.64% Q1 2007 Temporary Recruitment Permanent Recruitment Mix - Specialty Q1 2008 - 0.26% + 0.26% + 0.33% Consolidated Gross Profit Margin Change
Slide 5: United States Segment
5 Manpower Inc. 2008 1 Quarter Results st United States Segment (9% of Revenue) Q1 Financial Highlights OUP Margin 1.5% 90 bps $472M OUP $7M 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 natio
Slide 6: France Segment
6 Manpower Inc. 2008 1 Quarter Results st France Segment (32% of Revenue) Q1 Financial Highlights OUP Margin 3.1% $1.7B OUP $54M 2% CC 20 bps 7% CC
Slide 7: Other EMEA Segment
7 Manpower Inc. 2008 1 Quarter Results st Other EMEA Segment (35% of Revenue) Q1 Financial Highlights OUP Margin 2.6% $1.9B OUP $48M 15% CC 10 bps 17% CC
Slide 8: Other EMEA – Q1 Revenue Growth YoY
8 Manpower Inc. 2008 1 Quarter Results st 40% 6% 20% 24% -14% 6% 22% 4% 6% 43% 38% 22% 48% -2% Other Spain Netherlands Germany UK - Manpower Elan Nordics Other EMEA – Q1 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment
Slide 9: Italy Segment
9 Manpower Inc. 2008 1 Quarter Results st Italy Segment (7% of Revenue) Q1 Financial Highlights OUP Margin 7.2% $401M OUP $29M 15% CC 180 bps 55% CC
Slide 10: Jefferson Wells Segment
10 Manpower Inc. 2008 1 Quarter Results st Jefferson Wells Segment (1% of Revenue) Q1 Financial Highlights OUP Margin - 3.3% $77M OUP $(3M) 450 bps N/A
Slide 11: Right Management Segment
11 Manpower Inc. 2008 1 Quarter Results st 9% CC Right Management Segment (2% of Revenue) Q1 Financial Highlights OUP Margin 6.5% $103M OUP $7M 5% CC 0 bps
Slide 12: Other Operations Segment
12 Manpower Inc. 2008 1 Quarter Results st Other Operations Segment (14% of Revenue) Q1 Financial Highlights OUP Margin 2.9% $745M OUP $21M 12% CC 80 bps 49% CC
Slide 13: Other Operations – Q1 Revenue Growth YoY
13 Manpower Inc. 2008 1 Quarter Results st 34% 23% 10% 8% 12% 22% 15% -1% Other Mexico Australia/NZ Japan Other Operations – Q1 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment
Slide 14: Financial Highlights
14 Manpower Inc. 2008 1 Quarter Results st Financial Highlights
Slide 15: Balance Sheet Highlights
15 Manpower Inc. 2008 1 Quarter Results st 29% 26% 25% 26% 26% 358 377 370 280 135 902 735 823 915 999 2004 2005 2006 2007 Q1 2008 Total Debt Net Debt Balance Sheet Highlights Total Debt ($ in millions) Total Debt to Total Capitalization 1,000 2004 2005 2006 2007 Q1 2008
Slide 16: Cash Flow Summary – First Quarter
16 Manpower Inc. 2008 1 Quarter Results st Other Change in Cash * 752,300 shares in 2008 and 991,900 shares in 2007. $11.5M of cash paid in 2008 was for shares repurchased in 2007. Cash Flow Summary – First Quarter 2008 2007 Cash from Operations Capital Expenditures (24) (17) Free Cash Flow Share Re
Slide 17: Second Quarter Outlook
17 Manpower Inc. 2008 1 Quarter Results st Second Quarter Outlook U.S. Up 1-3% France Up 11-13% (Down 3-5% CC) Up 31-33% Italy (Up 12-14% CC) Jefferson Wells Right Management Up 8-10% (Up 2-4% CC) Other Up 24-26% (Up 11-13% CC) Total Up 18-20% (Up 6-8% CC) Gross Profit Margin 18.3-18.5% Operating Pr
Slide 18: Questions? Answers
Manpower Inc. 2008 1 Quarter Results Questions? Answers April 18, 2008 st