Slide 1: 2009 1st Quarter Results
1 Helping Clients and Candidates Win for Over Six Decades 2009 April 21 MANPOWER INC. 2009 1 st Quarter Results Exhibit 99.2
Slide 2: Forward-Looking Statement
2 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. Additional information concerning factors that could cause actual results to materially differ from th
Slide 3: Q1 Consolidated Financial Highlights
3 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. CC Operating Profit $6M OP Margin 0.2% Revenue $3.6B Gross Margin 18.4% E
Slide 4: Consolidated Gross Margin Change
4 Consolidated Gross Margin Change
Slide 5: Americas Segment Financial Highlights
5 CC Q1 Financial Highlights OUP Margin - 1.6% bps Revenue $593M OUP $(10M) N/A 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. (2) (1) Included in these a
Slide 6: Americas Q1 Revenue Growth YoY
6 Revenue Growth - CC Revenue Growth % of Segment Revenue (1) (1) On an organic basis, US revenue decreased 28% in USD. Americas - Q1 Revenue Growth YoY
Slide 7: France Segment Financial Highlights
7 Q1 Financial Highlights OUP Margin 0.1% Revenue $957M OUP $1M CC bps CC France Segment (26% of Revenue)
Slide 8: EMEA Segment Financial Highlights
8 Q1 Financial Highlights OUP Margin 0.1% Revenue $1.5B OUP $2M CC bps (1) Included in these amounts is Italy, which had revenue of $220M (-45% in USD, -37% in CC) and OUP of $1M (-95% in USD, -95% in CC). (2) The results above include the results of Vitae, which was acquired in April 2008. On an or
Slide 9: EMEA Q1 Revenue Growth YoY
9 Revenue Growth - CC Revenue Growth % of Segment Revenue (1) (1) The Netherlands results include the results of Vitae, which was acquired in April 2008. On an organic basis, the Netherlands revenue decreased 24% in USD (13% in CC). EMEA - Q1 Revenue Growth YoY
Slide 10: Asia Pacific Segment Financial Highlights
10 Q1 Financial Highlights OUP Margin 2.8% Revenue $425M OUP $12M CC bps CC Asia Pacific Segment (12% of Revenue)
Slide 11: Asia Pacific Q1 Revenue Growth YoY
11 Revenue Growth - CC Revenue Growth % of Segment Revenue Asia Pacific - Q1 Revenue Growth YoY
Slide 12: Right Management Segment Financial Highlights
12 CC Q1 Financial Highlights OUP Margin 21.4% Revenue $136M OUP $29M CC 1490 bps Right Management Segment (4% of Revenue)
Slide 13: Jefferson Wells Segment Financial Highlights
13 Jefferson Wells Segment (1% of Revenue) Q1 Financial Highlights OUP Margin - 14.2% Revenue $53M OUP $(7M) 1090 bps N/A
Slide 14: Financial Highlights
14 Financial Highlights
Slide 15: Results of Operations
15 Results of Operations (in millions)
Slide 16: Cash Flow Summary - First Quarter
16 Other Change in Cash 2009 2008 Cash from Operations Capital Expenditures (9) (24) Free Cash Flow Share Repurchases - (53) Change in Debt (11) ($ in millions) Effect of Exchange Rate Changes (54) Acquisitions of Businesses, net of cash acquired (1) (56) Cash Flow Summary - First Quarter
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights TotalDebt 1.000 (Sin millions) ggg 600 a 400 a 200 2005 2006 2007 2008 Q1 2009 TotalDebt to Total Capitalization 30% 20% --| 10% --- mt 2005 2006 2007 2008 §= 1.2009 = Manpower 0%
Slide 18: Debt and Revolving Credit Agreement
18 (a) (a) $625M multi-currency Revolving Credit Agreement provided by 17 banks. As of March 31, 2009, there was a €100M borrowing under the Revolving Credit Agreement which has been swapped to a 5.71% fixed rate plus a 40 bps credit spread until July 2010 and a $25M 30-day advance at an interbank r
Slide 19: Second Quarter Outlook
19 Revenue Americas Down 14-16% France Down 47-49% (Down 37-39% CC) Down 17-19% Asia Pacific (Down 11-13% CC) Jefferson Wells Right Management Up 16-18% (Up 29-31% CC) Down 37-39% (Down 26-28% CC) Total Gross Profit Margin 18.5-18.7% Operating Profit Margin 0.4-0.8% Tax Rate EPS $0.01-$0.15 (Neg. $.
Slide 20: Questions?
Questions? Answers April 21, 2009 Manpower Inc. 2009 1 st Quarter Results