EX-99.2 3 dex992.htm PRESENTATION MATERIALS FOR OCTOBER 17, 2006 CONFERENCE CALL Presentation Materials for October 17, 2006 conference call
Manpower Inc.
2006 3
rd
Quarter Results
Now
Next
October 17, 2006
Exhibit 99.2

2
Manpower
Inc.
2006
3
rd
Quarter
Results
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 identified by words such as
“expect,”
“plan,”
“may,”
“will,”
and similar expressions.  Additional
information concerning factors that could cause actual results to
materially differ from those in the forward-looking statements is
contained in the Company’s Annual Report on Form 10-K dated
December 31, 2005, which information is incorporated herein by
reference, and such other factors as may be described from time to
time in the Company’s SEC filings.

3
Manpower
Inc.
2006
3
rd
Quarter
Results
Consolidated Financial Highlights
Operating Profit
$169M
OP Margin
3.6%
29% CC
Revenue
$4.6B
Gross Margin
18.2%
EPS
$1.16
12%
9% CC
10 bps
40 bps
33%
28%
24% CC
Q3 Highlights
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.

4
Manpower
Inc.
2006
3
rd
Quarter
Results
18.18%
18.25%
16%
17%
18%
19%
Q3 2005
Temporary
Recruitment
Permanent
Recruitment
Mix -
Specialty
Q3 2006
-
0.44%
+ 0.25%
+ 0.12%
Consolidated Gross Profit Margin Change

5
Manpower
Inc.
2006
3
rd
Quarter
Results
United States Segment
Q3 Financial Highlights
2%
OUP Margin
5.3%
100 bps
Revenue
$542M
OUP
$29M
27%
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.

6
Manpower
Inc.
2006
3
rd
Quarter
Results
contemporary working
France Segment
Q3 Financial Highlights
OUP Margin
3.7%
Revenue
$1.7B
OUP
$62M
12%
7% CC
30 bps
22%
17% CC

7
Manpower
Inc.
2006
3
rd
Quarter
Results
EMEA Segment
contemporary working
Q3 Financial Highlights
OUP Margin
4.3%
Revenue
$1.7B
OUP
$71M
19%
14% CC
100 bps
54%
47% CC

8
Manpower
Inc.
2006
3
rd
Quarter
Results
13%
21%
31%
26%
21%
25%
8%
8%
16%
25%
-1%
21%
30%
26%
13%
4%
Other
Netherlands
Spain
Germany
Elan
UK -
Manpower
Italy
Nordics
EMEA –
Q3 Revenue Growth YoY
Revenue Growth -
CC
Revenue Growth
% of Segment
Revenue
18%
17%
15%
12%
8%
7%
7%
16%

9
Manpower
Inc.
2006
3
rd
Quarter
Results
Jefferson Wells Segment
contemporary working
Q3 Financial Highlights
OUP Margin
10.6%
Revenue
$94M
OUP
$10M
50 bps
10%
14%

10
Manpower
Inc.
2006
3
rd
Quarter
Results
Right Management Segment
contemporary working
Q3 Financial Highlights
OUP Margin
2.0%
Revenue
$91M
OUP
$2M
5%
7% CC
20 bps
12%
17% CC

11
Manpower
Inc.
2006
3
rd
Quarter
Results
Other Operations Segment
contemporary working
Q3 Financial Highlights
OUP Margin
2.8%
Revenue
$595M
OUP
$17M
12%
13% CC
30 bps
1%
3% CC

12
Manpower
Inc.
2006
3
rd
Quarter
Results
30%
29%
2%
23%
3%
1%
-1%
20%
Other
Australia/NZ
Mexico
Japan
Other Operations –
Q3 Revenue Growth YoY
Revenue Growth -
CC
Revenue Growth
% of Segment
Revenue
35%
15%
15%
35%

13
Manpower
Inc.
2006
3
rd
Quarter
Results
Financial Highlights

14
Manpower
Inc.
2006
3
rd
Quarter
Results
416
370
280
303
842
902
735
788
0
200
400
600
800
1,000
1,200
2003
2004
2005
Q3 2006
39%
29%
26%
26%
0%
10%
20%
30%
40%
2003
2004
2005
Q3 2006
Total Debt
Net Debt
Balance Sheet Highlights
Total Debt
($ in millions)
Total Debt to
Total Capitalization

15
Manpower
Inc.
2006
3
rd
Quarter
Results
* 4,000,000 shares in 2006 and 5,000,000 shares in 2005
Proceeds from Sale of Business
Cash Flow Summary –
Nine Months
2006
2005
Cash from Operations
231
175
Capital Expenditures
(47)
(56)
Free Cash Flow
184
119
Share Repurchases *
(236)
(204)
Change in Debt
(1)
25
Other
8
(58)
Change in Cash
30
(100)
($ in millions)
30
-
Proceeds from Stock Option
and Purchase Plans
45
18

16
Manpower
Inc.
2006
3
rd
Quarter
Results
Up
17-19%
Fourth Quarter Outlook
Revenue
U.S.
Up 1-3%
France
Up
13-15%
(Up 7-9% CC)
EMEA
(Up 11-13% CC)
Jefferson Wells
Right
Up/Down 1%
(Down 2-4% CC)
Other
Up 11-13%
(Up 13-15% CC)
Total
Up 12-14%
(Up 8-10% CC)
Gross Profit Margin
18.4 -
18.6%
Operating Profit Margin
3.5 -
3.7%
Tax Rate
36.5%
EPS
$1.14 -
$1.18
(Pos. $.04 Currency)
Down 7-9%

2006 3
rd
Quarter Results
Questions?
Answers
October 17, 2006
*
*