EX-99.2 3 dex992.htm PRESENTATION MATERIALS FOR APRIL 20, 2007 CONFERENCE CALL Presentation materials for April 20, 2007 conference call
Manpower Inc.
2007 1
st
Quarter Results
New Face
New Place
April 20, 2007
Exhibit 99.2

2
Manpower Inc. 2007 1
st
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, 2006, 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. 2007 1
st
Quarter Results
Consolidated Financial Highlights
Operating Profit
$103M
OP Margin
2.3%
94% CC
Revenue
$4.5B
Gross Margin
17.6%
EPS
from
Continuing
Operations
$.69
17%
10% CC
24 bps
70 bps
109%
71%
57% CC
Q1 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. 2007 1
st
Quarter Results
17.64%
17.88%
16%
17%
18%
19%
Q1 2006
Temporary
Recruitment
Permanent
Recruitment
Mix -
Specialty
Q1 2007
-
0.43%
+ 0.27%
-
0.08%
Consolidated Gross Profit Margin Change

5
Manpower Inc. 2007 1
st
Quarter Results
United States Segment
(11% of Revenue)
Q1 Financial Highlights
5%
OUP Margin
2.4%
50 bps
Revenue
$484M
OUP
$12M
22%
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. 2007 1
st
Quarter Results
France Segment
(33% of Revenue)
Q1 Financial Highlights
OUP Margin
2.9%
Revenue
$1.5B
OUP
$44M
20%
10% CC
40 bps
44%
33% CC

7
Manpower Inc. 2007 1
st
Quarter Results
Other EMEA Segment
(33% of Revenue)
Q1 Financial Highlights
OUP Margin
2.5%
Revenue
$1.5B
OUP
$37M
28%
17% CC
130 bps
169%
144% CC

8
Manpower Inc. 2007 1
st
Quarter Results
33%
20%
44%
17%
18%
22%
22%
8%
32%
5%
29%
27%
33%
17%
Other
Spain
Netherlands
Germany
Elan
UK - Manpower
Nordics
Other EMEA –
Q1 Revenue Growth YoY
Revenue
Growth
-
CC
Revenue Growth
% of Segment
Revenue
20%
18%
14%
10%
9%
8%
21%

9
Manpower Inc. 2007 1
st
Quarter Results
Italy Segment
(7% of Revenue)
Q1 Financial Highlights
OUP Margin
5.4%
Revenue
$305M
OUP
$16M
26%
15% CC
150 bps
75%
60% CC

10
Manpower Inc. 2007 1
st
Quarter Results
Jefferson Wells Segment
(2% of Revenue)
Q1 Financial Highlights
OUP Margin
1.2%
Revenue
$81M
OUP
$1M
480 bps
15%
82%

11
Manpower Inc. 2007 1
st
Quarter Results
Right Management Segment
(2% of Revenue)
Q1 Financial Highlights
OUP Margin
6.5%
Revenue
$94M
OUP
$6M
1%
5% CC
160 bps
32%
29% CC

12
Manpower Inc. 2007 1
st
Quarter Results
Other Operations Segment
(12% of Revenue)
Q1 Financial Highlights
OUP Margin
2.1%
Revenue
$603M
OUP
$13M
11%
11% CC
110 bps
28%
28% CC

13
Manpower Inc. 2007 1
st
Quarter Results
26%
24%
8%
3%
4%
4%
2%
10%
Other
Mexico
Australia/NZ
Japan
Other Operations –
Q1 Revenue Growth YoY
Revenue
Growth
-
CC
Revenue Growth
% of Segment
Revenue
35%
16%
15%
34%

14
Manpower Inc. 2007 1
st
Quarter Results
Financial Highlights

15
Manpower Inc. 2007 1
st
Quarter Results
280
370
416
135
109
837
823
735
902
842
0
250
500
750
1,000
2003
2004
2005
2006
Q1 2007
39%
29%
26%
25%
25%
0%
10%
20%
30%
40%
2003
2004
2005
2006
Q1 2007
Total Debt
Net Debt
Balance Sheet Highlights
Total Debt
($ in millions)
Total Debt to
Total Capitalization

16
Manpower Inc. 2007 1
st
Quarter Results
* 991,900 shares in 2007 and 612,600 shares in 2006.
Proceeds from Sale of Businesses
Cash Flow Summary –
First Quarter
2007
2006
Cash from Operations
103
74
Capital Expenditures
(17)
(15)
Free Cash Flow
86
59
Share Repurchases *
(73)
(33)
Change in Debt
4
3
Other
2
30
Change in Cash
39
100
($ in millions)
-
Proceeds from Equity Plans
20
27
14

17
Manpower Inc. 2007 1
st
Quarter Results
Second Quarter Outlook
Revenue
U.S.
Down 3-5%
France
Up
16-18%
(Up 10-12% CC)
Up
20-22%
Italy
(Up 14-16% CC)
Jefferson Wells
Right Management
Up/Down 1%
(Down 2-4% CC)
Other
Up 11-13%
(Up 11-13% CC)
Total
Up 14-16%
(Up 9-11% CC)
Gross Profit Margin
17.6-17.8%
Operating Profit Margin
3.2 -
3.4%
Tax Rate from Continuing Operations
36.5%
EPS from Continuing Operations
$1.12-$1.16
(Pos.
$.06
Currency)
Down 16-18%
Other EMEA
(Up 15-17% CC)
Up
22-24%

Manpower Inc.
2007 1
st
Quarter Results
Questions?
Answers
April 20, 2007