EX-99.2 3 dex992.htm PRESENTATION MATERIALS FOR APRIL 18, 2008 CONFERENCE CALL Presentation materials for April 18, 2008 conference call
MANPOWER INC.
2008 1   QUARTER RESULTS
APRIL 18, 2008
Exhibit 99.2
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Manpower Inc. 2008 1   Quarter Results
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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, 2007, 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.

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Manpower Inc. 2008 1   Quarter Results
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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
16% CC
Operating Profit
$132M
OP Margin
2.5%
Revenue
$5.4B
Gross Margin
18.0%
EPS
from
Continuing
Operations
$0.94
19%
8% CC
33 bps
20 bps
36%
28%
11% CC
Q1 Highlights

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Manpower Inc. 2008 1   Quarter Results
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17.97%
17.64%
15%
16%
17%
18%
19%
Q1 2007
Temporary
Recruitment
Permanent
Recruitment
Mix - Specialty
Q1 2008
- 0.26%
+ 0.26%
+ 0.33%
Consolidated Gross Profit Margin Change

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Manpower Inc. 2008 1   Quarter Results
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United States Segment
(9% of Revenue)
Q1 Financial Highlights
2%
OUP Margin
1.5%
90 bps
Revenue
$472M
OUP
$7M
38%
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.

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Manpower Inc. 2008 1  
Quarter
Results
st
France Segment
(32% of Revenue)
Q1 Financial Highlights
OUP Margin
3.1%
Revenue
$1.7B
OUP
$54M
16%
2% CC
20 bps
23%
7% CC

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Manpower Inc. 2008 1  
Quarter
Results
st
Other EMEA Segment
(35% of Revenue)
Q1 Financial Highlights
OUP Margin
2.6%
Revenue
$1.9B
OUP
$48M
26%
15% CC
10 bps
30%
17% CC

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Manpower Inc. 2008 1    Quarter Results
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40%
6%
20%
24%
-14%
6%
22%
4%
6%
43%
-2%
38%
22%
48%
Other
Spain
Netherlands
Germany
UK - Manpower
Elan
Nordics
Other EMEA –
Q1 Revenue Growth YoY
Revenue Growth -
CC
Revenue Growth
% of Segment
Revenue
19%
17%
15%
11%
9%
7%
22%

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Manpower Inc. 2008 1
Quarter Results
st
Italy Segment
(7% of Revenue)
Q1 Financial Highlights
OUP Margin
7.2%
Revenue
$401M
OUP
$29M
32%
15% CC
180 bps
77%
55% CC

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Manpower Inc. 2008 1   Quarter Results
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Jefferson Wells Segment
(1% of Revenue)
Q1 Financial Highlights
OUP Margin
-
3.3%
Revenue
$77M
OUP
$(3M)
450 bps
5%
N/A

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Manpower Inc. 2008 1   Quarter Results
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9%
9% CC
Right Management Segment
(2% of Revenue)
Q1 Financial Highlights
OUP Margin
6.5%
Revenue
$103M
OUP
$7M
10%
5% CC
0 bps

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Manpower Inc. 2008 1  
Quarter
Results
st
Other Operations Segment
(14% of Revenue)
Q1 Financial Highlights
OUP Margin
2.9%
Revenue
$745M
OUP
$21M
24%
12% CC
80 bps
68%
49% CC

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Manpower Inc. 2008 1    Quarter Results
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34%
23%
10%
-1%
8%
12%
22%
15%
Other
Mexico
Australia/NZ
Japan
Other Operations –
Q1 Revenue Growth YoY
Revenue Growth -
CC
Revenue Growth
% of Segment
Revenue
35%
15%
13%
37%

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Manpower Inc. 2008 1    Quarter Results
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Financial Highlights

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Manpower Inc. 2008 1    Quarter Results
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29%
26%
25%
26%
26%
0%
10%
20%
30%
2004
2005
2006
2007
Q1 2008
Total Debt
Net Debt
Balance Sheet Highlights
Total Debt
($ in millions)
Total Debt to
Total Capitalization
358
377
370
280
135
902
735
823
915
999
0
250
500
750
1,000
2004
2005
2006
2007
Q1 2008

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Manpower Inc. 2008 1    Quarter Results
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Other
55
Change in Cash
103
39
7
* 752,300 shares in 2008 and 991,900 shares in 2007.  $11.5M of cash
paid in 2008 was for shares repurchased in 2007.
Cash Flow Summary –
First Quarter
2008
2007
Cash from Operations
106
103
Capital Expenditures
(24)
(17)
Free Cash Flow
82
86
Share Repurchases *
(53)
(73)
Change in Debt
(1)
4
($ in millions)
Proceeds from Equity Plans
9
20
Acquisitions of Businesses,
net of cash acquired
(5)  
11

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Manpower Inc. 2008 1    Quarter Results
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Second Quarter Outlook
Revenue
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 Profit Margin
3.3-3.5%
Tax Rate from Continuing Operations
37.5%
EPS from Continuing Operations
$1.47-$1.51
(Pos.
$.20
Currency)
Down 3-5%
Other EMEA
(Up 17-19% CC)
Up
29-31%

Manpower Inc.
2008 1
Quarter Results
Questions?
Answers
April 18, 2008
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