ManpowerGroup (MAN) 8-K Manpower Reports 2ND Quarter and First Half 2009 Results

1

2009July 23

MANPOWER INC.

2009 2nd Quarter Results

Exhibit 99.2

Helping Clients and Candidates

 Win for Over Six Decades

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 those in the
forward-looking statements is contained in the
Company’s Annual Report on Form 10-K
dated December 31, 2008, 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.

Forward-Looking Statement

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.

81% CC

Operating Profit$22M

OP Margin0.6%

Revenue$3.8B

Gross Margin18.3%

EPS $0.25

36%

122 bps

290 bps

81%

89%

88% CC

Q2 Highlights

(1)

(1) Gross profit margin declined 31 bps excluding the impact of the French payroll tax change in 2008.

27% CC

(2)

(2)Includes reorganization charges of $13.1M recorded in 2009.

Consolidated Financial Highlights

4

Consolidated Gross Margin Change

5

19% CC

Q2 Financial Highlights

24%

OUP Margin

- 0.3%

310 bps

Revenue

$595M

OUP

$(2M)

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 amounts is the US, which had revenue of $374M (-24%) and OUP of $(6M).

(2) The results above include the impact of acquisitions.On an organic basis, Americas revenue decreased
29% in USD (23% in CC).

(2)

(1)

Americas Segment
(16% of Revenue)

6

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

63%

13%

8%

16%

(1)

(1) On an organic basis, US revenue decreased 31% in USD.

Americas - Q2 Revenue Growth YoY

7

Q2 Financial Highlights

OUP Margin

0.4%

Revenue

$1.1B

OUP

$4M

44%

36% CC

320 bps

94%

93% CC

France Segment
(29% of Revenue)

8

Q2 Financial Highlights

OUP Margin

0.2%

Revenue

$1.5B

OUP

$3M

40%

28% CC

470 bps

(1)Included in these amounts is Italy, which had revenue of $230M (-48% in USD, -40% in CC) and OUP of
$7M (-82% in USD, -79% in CC).

(2)Includes reorganization charges of $5.5M recorded in 2009.

(2)

98%

97% CC

(1)

EMEA Segment
(39% of Revenue)

9

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

15%

15%

14%

11%

10%

5%

21%

9%

EMEA - Q2 Revenue Growth YoY

10

Q2 Financial Highlights

OUP Margin

0.9%

Revenue

$406M

OUP

$4M

14%

13% CC

110 bps

62%

71% CC

(1)

(1) Includes reorganization charges of $1.5M recorded in 2009.

Asia Pacific Segment
(11% of Revenue)

11

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

61%

18%

21%

Asia Pacific - Q2 Revenue Growth YoY

12

217%

232% CC

Q2 Financial Highlights

OUP Margin

26.8%

Revenue

$158M

OUP

$42M

36%

46% CC

1530 bps

Right Management Segment
(4% of Revenue)

13

Jefferson Wells Segment
(1% of Revenue)

Q2 Financial Highlights

OUP Margin

- 21.2%

Revenue

$48M

OUP

$(10M)

1900 bps

36%

N/A

(1)

(1) Includes reorganization charges of $5.9M recorded in 2009.

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Financial Highlights

15

Results of Operations
(in millions)

16

Other

(21)

Change in Cash

233

24

(12)

2009

2008

Cash from Operations

379

266

Capital Expenditures

(17)

(52)

Free Cash Flow

362

214

Share Repurchases

-

(53)

Change in Debt

(22)

26

($ in millions)

Effect of Exchange Rate Changes

(1)

45

Acquisitions of Businesses,

net of cash acquired

(196)

(85)

Cash Flow Summary - First Half

17

Total Debt

($ in millions)

Total Debt to

Total Debt

Net Debt

2009

2009

Balance Sheet Highlights

18

(a)

(a)

$625M multi-currency Revolving Credit Agreement provided by 17 banks.As of June 30, 2009, there was a €100M borrowing under the
Revolving Credit Agreement at Euro LIBOR + 40 bps (our current credit spread).The Euro LIBOR portion has been swapped to a 5.71% fixed
rate until July 2010, resulting in a total current borrowing cost of 6.11%.The credit agreement requires, among other things, that we comply
with a Debt-to-EBITDA ratio of less than 3.25 to 1 and a fixed charge ratio of greater than 2.00 to 1.As defined in the agreement, we had a
Debt-to-EBITDA ratio of 1.9 to 1 and a fixed charge ratio of 2.5 to 1 as of June 30, 2009.

Interest

Rate

Maturity

Date

Total

Outstanding

Remaining

Available

Euro Notes:

- Euro 200M

4.86%

June 2013

281

-

- Euro 300M

4.58%

June 2012

421

-

Revolving Credit Agreement

6.11%

Nov 2012

140

474

368

Uncommitted lines and Other

Various

Various

32

Total Debt

874

842

(b)

(b)

During June we terminated our $100M U.S. Accounts Receivable Securitization program which would have expired in July 2009.

Credit Facilities as of June 30, 2009($ in millions)

19

Revenue

Americas

Down 21-23%

France

Down 36-38%

(Down 31-33% CC)

Down 10-12%

Asia Pacific

(Down 11-13% CC)

Jefferson Wells

Right Management

Up 23-25%

(Up 29-31% CC)

Down 29-31%

(Down 24-26% CC)

Total

Gross Profit Margin

17.5-17.7%

Operating Profit Margin

0.7-0.9%

Tax Rate

37%

EPS

$0.07-$0.21

(Neg.$.01Currency)

Down 38-40%

EMEA

(Down 26-28% CC)

Down 32-34%

(Down 16-18% CC)

Third Quarter Outlook

Questions?

Answers

July 23, 2009

Manpower Inc.
2009 2nd Quarter Results