ManpowerGroup (MAN) 8-K ManpowerGroup Reports 4th Quarter and Full Year 2012 Results

Exhibit 99.2

ManpowerGroup

4th Quarter

January 30, 2013

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

Forward-Looking Statement

This presentation includes forward-looking statements,
including earnings projections 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 Manpower Inc. Annual Report
on Form 10-K dated December 31, 2011, 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.

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

As Reported	Excluding Non -recurring Items	Q4 Financial Highlights
5%	5%	Revenue$5.2B
4% CC	4% CC
20 bps	20 bps	Gross Margin16.9%
19%	12%	Operating Profit$105M
17% CC	11% CC
40 bps	20 bps	OP Margin2.0%
13%	7%	EPS$.68
12% CC	6% CC

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

3

(1)Excludes the impact of reorganization charges of $26.6M in Q4 2012 and $20.5M in Q4 2011.

(1)

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

EPS Bridge - Q4 vs. Guidance Midpoint

4

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

Non-Recurring Items

(in millions of USD, except per share amounts)

5

(1)Includes reorganization charges as follows:

Q4 2012:Americas ($1.0M), Southern Europe ($2.8M), Northern Europe ($11.5M), APME ($0.4M), Right Management ($0.5M), Corporate ($10.4M)

FY 2012:Americas ($9.3M), Southern Europe ($2.8M), Northern Europe ($11.5M), APME ($0.4M), Right Management ($10.9M), Corporate ($10.4M)

FY 2011:Americas ($2.4M), Northern Europe ($12.0M), Right Management ($6.1M)

	Q4 2012			FY 2012			FY 2011
	Pre-tax Earnings	Net Earnings	EPS - Diluted	Pre-tax Earnings	Net Earnings	EPS - Diluted	Pre-tax Earnings	Net Earnings	EPS - Diluted
Earnings, As Reported	$94.8	$ 53.3	$ 0.68	$ 368.4	$ 197.6	$ 2.47	$ 479.9	$ 251.6	$ 3.04
Reorganization Charges	26.6	18.3	0.23	45.4	32.1	0.40	20.5	16.3	0.20
Legal Costs - US	-	-	-	10.0	6.5	0.08	-	-	-
Earnings, Excluding non -recurring items	$ 121.4	$ 71.6	$ 0.91	$ 423.8	$ 236.2	$ 2.95	$ 500.4	$ 267.9	$ 3.24

(1)

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

Consolidated Gross Margin Change

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ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

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Business Line Gross Profit - Q4 2012

█ManpowerGroup Solutions█Right Management

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

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ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

As Reported	Excluding Non-recurring Items	Q4 Financial Highlights
0%	0%	Revenue$1.2B
0% CC	0% CC
7%	10%	OUP$36M
8% CC	11% CC
20 bps	30 bps	OUP Margin3.1%

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(1)

Americas Segment

(22% of Revenue)

(1)Included in these amounts is the US, which had revenue of $751M (-2%) and OUP of $22M (-17%, or
-20% excluding reorganization charges in Q4 2012 and Q4 2011).

(2)Excludes the impact of reorganization charges of $1.0M in Q4 2012 and $2.4M in Q4 2011.

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)

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

Americas - Q4 Revenue Growth YoY

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% of Segment

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

As Reported	Excluding Non-recurring Items	Q4 Financial Highlights
12%	12%	Revenue$1.8B
8% CC	8% CC
34%	28%	OUP$28M
31% CC	24% CC
50 bps	30 bps	OUP Margin1.6%

11

(1)

Southern Europe Segment

(34% of Revenue)

(1)Included in these amounts is France, which had revenue of $1.3B (-9% CC) and OUP of $18M (-8% CC, or -1%
excluding reorganization charges in Q4 2012).On an organic basis, France revenue decreased 10% in CC. On
an organic basis, Segment revenue decreased 9% in CC.

(2)Excludes the impact of reorganization charges of $2.8M in Q4 2012.

(2)

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

Southern Europe - Q4 Revenue Growth YoY

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Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

74%

15%

5%

6%

(1)

(1) On an organic basis, France revenue decreased 14% (-10% in CC).

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

As Reported	Excluding Non-recurring Items	Q4 Financial Highlights
3%	3%	Revenue$1.5B
3% CC	3% CC
34%	28%	OUP$34M
34% CC	28% CC
110 bps	100 bps	OUP Margin2.3%

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Northern Europe Segment

(29% of Revenue)

(1)

(1)Excludes the impact of reorganization charges of $11.5M in Q4 2012 and $12.0M in Q4 2011.

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

Northern Europe - Q4 Revenue Growth YoY

14

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

26%

24%

12%

10%

21%

7%

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

As Reported	Excluding Non-recurring Items	Q4 Financial Highlights
0%	0%	Revenue$698M
1% CC	1% CC
31%	33%	OUP$28M
33% CC	35% CC
100 bps	100 bps	OUP Margin4.1%

APME Segment

(13% of Revenue)

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(1)

(1)Excludes the impact of reorganization charges of $0.4M in Q4 2012.

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

APME - Q4 Revenue Growth YoY

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ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

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Right Management Segment

(2% of Revenue)

As Reported	Excluding Non-recurring Items	Q4 Financial Highlights
6%	6%	Revenue$85M
7% CC	7% CC
N/A	N/A	OUP$8M
N/A	N/A
1670 bps	960 bps	OUP Margin9.7%

(1)

(1)Excludes the impact of reorganization charges of $0.5M in Q4 2012 and $6.1M in Q4 2011.

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

($ in millions)	2012	2011
Cash provided by operating activities	332	69
Capital Expenditures	(72)	(65)
Free Cash Flow	260	4
Change in Debt	42	15
Share Repurchases	(138)	(105)
Dividends paid	(68)	(65)
Acquisitions of Businesses, net	(49)	(49)
Effect of Exchange Rate Changes	18	(28)
Other	3	36
Change in Cash	68	(192)

Cash Flow Summary - Full Year

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ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

Balance Sheet Highlights

Total Debt

($ in millions)

Total Debt to

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

	Interest Rate	Maturity Date	Total Outstanding at 12/31/12	Remaining Available at 12/31/12
Euro Notes:
- Euro 200M	4.86%	Jun 2013	264	-
- Euro 350M	4.505%	Jun 2018	462	-
Revolving Credit Agreement	1.48%	Oct 2016	-	799
Uncommitted lines and Other	Various	Various	44	335
Total Debt			770	1,134

Credit Facilities
($ in millions)

20

Represents subsidiary uncommitted lines of credit & overdraft facilities, which total $379.4M. Total subsidiary borrowings are
limited to $300M due to restrictions in our Revolving Credit Facility, with the exception of Q3 when subsidiary borrowings are
limited to $600M.

(1)

(2)

(2)

(1)

The $800M agreement requires that we comply with a Leverage Ratio (Debt-to-EBITDA) of not greater than 3.5 to 1 and a
Fixed Charge Coverage Ratio of not less than 1.5 to 1, in addition to other customary restrictive covenants. As defined in the
agreement, we had a Debt-to-EBITDA ratio of 0.97 and a fixed charge coverage ratio of 2.82 as of December 31, 2012. As
of December 31, 2012, there were $0.9M of standby letters of credit issued under the agreement.

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

Revenue	Total	Down 6-8% (Down 6-8% CC)
	Americas	Down 2-4% (Down 1-3% CC)
	Southern Europe	Down 10-12% (Down 11-13% CC)
	Northern Europe	Down 5-7% (Down 6-8% CC)
	APME	Down 6-8% (Down 1-3% CC)
Right Management		Up 2-4% (Up 2-4% CC)
Gross Profit Margin		16.6 - 16.8%
Operating Profit Margin		1.4 - 1.6%
Tax Rate		41%
EPS (before reorganization charges)		$0.40 - $0.48 (no currency impact)

First Quarter Outlook

21

(36% excl. reclassification of France business tax
and 2012 WOTC credit)

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

Strategic Drivers

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ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

ManpowerGroup 2012 4th Quarter ResultsJanuary 2013

Questions

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