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form_8-k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2011

MANPOWER INC.

(d/b/a ManpowerGroup)

(Exact name of registrant as specified in its charter)

Wisconsin	1-10686	39-1672779
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

100 Manpower Place
Milwaukee, Wisconsin	53212
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (414) 961-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)

	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On July 21, 2011, we issued a press release announcing our results of operations for the three- and six- month periods ended June 30, 2011. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Exhibits.

Exhibit No.		Description
	99.1	Press Release dated July 21, 2011
	99.2	Presentation materials for July 21, 2011 conference call

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

		MANPOWER INC. (d/b/a ManpowerGroup)

Dated: July 21, 2011	By:	/s/ Michael J. Van Handel
		Michael J. Van Handel Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description
	99.1	Press Release dated July 21, 2011
	99.2	Presentation materials for July 21, 2011 conference call

exhibit_99-1.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE Contact:

Mike Van Handel

+1.414.906.6305

[email protected]

ManpowerGroup Reports 2nd Quarter and First Half 2011 Results

MILWAUKEE, July 21, 2011 -- ManpowerGroup (NYSE: MAN) today reported that net earnings per diluted share for the three months ended June 30, 2011 were 87 cents compared to 40 cents in the prior year period. Net earnings in the quarter were $72.7 million compared to $32.7 million a year earlier. Revenues for the second quarter were $5.7 billion, an increase of 24 percent from the year earlier period, or an increase of 12 percent in constant currency.

Net earnings in the second quarter were favorably impacted by 11 cents per diluted share, as foreign currencies were relatively stronger compared to the prior year period.

ManpowerGroup Chairman and CEO Jeffrey A. Joerres, said, “We continued to drive solid revenue growth with all geographies participating; Mexico, France and Italy all grew in excess of 15 percent in constant currency. Our emerging markets grew in excess of that. Experis, our professional resourcing brand, performed well, with global revenue increasing 12 percent in constant currency. These solid revenue gains clearly contributed to very good operational leverage. In the latter part of June certain markets experienced softening, however, we continue to be optimistic that we will achieve good year-over-year growth.

“We are anticipating the third quarter of 2011 diluted earnings per share to be in the range of 90 cents to $1.00, which includes an estimated favorable currency impact of 10 cents,” Joerres stated.

Earnings per diluted share for the six months ended June 30, 2011 were $1.30 compared to 44 cents per diluted share in 2010. Net earnings were $108.4 million compared to $35.5 million in the prior year. Revenues for the six-month period were $10.7 billion, an increase of 24 percent from the prior year or 17 percent in constant currency. Foreign currency exchange rates had a favorable impact of 14 cents for the six-month period.

In conjunction with its second quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on July 21, 2011 at 7:30 a.m. CDT (8:30 a.m. EDT). Interested parties are invited to listen to the webcast and view the presentation by logging on to http://www.manpowergroup.com/investors.

Supplemental financial information referenced in the conference call can be found at http://www.manpowergroup.com/investors.

About ManpowerGroup™

ManpowerGroup™ (NYSE: MAN), the world leader in innovative workforce solutions, creates and delivers high-impact solutions that enable our clients to achieve their business goals and enhance their competitiveness. With over 60 years of experience, our $22 billion company creates unique time to value through a comprehensive suite of innovative solutions that help clients win in the Human Age. These solutions cover an entire range of talent-driven needs from recruitment and assessment, training and development, and career management, to outsourcing and workforce consulting. ManpowerGroup maintains the world’s largest and industry-leading network of nearly 3,900 offices in over 80 countries and territories, generating a dynamic mix of an unmatched global footprint with valuable insight and local expertise to meet the needs of its 400,000 clients per year, across all industry sectors, small and medium-sized enterprises, local, multinational and global companies. By connecting our deep understanding of human potential to the ambitions of clients, ManpowerGroup helps the organizations and individuals we serve achieve more than they imagined – because their success leads to our success. And by creating these powerful connections, we create power that drives organizations forward, accelerates personal success and builds more sustainable communities. We help power the world of work. The ManpowerGroup suite of solutions is offered through ManpowerGroup™ Solutions, Manpower®, Experis™ and Right Management®. Learn more about how the ManpowerGroup can help you win in the Human Age at www.manpowergroup.com.

Forward-Looking Statements

This news release contains statements, including earnings projections and statements about revenue growth, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company’s expected future results. The Company’s actual results may differ materially from those described or contemplated in the forward-looking statements. Factors that may cause the Company’s actual results to differ materially from those contained in the forward-looking statements can be found in the Company’s reports filed with the SEC, including the information under the heading ‘Risk Factors’ in its Annual Report on Form 10-K for the year ended December 31, 2010, which information is incorporated herein by reference.

###

ManpowerGroup
Results of Operations
(In millions, except per share data)

	Three Months Ended June 30
					% Variance
					Amount			Constant
	2011		2010		Reported			Currency
	(Unaudited)
Revenues from services (a)	$	5,667.3	$	4,585.6		23.6	%		12.0	%
Cost of services		4,705.1		3,788.6		24.2	%		12.4	%
Gross profit		962.2		797.0		20.7	%		9.8	%
Selling and administrative expenses		811.4		717.9		13.0	%		3.5	%
Operating profit		150.8		79.1		90.6	%		67.5	%
Interest and other expenses		11.8		11.9		-1.2	%
Earnings before income taxes		139.0		67.2		106.9	%		80.6	%
Provision for income taxes		66.3		34.5		91.6	%
Net earnings	$	72.7	$	32.7		123.1	%		94.8	%
Net earnings per share - basic	$	0.89	$	0.40		122.5	%
Net earnings per share - diluted	$	0.87	$	0.40		117.5	%		90.0	%
Weighted average shares - basic		82.0		81.5		0.6	%
Weighted average shares - diluted		83.3		82.5		1.0	%

(a) Revenues from services include fees received from our franchise offices of $5.7 million and $5.8 million for the three months ended June 30, 2011 and 2010, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $249.6 million and $237.3 million for the three months ended June 30, 2011 and 2010, respectively.

ManpowerGroup
Operating Unit Results
(In millions)

	Three Months Ended June 30
							% Variance
							Amount			Constant
	2011			2010			Reported			Currency
	(Unaudited)
Revenues from Services: (a)
Americas:
United States (b)	$	791.6		$	726.6			9.0	%		9.0	%
Other Americas		379.4			306.1			23.9	%		18.5	%
		1,171.0			1,032.7			13.4	%		11.8	%
Southern Europe:
France		1,644.0			1,255.9			30.9	%		15.5	%
Italy		344.9			258.8			33.3	%		17.6	%
Other Southern Europe		193.7			168.5			14.9	%		3.0	%
		2,182.6			1,683.2			29.7	%		14.5	%
Northern Europe		1,566.3			1,265.2			23.8	%		9.4	%
APME		662.8			505.7			31.0	%		16.4	%
Right Management		84.6			98.8			-14.3	%		-19.9	%
	$	5,667.3		$	4,585.6			23.6	%		12.0	%

Operating Unit Profit: (a)
Americas:
United States	$	27.2		$	14.7			85.0	%		85.0	%
Other Americas		12.3			8.7			42.3	%		36.1	%
		39.5			23.4			69.2	%		66.9	%
Southern Europe:
France		24.8			9.9			148.9	%		117.9	%
Italy		22.4			13.5			65.7	%		45.8	%
Other Southern Europe		2.7			2.1			30.1	%		20.0	%
		49.9			25.5			95.4	%		71.9	%
Northern Europe		56.1			28.4			97.4	%		72.3	%
APME		18.9			12.0			58.9	%		43.3	%
Right Management		2.8			7.8			-64.4	%		-64.5	%
		167.2			97.1
Corporate expenses		(30.5	)		(22.8	)
Intangible asset amortization expense		(9.4	)		(11.6	)
Reclassification of French business tax		23.5			16.4
Operating profit		150.8			79.1			90.6	%		67.5	%
Interest and other expenses (c)		(11.8	)		(11.9	)
Earnings before income taxes	$	139.0		$	67.2

(a) Effective January 1, 2011, we created a new organizational structure in Europe in order to elevate our service quality throughout Europe, Middle East and Africa. Other Southern Europe and Northern Europe, previously reported in Other EMEA, are now separate reportable segments. France, Italy, and Other Southern Europe are aggregated into our Southern Europe reportable segment. All previously reported results have been restated to conform to the current year presentation. Additionally, we changed the name of our Asia Pacific reportable segment to APME; the results of this reportable segment have not been restated as only the name has changed.

(b) In the United States, revenues from services include fees received from our franchise offices of $3.2 million and $3.4 million for the three months ended June 30, 2011 and 2010, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $163.2 million and $155.8 million for the three months ended June 30, 2011 and 2010, respectively.

(c) The components of interest and other expenses were:
		2011			2010
Interest expense	$	11.1		$	12.5
Interest income		(1.6	)		(1.4	)
Foreign exchange (gain) loss		(0.2	)		0.9
Miscellaneous expense (income), net		2.5			(0.1	)
	$	11.8		$	11.9

ManpowerGroup
Results of Operations
(In millions, except per share data)

	Six Months Ended June 30
					% Variance
					Amount			Constant
	2011		2010		Reported			Currency
	(Unaudited)
Revenues from services (a)	$	10,739.7	$	8,684.9		23.7	%		16.6	%
Cost of services		8,919.9		7,186.4		24.1	%		17.0	%
Gross profit		1,819.8		1,498.5		21.4	%		14.6	%
Selling and administrative expenses		1,583.4		1,386.8		14.2	%		8.4	%
Operating profit		236.4		111.7		111.7	%		92.2	%
Interest and other expenses		22.9		24.8		-7.7	%
Earnings before income taxes		213.5		86.9		145.7	%		121.2	%
Provision for income taxes		105.1		51.4		104.3	%
Net earnings	$	108.4	$	35.5		205.8	%		175.3	%
Net earnings per share - basic	$	1.32	$	0.44		200.0	%
Net earnings per share - diluted	$	1.30	$	0.44		195.5	%		161.4	%
Weighted average shares - basic		82.0		80.1		2.3	%
Weighted average shares - diluted		83.7		81.2		3.0	%

(a) Revenues from services include fees received from our franchise offices of $11.6 million and $10.4 million for the six months ended June 30, 2011 and 2010, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $524.1 million and $431.2 million for the six months ended June 30, 2011 and 2010, respectively.

ManpowerGroup
Operating Unit Results
(In millions)

	Six Months Ended June 30
							% Variance
							Amount			Constant
	2011			2010			Reported			Currency
	(Unaudited)
Revenues from Services: (a)
Americas:
United States (b)	$	1,542.5		$	1,209.3			27.6	%		27.6	%
Other Americas		741.2			600.6			23.4	%		18.9	%
		2,283.7			1,809.9			26.2	%		24.7	%
Southern Europe:
France		2,997.8			2,363.4			26.8	%		19.1	%
Italy		629.5			493.0			27.7	%		19.9	%
Other Southern Europe		373.7			326.9			14.3	%		7.9	%
		4,001.0			3,183.3			25.7	%		18.1	%
Northern Europe		3,022.9			2,486.4			21.6	%		13.0	%
APME		1,265.7			1,003.2			26.1	%		13.8	%
Right Management		166.4			202.1			-17.7	%		-21.3	%
	$	10,739.7		$	8,684.9			23.7	%		16.6	%

Operating Unit Profit: (a)
Americas:
United States	$	35.9		$	2.8			N/A			N/A
Other Americas		25.1			18.3			37.4	%		33.2	%
		61.0			21.1			189.1	%		185.5	%
Southern Europe:
France		36.8			10.1			263.3	%		231.3	%
Italy		35.3			20.3			73.4	%		60.1	%
Other Southern Europe		4.9			1.2			320.2	%		293.9	%
		77.0			31.6			143.3	%		123.5	%
Northern Europe		98.0			47.4			106.9	%		88.3	%
APME		35.4			24.5			45.0	%		31.9	%
Right Management		6.1			20.3			-70.0	%		-70.2	%
		277.5			144.9
Corporate expenses		(62.5	)		(46.8	)
Intangible asset amortization expense		(19.0	)		(16.5	)
Reclassification of French business tax		40.4			30.1
Operating profit		236.4			111.7			111.7	%		92.2	%
Interest and other expenses (c)		(22.9	)		(24.8	)
Earnings before income taxes	$	213.5		$	86.9

(a) Effective January 1, 2011, we created a new organizational structure in Europe in order to elevate our service quality throughout Europe, Middle East and Africa. Other Southern Europe and Northern Europe, previously reported in Other EMEA, are now separate reportable segments. France, Italy, and Other Southern Europe are aggregated into our Southern Europe reportable segment. All previously reported results have been restated to conform to the current year presentation. Additionally, we changed the name of our Asia Pacific reportable segment to APME; the results of this reportable segment have not been restated as only the name has changed.

(b) In the United States, revenues from services include fees received from our franchise offices of $5.9 million for the six months ended June 30, 2011 and 2010. These fees are primarily based on revenues generated by the franchise offices, which were $311.7 million and $288.0 million for the six months ended June 30, 2011 and 2010, respectively.

(c) The components of interest and other expenses were:
		2011			2010
Interest expense	$	21.3		$	23.6
Interest income		(3.0	)		(3.0	)
Foreign exchange losses		0.3			2.8
Miscellaneous expenses, net		4.3			1.4
	$	22.9		$	24.8

ManpowerGroup
Consolidated Balance Sheets
(In millions)

	Jun. 30			Dec. 31
	2011			2010
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	543.5		$	772.6
Accounts receivable, net		4,496.8			3,844.1
Prepaid expenses and other assets		182.1			197.6
Future income tax benefits		66.2			59.7
Total current assets		5,288.6			4,874.0
Other assets:
Goodwill and other intangible assets, net		1,350.5			1,330.3
Other assets		456.6			355.1
Total other assets		1,807.1			1,685.4
Property and equipment:
Land, buildings, leasehold improvements and equipment		743.2			688.8
Less: accumulated depreciation and amortization		562.3			518.5
Net property and equipment		180.9			170.3
Total assets	$	7,276.6		$	6,729.7
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	1,541.0		$	1,313.9
Employee compensation payable		214.0			240.2
Accrued liabilities		526.7			547.4
Accrued payroll taxes and insurance		730.6			677.7
Value added taxes payable		543.8			482.2
Short-term borrowings and current maturities of long-term debt		468.2			28.7
Total current liabilities		4,024.3			3,290.1
Other liabilities:
Long-term debt		290.6			669.3
Other long-term liabilities		406.0			373.1
Total other liabilities		696.6			1,042.4
Shareholders' equity:
Common stock		1.1			1.1
Capital in excess of par value		2,815.1			2,781.7
Retained earnings		860.8			785.2
Accumulated other comprehensive income		157.5			87.0
Treasury stock, at cost		(1,278.8	)		(1,257.8	)
Total shareholders' equity		2,555.7			2,397.2
Total liabilities and shareholders' equity	$	7,276.6		$	6,729.7

ManpowerGroup
Consolidated Statements of Cash Flows
(In millions)

	Six Months Ended
	June 30
	2011			2010
	(Unaudited)
Cash Flows from Operating Activities:
Net earnings	$	108.4		$	35.5
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization		52.1			50.5
Deferred income taxes		(59.7	)		(6.9	)
Provision for doubtful accounts		14.4			13.5
Share-based compensation		16.5			11.5
Excess tax benefit on exercise of stock options		(1.1	)		(0.8	)
Changes in operating assets and liabilities, excluding the impact of acquisitions:
Accounts receivable		(425.1	)		(480.1	)
Other assets		(51.4	)		(26.3	)
Other liabilities		153.8			337.4
Cash used in operating activities		(192.1	)		(65.7	)
Cash Flows from Investing Activities:
Capital expenditures		(27.6	)		(27.9	)
Acquisitions of businesses, net of cash acquired		(15.2	)		(258.5	)
Proceeds from sales of property and equipment		2.8			2.3
Cash used in investing activities		(40.0	)		(284.1	)
Cash Flows from Financing Activities:
Net change in short-term borrowings		4.4			(5.5	)
Proceeds from long-term debt		0.1			1.4
Repayments of long-term debt		(0.1	)		(0.8	)
Proceeds from share-based awards		17.8			14.8
Excess tax benefit on exercise of stock options		1.1			0.8
Repurchases of common stock		(18.8	)		-
Dividends paid		(32.8	)		(30.6	)
Cash used in financing activities		(28.3	)		(19.9	)
Effect of exchange rate changes on cash		31.3			(92.4	)
Change in cash and cash equivalents		(229.1	)		(462.1	)
Cash and cash equivalents, beginning of period		772.6			1,014.6
Cash and cash equivalents, end of period	$	543.5		$	552.5

exhibit_99-2.htm

Exhibit 99.2

ManpowerGroup 2011 2nd Quarter Results July 2011

ManpowerGroup

2nd Quarter

July 21, 2011

ManpowerGroup 2011 2nd Quarter Results July
2011

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, 2010, 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 2011 2nd Quarter Results July
2011

	Q2 Financial Highlights
24%	Revenue $5.7B
12% CC	Revenue $5.7B
40 bps	Gross Margin 17.0%
91%	Operating Profit $151M
67% CC	Operating Profit $151M
100 bps	OP Margin 2.7%
118%	EPS $0.87
90% CC	EPS $0.87

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

ManpowerGroup 2011 2nd Quarter Results July
2011

Consolidated Gross Margin Change

ManpowerGroup 2011 2nd Quarter Results July
2011

	Q2 Financial Highlights
13%	Revenue $1.2B
12% CC	Revenue $1.2B
69%	OUP $40M
67% CC	OUP $40M
110 bps	OUP Margin 3.4%

Americas Segment

(21% of Revenue)

(1) Included in these amounts is the US, which had revenue of $792M (+9%) and OUP of $27M (+85%).

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.

(1)

ManpowerGroup 2011 2nd Quarter Results July
2011

Americas - Q2 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

68%

12%

14%

ManpowerGroup 2011 2nd Quarter Results July
2011

111	Q2 Financial Highlights
30%	Revenue $2.2B
15% CC	Revenue $2.2B
95%	OUP $50M
72% CC	OUP $50M
80 bps	OUP Margin 2.3%

Southern Europe Segment

(38% of Revenue)

(1)

(1) Included in these amounts is France, which had revenue of $1.6B (+15% CC) and OUP of $25M (+118% CC).

ManpowerGroup 2011 2nd Quarter Results July
2011

Southern Europe - Q2 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

75%

16%

ManpowerGroup 2011 2nd Quarter Results July
2011

	Q2 Financial Highlights
24%	Revenue $1.6B
9% CC	Revenue $1.6B
97%	OUP $56M
72% CC	OUP $56M
130 bps	OUP Margin 3.6%

Northern Europe Segment

(28% of Revenue)

ManpowerGroup 2011 2nd Quarter Results July
2011

Northern Europe - Q2 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

ManpowerGroup 2011 2nd Quarter Results July
2011

	Q2 Financial Highlights
31%	Revenue $663M
16% CC	Revenue $663M
59%	OUP $19M
43% CC	OUP $19M
50 bps	OUP Margin 2.8%

APME Segment

(12% of Revenue)

ManpowerGroup 2011 2nd Quarter Results July
2011

APME - Q2 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

43%

28%

29%

(1) On an organic basis, Other revenue growth was 23% (+16% CC).

(1)

ManpowerGroup 2011 2nd Quarter Results July
2011

	Q2 Financial Highlights
14%	Revenue $85M
20% CC	Revenue $85M
64%	OUP $3M
64% CC	OUP $3M
460 bps	OUP Margin 3.3%

Right Management Segment

(1% of Revenue)

ManpowerGroup 2011 2nd Quarter Results July
2011

Cash Flow Summary - First Half

($ in millions)	2011	2010
Cash from Operations	(192)	(66)
Capital Expenditures	(28)	(28)
Free Cash Flow	(220)	(94)
Change in Debt	4	(5)
Share Repurchases	(19)	-
Acquisitions of Business net of cash acquired	(15)	(259)
Effect of Exchange Rate Changes	31	(92)
Other	(10)	(12)
Change in Cash	(229)	(462)

ManpowerGroup 2011 2nd Quarter Results July
2011

Balance Sheet Highlights

Total Debt

($ in millions)

Total Debt to

Total Capitalization

Total Debt

Net Debt

ManpowerGroup 2011 2nd Quarter Results July
2011

(b)

Credit Facilities as of June 30, 2011
($ in millions)

(a)

This $400M agreement requires, as of June 30, that we comply with a Debt-to-EBITDA ratio of less than 3.75 to 1 and a fixed charge coverage
ratio of greater than 1.35 to 1. As defined in the agreement, we had a Debt-to-EBITDA ratio of 1.35 and a fixed charge coverage ratio of 2.84
as of June 30, 2011. As of June 30, there were $2.2M of standby letters of credit issued under the agreement.

Interest

Rate

Maturity

Date

Total

Outstanding

Remaining

Available

Euro Notes:

- Euro 200M

4.86%

June 2013

290

- Euro 300M

4.58%

June 2012

435

Revolving Credit Agreement

2.74%

Nov 2012

398

387

Uncommitted lines and Other

Various

Total Debt

759

785

(b)

Represents subsidiary uncommitted lines of credit & overdraft facilities, which total $419.8M. Total subsidiary borrowing are limited to $300M
due to restrictions in our Revolving Credit Facility, with the exception of Q3 when subsidiary borrowings are limited to $600M.

ManpowerGroup 2011 2nd Quarter Results July
2011

Third Quarter Outlook

Revenue	Total	Up 16-18% (Up 8-10% CC)
	Americas	Up 8-10% (Up 6-8% CC)
	Southern Europe	Up 19-21% (Up 9-11% CC)
	Northern Europe	Up 17-19% (Up 7-9% CC)
	APME	Up 25-27% (Up 14-16% CC)
Right Management		Down 4-6% (Down 9-11% CC)
Gross Profit Margin		16.5 - 16.7%
Operating Profit Margin		2.6 - 2.8%
Tax Rate		46.5%
EPS		$0.90-$1.00 (Favorable $.10 Currency)

ManpowerGroup 2011 2nd Quarter Results July
2011

Our brand and messages are resonating worldwide

“Prepare to play part in a new era: 20 epic shifts to
the Human Age”

— South African newspaper, The Star

“Do changes as subtle
as those exemplified
by Manpower's
renaming matter?
Absolutely, said
Columbia University
business professor
Bernd Schmitt - right
down to the single-
word styling and the
replacement of ‘Inc.’
with ‘Group.’”

— Milwaukee Journal-
Sentinel

“Group is more
contemporary”

— Deborah Mitchell,

marketing professor,
University Wisconsin-
Madison

“The Human Age
marks the pinnacle

of a journey, when the
raw potential of

individuals ultimately
takes center stage.”

— HR Asia magazine

“Inc. sounds like a
faceless corporation,
where ‘group’ sounds
more human, more in
touch”

— Jonathan Schroeder,
communications professor,
Rochester Institute of
Technology

“[Manpower] used this
experience to identify a
new era, what it calls

the human age.

It’s changing its name
and logo to fit a world

where it says talent
replaces capital as the
key driver of economic
growth.”

— Bloomberg TV

a rebranding…

in a bid to improve
the marketing of its
services.”

“Talent is the new
capital”

— Swedish newspaper
Sundsvalls Tidning

ManpowerGroup 2011 2nd Quarter Results July
2011

Gross Profit Growth

in CC %

Gross Profit Development - Q2 2011

█ Staffing █ Professional Resourcing █ Permanent Recruitment (excluding RPO)

█ ManpowerGroup Solutions █ Talent & Career Management █ ManpowerGroup - Total

ManpowerGroup 2011 2nd Quarter Results July
2011

Employers foresee a more flexible and virtual
labor force

How will your company’s workforce change over the next 5 years?

% of respondents (n = 2,000)

Source: McKinsey Global Institute US Jobs Survey, 2011; McKinsey Global Institute analysis

More telecommuting

More offshored or
outsourced workers

More older workers

(aged 55+)

Don’t know

Other types of changes
to the nature of work

21.5%

25.5%

57.8%

19.9%

16.8%

2.9%

More part-time, temporary,
or contract workers

Questions