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form_8k.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): February 3, 2009

MANPOWER INC.

(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 February 3, 2009, we issued a press release announcing our results of operations for the three months and year ended December 31, 2008. 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 February 3, 2009
	99.2	Presentation materials for February 3, 2009 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.

Dated: February 3, 2009	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 February 3, 2009
	99.2	Presentation materials for February 3, 2009 conference call

exhibit_99-1.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE Contact:

Mike Van Handel

Manpower Inc.

+1.414.906.6305

[email protected]

Manpower Reports 4th Quarter and Full Year 2008 Results

MILWAUKEE, WI, USA, February 3, 2009 – Manpower Inc. (NYSE: MAN) today reported that net earnings per diluted share for the three months ended December 31, 2008 decreased to $1.01 from $1.63 in the prior year period. Net earnings in the quarter decreased to $79.2 million from $133.1 million a year earlier. Revenues for the fourth quarter totaled $4.6 billion, a decrease of 18 percent from the year earlier period, or a decrease of 10 percent in constant currency.

Included in the fourth quarter results is $62.7 million ($36.9 million after tax, or 47 cents per diluted share) of income related to a business tax refund and recoverable 2005 payroll taxes in France. Also included is a reorganization charge of $37.2 million ($27.2 million after tax or 35 cents per diluted share), primarily related to office closures and consolidations, and severance costs in several countries. Net earnings in the fourth quarter were negatively impacted by 10 cents per diluted share, as foreign currencies were relatively weaker compared to the prior year period.

“During the fourth quarter, we experienced a rapid decline in demand for our services in the majority of the geographies we operate in," said Jeffrey A. Joerres, Manpower Inc. Chairman and CEO. "This was not unexpected, and we have positioned ourselves well for this environment. While we have taken action to reduce our expenses, we will not impact our workforce and office infrastructure in a way that would inhibit our ability to help our clients win.

"Despite the anticipated continued deterioration of the labor market in the near term, we remain confident that with the combination of our financial strength and flexibility, Manpower is well-equipped to take advantage of the opportunities this environment will uniquely present to us," Joerres added.

Net earnings per diluted share for the year ended December 31, 2008 decreased to $2.75 from $5.73 in 2007. Net earnings were $218.9 million compared to $484.7 million in the prior year. Revenues for the year were $21.6 billion, an increase of 5 percent from the prior year, or an increase of 1 percent in constant currency.

Included in the full year 2008 results is the favorable impact of the business tax refund and recoverable 2005 payroll taxes in France totaling $0.91 per diluted share. Also included is the goodwill and intangible asset impairment charge of $1.94 per diluted share, an increase in our legal reserve of 63 cents per diluted share and reorganization charges of 34 cents per diluted share. Additionally, 2008 results were favorably impacted by 37 cents per diluted share due to changes in foreign currencies compared to the prior year.

Included in the full year 2007 results is the favorable impact of the revised French payroll tax calculation related to 2006 and 2007 of $1.05 per diluted share. Also included is an increase in our legal reserve of 18 cents per diluted share and reorganization charges of 3 cents per diluted share.

In conjunction with its fourth quarter earnings release, Manpower will broadcast its conference call live over the Internet on February 3, 2009 at 7:30 a.m. CST (8:30 a.m. EST). Interested parties are invited to listen to the webcast and view the presentation by logging on to http://investor.manpower.com.

Supplemental financial information referenced in the conference call can be found at http://investor.manpower.com.

About Manpower Inc.

Manpower Inc. (NYSE: MAN) is a world leader in the employment services industry; creating and delivering services that enable its clients to win in the changing world of work. Celebrating its 60th anniversary in 2008, the $22 billion company offers employers a range of services for the entire employment and business cycle including permanent, temporary and contract recruitment; employee assessment and selection; training; outplacement; outsourcing and consulting. Manpower's worldwide network of 4,400 offices in 81 countries and territories enables the company to meet the needs of its 400,000 clients per year, including small and medium size enterprises in all industry sectors, as well as the world's largest multinational corporations. The focus of Manpower's work is on raising productivity through improved quality, efficiency and cost-reduction across their total workforce, enabling clients to concentrate on their core business activities. Manpower Inc. operates under five brands: Manpower, Manpower Professional, Elan, Jefferson Wells and Right Management. More information on Manpower Inc. is available at www.manpower.com.

Forward-Looking Statements

This news release contains statements, including the expected impact of expense reductions and our position in the current environment, 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, 2007, which information is incorporated herein by reference.

- ### - -

Manpower Inc.
Results of Operations
(In millions, except per share data)

	Three Months Ended December 31
					% Variance
					Amount			Constant
	2008		2007		Reported			Currency
	(Unaudited)
Revenues from services (a)	$	4,592.9	$	5,634.9		-18.5	%		-10.0	%
Cost of services		3,639.2		4,584.8		-20.6	%
Gross profit		953.7		1,050.1		-9.2	%		-0.2	%
Selling and administrative expenses		804.8		826.9		-2.7	%		6.4	%
Operating profit		148.9		223.2		-33.3	%		-24.4	%
Interest and other expenses		12.3		7.8		57.0	%
Earnings before income taxes		136.6		215.4		-36.6	%		-29.8	%
Provision for income taxes		57.4		82.3		-30.3	%
Net earnings	$	79.2	$	133.1		-40.5	%		-34.1	%
Net earnings per share - basic	$	1.02	$	1.65		-38.2	%
Net earnings per share - diluted	$	1.01	$	1.63		-38.0	%		-31.3	%
Weighted average shares - basic		77.8		80.5		-3.4	%
Weighted average shares - diluted		78.0		81.7		-4.5	%

(a) Revenues from services include fees received from our franchise offices of $7.3 million and $8.9 million for the three months ended December 31, 2008 and 2007, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $236.5 million and $296.9 million for the three months ended December 31, 2008 and 2007, respectively.

Manpower Inc.
Operating Unit Results
(In millions)

	Three Months Ended December 31
							% Variance
							Amount			Constant
	2008			2007			Reported			Currency
	(Unaudited)
Revenues from Services:
United States (a)	$	462.5		$	487.8			-5.2	%		-5.2	%
France		1,351.4			1,876.1			-28.0	%		-21.0	%
Other EMEA		1,581.6			1,951.7			-19.0	%		-4.3	%
Italy		301.2			405.0			-25.6	%		-18.3	%
Jefferson Wells		63.6			81.4			-21.8	%		-21.8	%
Right Management		123.0			111.5			10.3	%		19.7	%
Other Operations		709.6			721.4			-1.6	%		1.2	%
	$	4,592.9		$	5,634.9			-18.5	%		-10.0	%
Operating Unit Profit:
United States	$	(1.9	)	$	18.4			N/A			N/A
France		109.1			82.0			33.0	%		43.4	%
Other EMEA		40.4			89.9			-55.1	%		-45.6	%
Italy		24.3			33.6			-27.5	%		-20.5	%
Jefferson Wells		(13.8	)		(5.6	)		N/A			N/A
Right Management		17.0			11.8			44.6	%		50.3	%
Other Operations		2.4			26.9			-91.0	%		-91.8	%
		177.5			257.0
Corporate expenses		25.0			30.5
Amortization of intangible assets		3.6			3.3
Operating profit		148.9			223.2			-33.3	%		-24.4	%
Interest and other expenses (b)		12.3			7.8
Earnings before income taxes	$	136.6		$	215.4

(a) In the United States, revenues from services include fees received from our franchise offices of $3.9 million and $5.9 million for the three months ended December 31, 2008 and 2007, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $143.5 million and $236.8 million for the three months ended December 31, 2008 and 2007, respectively.

(b) The components of interest and other expenses were:
	2008			2007
Interest expense	$	15.0		$	14.1
Interest income		(5.6	)		(7.3	)
Foreign exchange gains		(0.8	)		(0.7	)
Miscellaneous expenses, net		3.7			1.7
	$	12.3		$	7.8

Manpower Inc.
Results of Operations
(In millions, except per share data)

	Year Ended December 31
					% Variance
					Amount			Constant
	2008		2007		Reported			Currency
	(Unaudited)
Revenues from services (a)	$	21,552.8	$	20,500.3		5.1	%		0.5	%
Cost of services		17,450.2		16,651.7		4.8	%
Gross profit		4,102.6		3,848.6		6.6	%		2.3	%
Selling and administrative expenses, excluding impairment charge		3,430.3		3,023.2		13.5	%		9.3	%
Goodwill and intangible asset impairment (b)		163.1		-		N/A			N/A
Selling and administrative expenses		3,593.4		3,023.2		18.9	%		14.7	%
Operating profit		509.2		825.4		-38.3	%		-42.9	%
Interest and other expenses		50.9		34.2		49.0	%
Earnings before income taxes		458.3		791.2		-42.1	%		-48.0	%
Provision for income taxes		239.4		306.5		-21.9	%
Net earnings	$	218.9	$	484.7		-54.8	%		-59.4	%
Net earnings per share - basic	$	2.78	$	5.83		-52.3	%
Net earnings per share - diluted	$	2.75	$	5.73		-52.0	%		-56.7	%
Weighted average shares - basic		78.7		83.1		-5.2	%
Weighted average shares - diluted		79.7		84.6		-5.8	%

(a) Revenues from services include fees received from our franchise offices of $30.9 million and $35.7 million for the year ended December 31, 2008 and 2007, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $1,148.1 million and $1,408.5 million for the year ended December 31, 2008 and 2007, respectively.

(b) The goodwill and intangible asset impairment relates to our investment in Right Management. The impact on Net earnings is $154.6 million, or $1.94 per diluted share.

Manpower Inc.
Operating Unit Results
(In millions)

	Year Ended December 31
							% Variance
							Amount			Constant
	2008			2007			Reported			Currency
	(Unaudited)
Revenues from Services:
United States (a)	$	1,945.4		$	1,962.2			-0.9	%		-0.9	%
France		6,935.6			7,025.3			-1.3	%		-8.7	%
Other EMEA		7,437.7			6,750.4			10.2	%		8.1	%
Italy		1,519.5			1,398.1			8.7	%		0.5	%
Jefferson Wells		291.0			332.0			-12.4	%		-12.4	%
Right Management		449.7			409.9			9.7	%		9.3	%
Other Operations		2,973.9			2,622.4			13.4	%		6.9	%
	$	21,552.8		$	20,500.3			5.1	%		0.5	%
Operating Unit Profit:
United States	$	32.2		$	80.1			-59.8	%		-59.8	%
France		299.0			390.3			-23.4	%		-26.9	%
Other EMEA		249.5			256.7			-2.8	%		-6.4	%
Italy		120.3			103.7			16.0	%		7.3	%
Jefferson Wells		(19.6	)		(5.2	)		N/A			N/A
Right Management		44.6			34.6			29.0	%		30.2	%
Other Operations		54.5			73.5			-25.9	%		-34.4	%
		780.5			933.7
Corporate expenses		94.8			95.2
Goodwill and intangible asset impairment		163.1			-
Amortization of intangible assets		13.4			13.1
Operating profit		509.2			825.4			-38.3	%		-42.9	%
Interest and other expenses (b)		50.9			34.2
Earnings before income taxes	$	458.3		$	791.2

(a) In the United States, revenues from services include fees received from our franchise offices of $17.7 million and $24.2 million for the year ended December 31, 2008 and 2007, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $746.2 million and $1,055.1 million for the year ended December 31, 2008 and 2007, respectively.

(b) The components of interest and other expenses were:
	2008			2007
Interest expense	$	63.9		$	53.4
Interest income		(22.1	)		(24.4	)
Foreign exchange gains		(2.9	)		(0.6	)
Miscellaneous expenses, net		12.0			5.8
	$	50.9		$	34.2

Manpower Inc.
Consolidated Balance Sheets
(In millions)

	Dec. 31			Dec. 31
	2008			2007
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	874.0		$	537.5
Accounts receivable, net		3,629.7			4,478.8
Prepaid expenses and other assets		119.9			122.2
Future income tax benefits		66.5			76.3
Total current assets		4,690.1			5,214.8
Other assets:
Goodwill and other intangible assets, net		1,388.1			1,410.7
Other assets		326.6			377.7
Total other assets		1,714.7			1,788.4
Property and equipment:
Land, buildings, leasehold improvements and equipment		744.0			760.8
Less: accumulated depreciation and amortization		530.6			539.6
Net property and equipment		213.4			221.2
Total assets	$	6,618.2		$	7,224.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	903.2		$	1,014.4
Employee compensation payable		213.2			213.6
Accrued liabilities		577.9			679.4
Accrued payroll taxes and insurance		617.5			724.7
Value added taxes payable		479.2			583.7
Short-term borrowings and current maturities of long-term debt		115.6			39.7
Total current liabilities		2,906.6			3,255.5
Other liabilities:
Long-term debt		837.3			874.8
Other long-term liabilities		390.5			424.8
Total other liabilities		1,227.8			1,299.6
Shareholders' equity:
Common stock		1.0			1.0
Capital in excess of par value		2,514.8			2,481.8
Retained earnings		1,201.2			1,040.3
Accumulated other comprehensive (loss) income		(8.9	)		257.6
Treasury stock, at cost		(1,224.3	)		(1,111.4	)
Total shareholders' equity		2,483.8			2,669.3
Total liabilities and shareholders' equity	$	6,618.2		$	7,224.4

Manpower Inc.
Consolidated Statements of Cash Flows
(In millions)

	Year Ended
	Dec. 31
	2008			2007
	(Unaudited)
Cash Flows from Operating Activities:
Net earnings	$	218.9		$	484.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		107.1			99.0
Non-cash goodwill and intangible asset impairment		163.1			-
Deferred income taxes		(50.8	)		25.4
Provision for doubtful accounts		23.4			21.8
Share-based compensation		21.1			26.0
Excess tax benefit on exercise of stock options		(0.5	)		(4.6	)
Changes in operating assets and liabilities, excluding the impact of acquisitions:
Accounts receivable		575.0			(316.0	)
Other assets		2.9			(3.5	)
Other liabilities		(268.2	)		99.4
Cash provided by operating activities		792.0			432.2
Cash Flows from Investing Activities:
Capital expenditures		(93.1	)		(91.6	)
Acquisitions of businesses, net of cash acquired		(242.0	)		(122.8	)
Proceeds from the sale of property and equipment		5.9			12.9
Cash used by investing activities		(329.2	)		(201.5	)
Cash Flows from Financing Activities:
Net borrowings of short-term facilities and long-term debt		79.0			4.9
Proceeds from stock option and purchase plans		12.2			35.0
Excess tax benefit on exercise of stock options		0.5			4.6
Repurchases of common stock		(125.4	)		(419.2	)
Dividends paid		(58.1	)		(57.1	)
Cash used by financing activities		(91.8	)		(431.8	)
Effect of exchange rate changes on cash		(34.5	)		50.7
Change in cash and cash equivalents		336.5			(150.4	)
Cash and cash equivalents, beginning of period		537.5			687.9
Cash and cash equivalents, end of period	$	874.0		$	537.5

exhibit_99-2.htm

MANPOWER INC.

2008 4th QUARTER RESULTS

FEBRUARY 3, 2009

Exhibit 99.2

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.

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.

(1) Excludes non-recurring items for 2008 and 2007 as set forth on page 4.

80 bps

31% CC

Operating Profit $149M

OP Margin 3.2%

Revenue $4.6B

Gross Margin 20.8%

EPS $1.01

18%

10% CC

213 bps

38%

33%

24% CC

Q4 Highlights

As
Reported

40% CC

18%

10% CC

99 bps

120 bps

46%

44%

35% CC

Excluding

Non-recurring
Items

(1)

Consolidated Financial Highlights

($ in millions, except per share amounts)

Q4 Non-recurring Items

($ in millions, except per share amounts)

Full Year Non-recurring Items

Impact of Non-recurring
Items = + 1.14%

Consolidated Gross Profit Margin Change

Excluding Non
-recurring
Items

Q4 Financial Highlights

OUP Margin

- 0.4%

Revenue

$463M

OUP

$(2M)

370 bps

N/A

As
Reported

420 bps

N/A

(1)

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) The results above include the impact of acquisitions. On an organic basis, revenue decreased 15%.

(2) Excludes the impact of the reorganization charges of $2.5M in 2008.

(2)

United States Segment
(10% of Revenue)

Q4 Financial Highlights

OUP Margin

8.1%

Revenue

$1.4B

OUP

$109M

28%

21% CC

30 bps

33%

28% CC

(1) Excludes the impact of the business tax refund of $48.2M, the 2005 payroll tax adjustment of $14.5M
and reorganization charges of $2.7M in 2008 (net favorable impact $60.0M) and the payroll tax change
of $23.3M and the legal reserve of $15.0M in 2007(net favorable impact $8.3M).

As
Reported

28%

21% CC

370 bps

33%

43% CC

(1)

Excluding Non
-recurring
Items

France Segment
(29% of Revenue)

Excluding Non
-recurring
Items

Q4 Financial Highlights

OUP Margin

2.6%

Revenue

$1.6B

OUP

$40M

19%

4% CC

70 bps

32%

20% CC

As
Reported

19%

4% CC

200 bps

55%

46% CC

(2)

(1)

(1) The results above include the results of Vitae, which was acquired in April 2008. On an organic basis,
revenue decreased 21% in USD (6% in CC).

(2) Excludes the impact of the reorganization charges of $20.6M in 2008.

(1)

Other EMEA Segment
(34% of Revenue)

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

18%

13%

11%

18%

(1)

(1) The Netherlands results include the results of Vitae, which was acquired in April 2008. On an organic
basis, revenue decreased 14% in USD (6% in CC).

Other EMEA - Q4 Revenue Growth YoY

Q4 Financial Highlights

OUP Margin

8.1%

Revenue

$301M

OUP

$24M

26%

18% CC

0 bps

26%

18% CC

(1) Excludes the impact of the reorganization charges of $0.6M in 2008.

As
Reported

26%

18% CC

20 bps

28%

21% CC

(1)

Excluding Non
-recurring
Items

Italy Segment
(7% of Revenue)

Excluding Non
-recurring
Items

Q4 Financial Highlights

OUP Margin

-21.6%

Revenue

$64M

OUP

$(14M)

22%

760 bps

N/A

As
Reported

22%

1,480 bps

N/A

(1)

(1) Excludes the impact of the reorganization charges of $7.8M in 2008 and $4.0M in 2007.

Jefferson Wells Segment
(1% of Revenue)

Q4 Financial Highlights

OUP Margin

13.8%

Revenue

$123M

OUP

$17M

10%

20% CC

450 bps

58%

68% CC

(1) Excludes the impact of the reorganization charges of $1.5M in 2008.

As
Reported

10%

20% CC

330 bps

45%

50% CC

(1)

Excluding Non
-recurring
Items

Right Management Segment
(3% of Revenue)

(1) Excludes the impact of the reorganization charges of $1.3M in 2008.

Excluding Non
-recurring
Items

Q4 Financial Highlights

OUP Margin

0.3%

Revenue

$710M

OUP

$2M

1% CC

320 bps

86%

86% CC

As
Reported

1% CC

340 bps

91%

92% CC

(1)

Other Operations Segment
(16% of Revenue)

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

40%

12%

10%

38%

Other Operations - Q4 Revenue Growth YoY

Financial Highlights

Other

(86)

Change in Cash

337

(150)

* 2,231,610 shares in 2008 and 6,147,400 shares in 2007. $11.5M of
cash paid in 2008 was for shares repurchased in 2007.

2008

2007

Cash from Operations

792

432

Capital Expenditures

(93)

(92)

Free Cash Flow

699

340

Share Repurchases *

(125)

(419)

Change in Debt

(242)

($ in millions)

Proceeds from Equity Plans

Acquisitions of Businesses,

net of cash acquired

(123)

Cash Flow Summary - Full Year

Total Debt

($ in millions)

Total Debt to

Total Capitalization

Total Debt

Net Debt

2008

Balance Sheet Highlights

(a)

(b)

(a)

(b)

$625M multi-currency Revolving Credit Agreement provided by 17 banks. No lender represents more than 10% of the total
amount. As of December 31, 2008, there was a €100M borrowing under the Revolving Credit Agreement which has been
swapped to a fixed rate of 5.71% until July 2010. New borrowings under the agreement would be made at the interbank rate for
the relevant currency and tenor plus a credit spread based upon our public debt rating. At December 31, 2008, new 30-day
USD borrowings would cost 0.84% (30-day LIBOR plus 40 bps).

The interest rate is based on the issuance cost of commercial paper from Citigroup conduits which are rated A1+/P1 by the
rating agencies. The commercial paper is sold into public, private or bank financing markets. Our cost of funds is comprised of
the issuance cost for this commercial paper plus a commission and will vary based on market and interest rate conditions.

Represents borrowings under uncommitted lines of credit & overdraft facilities, which total $376.5M, and other long-term debt of
$1.6M. Total subsidiary borrowings are limited to $300M due to restrictions in our Revolving Credit Agreement, with the
exception of Q3 when subsidiary borrowings are limited to $600M.

(c)

Interest

Rate

Maturity

Date

Total

Outstanding

Remaining

Available

Euro Notes:

- Euro 200M

4.86%

June 2013

279

- Euro 300M

4.58%

June 2012

418

Revolving Credit Agreement

5.71%

Nov 2012

140

482

A/R Securitization

2.35%

July 2009

Uncommitted lines and Other

Various

249

Total Debt

953

767

Credit Facilities as of December 31, 2008
($ in millions)

Full-Year Results

Questions?

Answers

February 3, 2009

Manpower Inc.
2008 4th Quarter Results