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8-K




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): October 21, 2015

MANPOWERGROUP 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
 
The information in this Item 2.02, including exhibit 99.1 attached hereto, is furnished solely pursuant to Item 2.02 of Form 8-K. Consequently, such information is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information in this Item 2.02, including exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.
 
On October 21, 2015, we issued a press release announcing our results of operations for the three- and nine-month periods ended September 30, 2015. 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 October 21, 2015
99.2
Presentation materials for October 21, 2015 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.


 
 
 
MANPOWERGROUP INC.
 
 
 
 
 
 
Dated: October 21, 2015
 
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 October 21, 2015
99.2
Presentation materials for October 21, 2015 conference call





Exhibit


Exhibit 99.1


FOR IMMEDIATE RELEASE                Contact:
Mike Van Handel
+1.414.906.6305
[email protected]



ManpowerGroup Reports 3rd Quarter 2015 Results

MILWAUKEE, October 21, 2015 -- ManpowerGroup (NYSE: MAN) today reported that net earnings per diluted share for the three months ended September 30, 2015 were $1.61 compared to $1.61 in the prior year period. Net earnings in the quarter were $123.9 million compared to $130.5 million a year earlier. Revenues for the third quarter were $5.0 billion, a decrease of 8% from the year earlier period.
Financial results in the quarter were significantly impacted by the stronger U.S. dollar relative to several foreign currencies compared to the prior year period. On a constant currency basis, revenues increased 6% and net earnings per diluted share increased 16%. Earnings per share in the quarter were negatively impacted 25 cents by changes in foreign currencies compared to the prior year.
Jonas Prising, ManpowerGroup CEO, said, “Our team executed well in the 3rd quarter, delivering good results despite an increasingly uneven global growth scenario. In this environment of volatile economic growth our clients are seeking to build more agile, flexible organizations to better adapt to any market changes affecting demand for their products and services, and this is where our global workforce solutions can play an important role.”
“We are anticipating the fourth quarter of 2015 diluted net earnings per share to be in the range of $1.47 to $1.55, which includes an estimated unfavorable currency impact of 15 cents,” Prising stated.
Earnings per diluted share for the nine months ended September 30, 2015 were $3.75 compared to $3.82 per diluted share in 2014. Net earnings were $295.3 million compared to $310.4 million in the prior year. Revenues for the nine-month period were $14.4 billion, a decrease of 8% from the prior year in reported U.S. dollars or an increase of 6% in constant currency. Foreign currency exchange rates had an unfavorable impact of 64 cents per share for the nine-month period in 2015. On a constant currency basis, net earnings per diluted share were up 15% for the nine month period.




In conjunction with its third quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on October 21, 2015 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) is the world’s workforce expert, creating innovative workforce solutions for more than 65 years. As workforce experts, we connect more than 600,000 people to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands - Manpower®, Experis®, Right Management ® and ManpowerGroup® Solutions - we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2015, ManpowerGroup was named one of the World’s Most Ethical Companies for the fifth consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com

Forward-Looking Statements
This news release contains statements, including earnings projections, 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, 2014, which information is incorporated herein by reference.

###





ManpowerGroup
Results of Operations
(In millions, except per share data)
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
 
 
 
% Variance
 
 
 
 
 
Amount
 
Constant
 
2015
 
2014
 
Reported
 
Currency
 
(Unaudited)
Revenues from services (a)
$
4,972.5

 
$
5,416.0

 
-8.2
 %
 
5.8
%
Cost of services
4,120.4

 
4,510.4

 
-8.6
 %
 
5.5
%
  Gross profit
852.1

 
905.6

 
-5.9
 %
 
7.0
%
Selling and administrative expenses
645.8

 
693.3

 
-6.9
 %
 
5.3
%
  Operating profit
206.3

 
212.3

 
-2.8
 %
 
12.7
%
Interest and other expenses
9.4

 
9.9

 
-5.2
 %
 

  Earnings before income taxes
196.9

 
202.4

 
-2.7
 %
 
12.6
%
Provision for income taxes
73.0

 
71.9

 
1.6
 %
 

  Net earnings
$
123.9

 
$
130.5

 
-5.1
 %
 
9.5
%
Net earnings per share - basic
$
1.63

 
$
1.64

 
-0.6
 %
 

Net earnings per share - diluted
$
1.61

 
$
1.61

 
—

 
15.5
%
Weighted average shares - basic
76.1

 
79.7

 
-4.5
 %
 

Weighted average shares - diluted
77.0

 
81.1

 
-5.1
 %
 

 
 
 
 
 
 
 
 
(a) Revenues from services include fees received from our franchise offices of $6.6 million and $6.9 million for the three months ended September 30, 2015 and 2014, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $286.4 million and $302.0 million for the three months ended September 30, 2015 and 2014, respectively.




ManpowerGroup
Operating Unit Results
(In millions)
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
 
 
 
 
% Variance
 
 
 
 
 
Amount
 
Constant
 
2015
 
2014
 
Reported
 
Currency
 
(Unaudited)
Revenues from Services:
 
 
 
 
 
 
 
  Americas:
 
 
 
 
 
 
 
      United States (a)
$
769.6

 
$
800.5

 
-3.9
 %
 
-3.9
 %
      Other Americas
367.0

 
388.5

 
-5.6
 %
 
16.4
 %
 
1,136.6

 
1,189.0

 
-4.4
 %
 
2.8
 %
  Southern Europe:
 
 
 
 
 
 
 
      France
1,242.5

 
1,454.3

 
-14.6
 %
 
1.9
 %
      Italy
324.4

 
294.1

 
10.3
 %
 
31.4
 %
      Other Southern Europe
258.5

 
259.9

 
-0.6
 %
 
16.0
 %
 
1,825.4

 
2,008.3

 
-9.1
 %
 
8.0
 %
  Northern Europe
1,373.4

 
1,554.6

 
-11.7
 %
 
3.1
 %
  APME
570.2

 
592.5

 
-3.7
 %
 
11.9
 %
  Right Management
66.9

 
71.6

 
-6.6
 %
 
1.3
 %
 
$
4,972.5

 
$
5,416.0

 
-8.2
 %
 
5.8
 %
Operating Unit Profit:
 
 
 
 
 
 
 
  Americas:
 
 
 
 
 
 
 
      United States
$
45.5

 
$
41.9

 
8.7
 %
 
8.7
 %
      Other Americas
13.2

 
14.6

 
-9.7
 %
 
10.2
 %
 
58.7

 
56.5

 
3.9
 %
 
9.1
 %
  Southern Europe:
 
 
 
 
 
 
 
      France
74.9

 
84.2

 
-11.0
 %
 
6.4
 %
      Italy
17.5

 
14.7

 
19.1
 %
 
42.1
 %
      Other Southern Europe
7.3

 
6.1

 
18.5
 %
 
38.3
 %
 
99.7

 
105.0

 
-5.1
 %
 
13.2
 %
  Northern Europe
50.3

 
59.6

 
-15.4
 %
 
-3.0
 %
  APME
23.9

 
21.6

 
9.9
 %
 
27.0
 %
  Right Management
10.7

 
6.3

 
72.0
 %
 
75.4
 %
 
243.3

 
249.0

 
 
 
 
Corporate expenses
(28.9
)
 
(28.3
)
 
 
 
 
Intangible asset amortization expense
(8.1
)
 
(8.4
)
 
 
 
 
    Operating profit
206.3

 
212.3

 
-2.8
 %
 
12.7
 %
Interest and other expenses (b)
(9.4
)
 
(9.9
)
 
 
 
 
    Earnings before income taxes
$
196.9

 
$
202.4

 
 
 
 
 
 
 
 
 
 
 
 
(a) In the United States, revenues from services include fees received from our franchise offices of $4.2 million and $4.4 million for the three months ended September 30, 2015 and 2014, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $186.3 million and $196.3 million for the three months ended September 30, 2015 and 2014, respectively.
 
 
 
 
 
 
 
 
(b) The components of interest and other expenses were:
 
 
 
 
 
2015
 
2014
 
 
 
 
        Interest expense
$
9.2

 
$
9.6

 
 
 
 
        Interest income
(0.7
)
 
(1.4
)
 
 
 
 
        Foreign exchange (gain) loss
(0.2
)
 
0.7

 
 
 
 
        Miscellaneous expenses, net
1.1

 
1.0

 
 
 
 
 
$
9.4

 
$
9.9

 
 
 
 




ManpowerGroup
Results of Operations
(In millions, except per share data)
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30
 
 
 
 
 
% Variance
 
 
 
 
 
Amount
 
Constant
 
2015
 
2014
 
Reported
 
Currency
 
(Unaudited)
Revenues from services (a)
$
14,376.0

 
$
15,641.7

 
-8.1
 %
 
6.3
%
Cost of services
11,931.3

 
13,022.3

 
-8.4
 %
 
6.2
%
  Gross profit
2,444.7

 
2,619.4

 
-6.7
 %
 
6.8
%
Selling and administrative expenses
1,936.9

 
2,092.8

 
-7.5
 %
 
5.1
%
  Operating profit
507.8

 
526.6

 
-3.6
 %
 
13.5
%
Interest and other expenses
27.2

 
27.0

 
0.9
 %
 
 
  Earnings before income taxes
480.6

 
499.6

 
-3.8
 %
 
13.0
%
Provision for income taxes
185.3

 
189.2

 
-2.1
 %
 
 
  Net earnings
$
295.3

 
$
310.4

 
-4.9
 %
 
11.4
%
Net earnings per share - basic
$
3.80

 
$
3.89

 
-2.3
 %
 
 
Net earnings per share - diluted
$
3.75

 
$
3.82

 
-1.8
 %
 
14.9
%
Weighted average shares - basic
77.7

 
79.8

 
-2.6
 %
 
 
Weighted average shares - diluted
78.7

 
81.3

 
-3.3
 %
 
 
 
 
 
 
 
 
 
 
(a) Revenues from services include fees received from our franchise offices of $18.1 million and $18.8 million for the nine months ended September 30, 2015 and 2014, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $812.6 million and $845.2 million for the nine months ended September 30, 2015 and 2014, respectively.




ManpowerGroup
Operating Unit Results
(In millions)
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30
 
 
 
 
 
% Variance
 
 
 
 
 
Amount
 
Constant
 
2015
 
2014
 
Reported
 
Currency
 
(Unaudited)
Revenues from Services:
 
 
 
 
 
 
 
  Americas:
 
 
 
 
 
 
 
      United States (a)
$
2,257.3

 
$
2,296.9

 
-1.7
 %
 
-1.7
 %
      Other Americas
1,094.4

 
1,114.3

 
-1.8
 %
 
15.6
 %
 
3,351.7

 
3,411.2

 
-1.7
 %
 
3.9
 %
  Southern Europe:
 
 
 
 
 
 
 
      France
3,485.9

 
4,083.7

 
-14.6
 %
 
3.8
 %
      Italy
913.8

 
882.7

 
3.5
 %
 
25.9
 %
      Other Southern Europe
729.0

 
732.9

 
-0.5
 %
 
17.8
 %
 
5,128.7

 
5,699.3

 
-10.0
 %
 
9.0
 %
  Northern Europe
4,032.3

 
4,546.3

 
-11.3
 %
 
5.0
 %
  APME
1,659.9

 
1,760.2

 
-5.7
 %
 
6.6
 %
  Right Management
203.4

 
224.7

 
-9.5
 %
 
-1.7
 %
 
$
14,376.0

 
$
15,641.7

 
-8.1
 %
 
6.3
 %
Operating Unit Profit:
 
 
 
 
 
 
 
  Americas:
 
 
 
 
 
 
 
      United States
$
104.6

 
$
85.0

 
23.1
 %
 
23.1
 %
      Other Americas
40.5

 
41.2

 
-1.8
 %
 
14.9
 %
 
145.1

 
126.2

 
15.0
 %
 
20.4
 %
  Southern Europe:
 
 
 
 
 
 
 
      France
192.1

 
207.3

 
-7.3
 %
 
13.0
 %
      Italy
51.3

 
45.6

 
12.4
 %
 
37.2
 %
      Other Southern Europe
18.3

 
16.4

 
11.3
 %
 
31.3
 %
 
261.7

 
269.3

 
-2.8
 %
 
18.2
 %
  Northern Europe
119.4

 
144.2

 
-17.2
 %
 
-3.9
 %
  APME
61.2

 
62.8

 
-2.8
 %
 
9.8
 %
  Right Management
28.0

 
27.3

 
2.9
 %
 
7.2
 %
 
615.4

 
629.8

 
 
 
 
Corporate expenses
(84.5
)
 
(78.2
)
 
 
 
 
Intangible asset amortization expense
(23.1
)
 
(25.0
)
 
 
 
 
    Operating profit
507.8

 
526.6

 
-3.6
 %
 
13.5
 %
Interest and other expenses (b)
(27.2
)
 
(27.0
)
 
 
 
 
    Earnings before income taxes
$
480.6

 
$
499.6

 
 
 
 
 
 
 
 
 
 
 
 
(a) In the United States, revenues from services include fees received from our franchise offices of $11.5 million and $11.7 million for the nine months ended September 30, 2015 and 2014, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $539.6 million and $555.7 million for the nine months ended September 30, 2015 and 2014, respectively.
 
 
 
 
 
 
 
 
(b) The components of interest and other expenses were:
 
 
 
 
 
2015
 
2014
 
 
 
 
        Interest expense
$
25.4

 
$
27.5

 
 
 
 
        Interest income
(1.9
)
 
(3.4
)
 
 
 
 
        Foreign exchange loss (gain)
0.5

 
(1.4
)
 
 
 
 
        Miscellaneous expenses, net
3.2

 
4.3

 
 
 
 
 
$
27.2

 
$
27.0

 
 
 
 




ManpowerGroup
Consolidated Balance Sheets
(In millions)
 
 
 
 
 
Sep. 30
 
Dec. 31
 
2015
 
2014
 
(Unaudited)
ASSETS
 
 
 
Current assets:
 
 
 
  Cash and cash equivalents
$
652.5

 
$
699.2

  Accounts receivable, net
4,278.9

 
4,134.5

  Prepaid expenses and other assets
126.4

 
147.8

  Future income tax benefits
49.8

 
52.2

      Total current assets
5,107.6

 
5,033.7

Other assets:
 
 
 
  Goodwill
1,243.4

 
1,075.2

  Intangible assets, net
331.7

 
286.8

  Other assets
618.9

 
636.4

      Total other assets
2,194.0

 
1,998.4

Property and equipment:
 
 
 
  Land, buildings, leasehold improvements and equipment
595.9

 
633.5

  Less: accumulated depreciation and amortization
453.1

 
484.4

    Net property and equipment
142.8

 
149.1

              Total assets
$
7,444.4

 
$
7,181.2

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
  Accounts payable
$
1,647.3

 
$
1,542.7

  Employee compensation payable
205.0

 
204.5

  Accrued liabilities
544.3

 
493.3

  Accrued payroll taxes and insurance
564.4

 
622.4

  Value added taxes payable
465.8

 
466.3

  Short-term borrowings and current maturities of long-term debt
37.9

 
45.2

      Total current liabilities
3,464.7

 
3,374.4

Other liabilities:
 
 
 
  Long-term debt
840.8

 
422.6

  Other long-term liabilities
453.7

 
441.2

      Total other liabilities
1,294.5

 
863.8

Shareholders' equity:
 
 
 
  ManpowerGroup shareholders' equity
 
 
 
     Common stock
1.1

 
1.1

     Capital in excess of par value
3,170.4

 
3,084.2

     Retained earnings
1,901.0

 
1,667.8

     Accumulated other comprehensive loss
(267.8
)
 
(155.2
)
     Treasury stock, at cost
(2,184.5
)
 
(1,654.9
)
        Total ManpowerGroup shareholders' equity
2,620.2

 
2,943.0

  Noncontrolling interests
65.0

 
—

           Total shareholders' equity
2,685.2

 
2,943.0

              Total liabilities and shareholders' equity
$
7,444.4

 
$
7,181.2





ManpowerGroup
Consolidated Statements of Cash Flows
(In millions)
 
 
 
 
 
Nine Months Ended
 
September 30
 
2015
 
2014
 
(Unaudited)
Cash Flows from Operating Activities:
 
 
 
  Net earnings
$
295.3

 
$
310.4

  Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
      Depreciation and amortization
57.1

 
64.3

      Deferred income taxes
72.6

 
6.9

      Provision for doubtful accounts
13.2

 
15.0

      Share-based compensation
22.9

 
34.3

      Excess tax benefit on exercise of share-based awards
(4.8
)
 
(3.4
)
  Changes in operating assets and liabilities, excluding the impact of acquisitions:
 
 
 
      Accounts receivable
(331.7
)
 
(355.4
)
      Other assets
(10.3
)
 
(136.7
)
      Other liabilities
168.5

 
169.5

            Cash provided by operating activities
282.8

 
104.9

Cash Flows from Investing Activities:
 
 
 
  Capital expenditures
(33.3
)
 
(32.8
)
  Acquisitions of businesses, net of cash acquired
(240.7
)
 
(25.1
)
  Proceeds from sales of property and equipment
4.8

 
1.3

            Cash used in investing activities
(269.2
)
 
(56.6
)
Cash Flows from Financing Activities:
 
 
 
  Net change in short-term borrowings
(2.3
)
 
10.2

  Proceeds from long-term debt
453.9

 
—

  Repayments of long-term debt
(1.9
)
 
(1.6
)
  Payments for debt issuance costs
(2.5
)
 
—

  Proceeds from share-based awards and other equity transactions
99.8

 
24.3

  Other share-based award transactions, net
(1.4
)
 
(5.5
)
  Repurchases of common stock
(523.2
)
 
(72.6
)
  Dividends paid
(62.1
)
 
(39.0
)
            Cash used in financing activities
(39.7
)
 
(84.2
)
Effect of exchange rate changes on cash
(20.6
)
 
(41.0
)
Change in cash and cash equivalents
(46.7
)
 
(76.9
)
Cash and cash equivalents, beginning of period
699.2

 
737.6

Cash and cash equivalents, end of period
$
652.5

 
$
660.7




earningspresentation2015
ManpowerGroup Third Quarter Results October 21, 2015 Exhibit 99.2

 
FORWARD-LOOKING STATEMENT This presentation includes forward-looking statements which are subject to known and unknown 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 can be found in the Company’s Annual Report on Form 10-K for the period ended December 31, 2013. Forward-looking statements can be identified by forward-looking words such as “expect,” “anticipate,” “intend,” “plan,” “may,” “will,” “believe,” “seek,” “estimate,” and similar expressions. In this presentation, references to road map and journey to 4% are also intended to be forward-looking statements. Please note that ManpowerGroup’s 2013 Annual report is available online at www.manpowergroup.com in the section titled “Investor Relations.” is pres nt tio contain statements, including financial projections, that are forward-looki g in nature. These stateme ts are based on managements’ current expectations or beliefs, and are subject to known and unknown risks and u certainties regarding expected future results. Actual results might differ materially from those projected in the forward-looking statements. Additio al inform tion concerning factors tha could cause actual results to materially differ from those in the forward-look ng statements is contained in the ManpowerGroup Inc. Annual Report on Form 10-K dated D c mber 31, 2014, 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. Any forward-looking statements in this pr sentation speak only as of the date hereof. The Company assumes no obligation to update or revise any forward-looking statements. 2 ManpowerGroup | October 2015

 
3 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results 8% Revenue $5.0B 6% CC 40 bps Gross Margin 17.1% 20 bps CC 3% Operating Profit $206M 13% CC 20 bps OP Margin 4.1% 30 bps CC 0% EPS $1.61 16% 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 in the Annual Report on our Web site. Consolidated Q3 Financial Highlights

 
4 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results EPS Bridge – Q3 vs. Guidance Midpoint $1.54 $1.61 -0.01 +0.03 +0.01 +0.01 +0.03 Q3 Guidance Midpoint Operational Performance Other Expense Taxes (37.1% vs 37.5%) WAS Currency (-25¢ vs -24¢) Q3 Reported

 
5 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Consolidated Gross Margin Change +0.2% 16.7% 17.1% Q3 2014 Permanent Recruitment Currency Impact Q3 2015 Americas Southern Europe Northern Europe APME Mix/Rounding Americas Southern Europe Northern Europe APME 10 1 12 1 10 1 (20) 1 (11) Americas Southern Europe Northern Europe APME Mix/Rounding Americas Southern Europe Northern Europe APME 4 1 5 2 7 +0.2%

 
6 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results $544M 64% $168M 20% $96M 11% $44M 5% $852M Growth in CC % Business Line Gross Profit – Q3 2015 █ Manpower █ Experis █ ManpowerGroup - Total █ ManpowerGroup Solutions █ Right Management 4 12 17 7 7

 
7 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results SG&A Expense Bridge – Q3 YoY (in millions of USD) (1) This was unfavorably impacted 30 bps due to the effect of currency exchange rates on our business mix. In constant currency, SG&A as a % of Revenue was 12.7%. 693.3 645.8 +36.6 Q3 2014 Reported Currency Impact Operational Impact Q3 2015 -84.1 12.8% % of Revenue % of Revenue 13.0% (1)

 
8 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results 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. Q3 Financial Highlights 4% Revenue $1.1B 3% CC 4% OUP $59M 9% CC 40 bps OUP Margin 5.2% Americas Segment (23% of Revenue)

 
9 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Americas – Q3 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue -4% -8% 35% -14% -4% 15% 50% 9% US Mexico Argentina Other 68% 12% 6% 14%

 
10 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Q3 Financial Highlights 9% Revenue $1.8B 8% CC 5% OUP $100M 13% CC 30 bps OUP Margin 5.5% Southern Europe Segment (37% of Revenue)

 
11 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Southern Europe – Q3 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue -15% 10% 8% -9% 2% 31% 29% 4% France Italy Spain Other 68% 18% 8% 6%

 
12 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Q3 Financial Highlights 12% Revenue $1.4B 3% CC 15% OUP $50M 3% CC 10 bps OUP Margin 3.7% Northern Europe Segment (28% of Revenue)

 
13 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results -6% -19% 7% -18% -19% -22% 1% 1% 27% -2% -3% -2% UK Nordics Germany Netherlands Belgium Other 38% 18% 15% 9% 6% 14% Northern Europe – Q3 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue (1) On an organic basis, Germany revenue decreased 10% (+8% in CC). (1)

 
14 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Q3 Financial Highlights 4% Revenue $570M 12% CC 10% OUP $24M 27% CC 50 bps OUP Margin 4.2% APME Segment (11% of Revenue)

 
15 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results APME – Q3 Revenue Growth YoY Revenue Growth - CC Revenue Growth % of Segment Revenue (1) On an organic basis, Australia/NZ revenue decreased 23% (-2% in CC). (1) -14% -3% 6% 1% 23% 15% Japan Australia/NZ Other 32% 26% 42%

 
16 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Right Management Segment (1% of Revenue) Q3 Financial Highlights 7% Revenue $67M 1% CC 72% OUP $11M 75% CC 730 bps OUP Margin 16.0%

 
17 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Cash Flow Summary – 9 Months YTD (in millions of USD) 2015 2014 Net Earnings 295 310 Non-cash Provisions and Other 161 117 Change in Operating Assets/Liabilities (173) (322) Capital Expenditures (33) (33) Free Cash Flow 250 72 Change in Debt 450 9 Acquisitions of Businesses net of cash acquired (241) (25) Proceeds from Equity Transactions 100 24 Repurchases of Common Stock (523) (73) Dividends Paid (62) (39) Effect of Exchange Rate Changes (21) (41) Other - (4) Change in Cash (47) (77)

 
18 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Balance Sheet Highlights Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt (Cash) 22% 24% 15% 14% 13% 13% 25% 0% 10% 20% 30% 2011 2012 2013 2014 Q1 Q2 Q3 2015 120 122 -220 -231 --207 -37 226 879 700 770 518 468 421 429 -400 0 400 800 1,200 2011 2012 2013 2014 Q1 Q2 Q3 2015

 
19 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results (1) On September 11, 2015, we offered and sold €400.0M aggregate principal amount of notes with a coupon of 1.875% and a maturity date of September 11, 2022. The notes were issued at a price of 99.753% to yield an effective interest rate of 1.913%. Interest on the notes is payable in arrears on September 11 of each year. The notes are unsecured senior obligations and rank equally with all of our existing and future senior unsecured debt and other liabilities. (2) On September 16, 2015, we amended and restated our Revolving Credit Agreement primarily to revise the termination date of the facility from October 15, 2018 to September 16, 2020. The remaining material terms and conditions are substantially similar to the material terms and conditions of the previous Revolving Credit Agreement dated October 15, 2013. The $600M 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 0.80 and a fixed charge coverage ratio of 4.49 as of September 30, 2015. As of September 30, 2015, there were $0.9M of standby letters of credit issued under the agreement. (3) Represents subsidiary uncommitted lines of credit & overdraft facilities, which total $284.2M. 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. Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - €350M 4.505% Jun 2018 390 - Euro Notes - €400M 1.913% Sep 2022 444 - Revolving Credit Agreement 1.19% Sep 2020 - 599 Uncommitted lines and Other Various Various 45 239 Total Debt 879 838 Debt and Credit Facilities – September 30, 2015 (in millions of USD) (1) (3) (2)

 
20 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Fourth Quarter Outlook Revenue Total Down 1-3% (Up 6-8% CC) Americas Down 1-3% (Up 3-5% CC) Southern Europe Flat/Down 2% (Up 8-10% CC) Northern Europe Down 3-5% (Up 5-7% CC) APME Up 1-3% (Up 11-13% CC) Right Management Down 4-6% (Flat/Up 2% CC) Gross Profit Margin 17.0 – 17.2% Operating Profit Margin 3.7 – 3.9% Tax Rate 36.5% EPS $1.47 – $1.55 (unfavorable $0.15 currency)

 
21 ManpowerGroup | October 2015 ManpowerGroup 2015 Third Quarter Results Key Take Aways Solid quarterly performance; strong execution through our focus on disciplined pricing coupled with efficiency and productivity. With our global footprint, market leading coverage of emerging markets, strong global brands, and strength in the solutions business, we are well positioned for continued success. The economic recovery remains slow and uneven, which should continue to drive both cyclical and secular growth opportunities as employers value more workforce flexibility.