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New฀Face
Annual฀Report฀2006

Table of contents

  • Page 1
    Annual฀Report฀2006 New฀Face

  • Page 2
    New฀Place

  • Page 3
    ...฀at฀a฀Glance Manpower฀Inc.฀is฀a฀world฀leader฀in฀the฀employment฀services฀industry;฀฀ creating฀and฀delivering฀services฀that฀enable฀our฀clients฀to฀win฀in฀the฀฀ changing฀world฀of฀work.฀In฀2006,฀Manpower฀revenues฀increased฀10...

  • Page 4
    ...,562.5 15,845.4 14,675.0 12,084.3 Systemwide฀Offices(b) 2006 2005 2004 2003 2002 4,365 4,429 4,338 4,041 3,932 This฀was฀a฀record฀year฀with฀the฀highest฀revenues฀in฀ Manpower's฀history.฀Revenues฀from฀Services฀rose฀ 10.8%฀on฀the฀continued฀strength฀of฀our...

  • Page 5
    ...2006฀marked฀the฀beginning฀of฀Volume฀Two฀in฀Manpower's฀history.฀After฀years฀of฀ planning฀and฀evolving฀the฀company฀from฀solely฀a฀temporary฀staffing฀company฀to฀a฀ world฀leader฀in฀the฀employment฀services....฀The฀Manpower฀group฀of฀...

  • Page 6
    ...2006฀culminated฀many฀years฀ of฀work฀to฀expand฀our฀company's฀relevance฀in฀the฀marketplace...world฀of฀work.฀ All฀of฀our฀nearly฀4,400฀offices฀worldwide฀are฀now฀wearing฀the฀new฀face฀of฀the฀Manpower฀group...ces,฀our฀websites฀and,฀frankly...

  • Page 7
    ...result฀of฀our฀strategy,฀ planning฀and฀execution,฀Manpower฀is฀clearly฀in฀a฀new฀place฀in฀its฀ 59-year฀history.฀ Our฀financial฀performance฀in฀2006฀was฀the฀best฀in฀our฀company's฀ history.฀We฀finished฀the฀year฀with฀revenues฀of...

  • Page 8
    ...$3.48 Net฀Earnings฀Per฀Share฀from฀Continuing฀Operations฀-฀฀ Diluted฀increased฀24%฀over฀2005.฀Total฀Net฀Earnings฀Per฀ Share฀-฀Diluted฀was฀$4.54฀in฀2006฀compared฀to฀$2.87฀in฀ 2005,฀an฀increase฀of฀58%. 2.61 3.48 2.81 1.70 1.41 2002...

  • Page 9
    ...managing฀the฀talent฀shortages฀across฀the฀world. Our฀specialty฀services,฀...marketplace.฀In฀2006,฀we฀also฀strengthened฀our฀competitive฀฀ positioning฀by฀re-branding฀each฀of฀the฀specialty฀brands฀to฀show฀ how฀they฀are฀connected฀to฀Manpower...

  • Page 10
    150 138.1 Emerging฀Market฀Revenue฀ in฀millions฀($) Emerging฀market฀revenue฀growth฀in฀2006฀exceeded฀฀ expectations฀in฀our฀three฀key฀expansion฀markets:฀India฀ (+200%),฀China฀(+103%)฀and฀Eastern฀Europe฀(+84%). 2006 125 100 75 50 25 2002

  • Page 11
    ...฀฀ commitment฀in฀emerging฀markets฀like฀India,฀China฀and฀Eastern฀ Europe.฀We฀grew...they฀are฀now฀confronted฀with฀talent฀shortages,฀wage฀inï¬,ation฀ and฀high฀...฀by฀95฀percent฀in฀2006.฀ Across฀the฀ Manpower฀world,฀ we฀are฀committed฀ ...

  • Page 12
    ...service฀to฀key฀accounts฀from฀our฀service...pilot฀and฀if฀2006฀is฀฀ any฀...Manpower฀group฀of฀companies,฀which฀sets฀a฀strong฀ foundation฀for฀the฀future,฀while฀also฀engaging฀in฀30฀different฀client฀ opportunities฀throughout฀the฀world...

  • Page 13
    ...We฀have฀invested฀a฀lot฀of฀hard฀work฀ in฀aligning฀our฀management฀team฀across฀the฀world,฀driving฀฀ increased฀economic฀profit฀and฀return฀on฀capital.฀In฀2006,฀we฀฀ established฀our฀Global฀Leadership฀Team,฀which฀is฀comprised฀฀ of...

  • Page 14
    ...centers฀that฀we฀built฀in฀India฀following฀the฀2004฀tsunami.฀ creates...urgent฀world฀crises฀of฀our฀time.฀These฀initiatives,฀ which฀we฀began฀in฀2006,฀...our฀network฀across฀the฀world.฀In฀a฀company฀like฀Manpower,฀ engagement฀that฀ where฀...

  • Page 15
    ...฀Profit฀Margin 2006 2005 2004 2003 2002 2.14% 2.21% 3.03% 2.71% 2.71% Our฀success฀is฀all฀ about฀the฀passion฀ and฀dedication฀of฀ 30,000฀people฀who฀ are฀the฀face฀of฀ Manpower฀to฀our฀฀ clients฀and฀partners฀ around฀the฀world.฀฀ It฀is...

  • Page 16
    TA B LE ฀OF ฀CONT E NT S 13฀ ฀ Management's฀Discussion฀&฀Analysis 20฀ ฀ Financial฀Measures 31฀ ฀ Management฀Report฀on฀Internal฀Control฀Over฀Financial฀Reporting 31฀ ฀฀Report฀of฀Independent฀Registered฀Public฀Accounting฀Firm 34฀ ฀ ...

  • Page 17
    ...our฀business,฀our฀strategy฀is฀focused฀on฀providing฀both฀the฀skilled฀employees฀our฀clients฀need฀ and฀high-value฀workforce฀management,฀outsourcing฀and฀consulting฀solutions. Management's฀Discussion฀&฀Analysis Manpower฀2006฀Annual฀Report ฀ 13

  • Page 18
    ...NA LYSI S o f ฀f i na nc i a l ฀c o ndi ti o n฀a nd฀re sul ts฀o f ฀o pe r a ti o ns Client฀demand฀for฀employment฀services...export฀or฀ intersegment฀sales.฀We฀provide฀services฀to฀a฀wide฀variety฀of...14 Manpower฀2006฀Annual฀Report Management's฀Discussion...

  • Page 19
    ...฀Operations฀ in฀the฀consolidated฀statements฀of฀operations.฀See฀note฀2฀to฀the฀consolidated฀financial฀statements฀for฀more฀information฀regarding฀ discontinued฀operations.฀ Management's฀Discussion฀&฀Analysis Manpower฀2006฀Annual฀Report ฀ 15

  • Page 20
    ...share),฀primarily฀related฀to฀the฀sale฀of฀our฀equity฀interest฀in฀a฀ European฀internet฀job฀board฀during฀the฀first฀...million฀shares฀of฀our฀ ฀ common฀stock฀during฀2005. 16 Manpower฀2006฀Annual฀Report Management's฀Discussion฀&฀Analysis

  • Page 21
    ...the฀U.S.฀consist฀of฀ sales฀of฀services฀by฀our฀Company-...services฀beginning฀ January฀1,฀2005.฀We฀expect฀these฀services฀will฀have฀a฀long-term฀benefit฀for฀our฀French฀business. Management's฀Discussion฀&฀Analysis Manpower฀2006฀Annual฀Report...

  • Page 22
    ...million,฀or฀8.6%฀of฀revenue,฀compared฀to฀$33.3฀million,฀or฀8.6%฀of฀revenue฀in฀2005.฀This฀ ฀ decrease฀in฀Operating฀Unit฀Profit฀is฀due฀to฀lower฀revenues฀in฀2006. 18 Manpower฀2006฀Annual฀Report Management's฀Discussion฀&฀Analysis

  • Page 23
    ...Management฀-฀Right฀Management฀is฀the฀world's฀largest฀outplacement฀and฀ ฀ consulting฀services...India฀and฀China฀ also฀experienced฀significant฀growth฀with฀both฀reporting...expenses. Management's฀Discussion฀&฀Analysis Manpower฀2006฀Annual฀Report ฀...

  • Page 24
    ...฀represent฀2006฀compared฀to฀2005 Reported฀Amount฀ ฀ (in฀millions) Reported฀ Variance Impact฀of฀ Currency Variance฀in฀ Constant฀ Currency Revenues฀from฀Services United฀States France EMEA Jefferson฀Wells Right฀Management Other฀Operations Manpower฀Inc...

  • Page 25
    ...,฀$0.47฀and฀$0.30฀per฀share,฀ ฀ respectively.฀Our฀total฀dividend฀payments฀were฀$50.9฀million,฀$41.2฀million฀and฀$27.1฀million฀in฀2006,฀2005฀and฀2004,฀respectively. Management's฀Discussion฀&฀Analysis Manpower฀2006฀Annual฀Report ฀ 21

  • Page 26
    ...E NT ' S฀DI SCUSSI ON฀&฀A NA LYSI S o f ฀f i na nc i a l ฀c o ndi ti o n฀a nd฀re sul ts฀o f ฀o pe r a ti o ns...฀contain฀certain฀customary฀restrictive฀covenants฀and฀events฀of฀default. 22 Manpower฀2006฀Annual฀Report Management's฀Discussion฀&฀Analysis

  • Page 27
    ...charge฀ratio฀of฀3.08฀to฀1฀as฀of฀December฀31,฀2006.฀Based฀upon฀current฀forecasts,฀we฀expect฀to฀be฀in฀compliance฀with฀ these฀covenants฀throughout฀the฀coming฀year. Management's฀Discussion฀&฀Analysis Manpower฀2006฀Annual฀Report ฀ 23

  • Page 28
    ...transfers฀do฀not฀qualify฀as฀a฀sale฀of฀Accounts฀Receivable.฀ Accordingly,฀...฀of฀this฀report,฀our฀credit฀rating฀from฀Moody's฀Investors฀Service฀is฀Baa3...annual฀expense฀recorded฀related฀to฀the฀plans. 24 Manpower฀2006฀Annual฀Report Management...

  • Page 29
    ...Exposure On฀a฀routine฀basis,฀governmental฀agencies฀in฀some฀of฀the฀countries...฀as฀a฀component฀of฀Cost฀of฀Services฀or฀Selling฀and฀Administrative฀Expenses,฀as...near฀term. Management's฀Discussion฀&฀Analysis Manpower฀2006฀Annual฀Report ฀ 25

  • Page 30
    ...฀be฀no฀impairment฀of฀either฀goodwill฀or฀ ฀ indefinite-lived฀intangible฀assets.฀We฀plan฀to฀perform฀our฀next฀annual฀impairment฀review฀during฀the฀third฀quarter฀of฀2007. 26 Manpower฀2006฀Annual฀Report Management's฀Discussion฀&฀Analysis

  • Page 31
    ...฀subsidiaries,฀and฀payments฀between฀certain฀countries฀for฀services฀provided.฀To฀reduce฀ the฀currency฀risk฀related...due฀to฀the฀currency฀ ฀ impact฀on฀these฀borrowings.฀ Management's฀Discussion฀&฀Analysis Manpower฀2006฀Annual฀Report ฀ 27

  • Page 32
    ... M E NT ' S฀DI SCUSSI ON฀&฀A NA LYSI S o f ฀f i na nc i a l ฀c o ndi ti o n฀a nd฀re...: ฀ â,¬100฀million฀Interest฀Rate฀Swaps Forward฀contacts: ฀ $4.7฀million฀to฀â,¬3.5฀million฀ ฀ $8.8฀million฀... Manpower฀2006฀Annual฀Report Management's฀Discussion฀&฀...

  • Page 33
    ...฀diversity฀of฀our฀service฀mix฀cushion฀us฀against฀the฀impact฀ of฀an฀adverse฀economic฀cycle฀in฀any฀single฀...material฀impact฀on฀our฀consolidated฀financial฀statements. Management's฀Discussion฀&฀Analysis Manpower฀2006฀Annual฀Report ฀ 29

  • Page 34
    ...NA LYSI S฀ o f ฀f i na nc i a l ฀c o ndi ti o n฀a nd฀re sul ts฀o f ฀o pe r a ti o ns Forward-Looking฀Statements Statements฀made฀in฀this฀annual฀report...subsequent฀events฀or฀circumstances. 30 Manpower฀2006฀Annual฀Report Management's฀Discussion฀&฀Analysis

  • Page 35
    ...฀effectiveness฀of฀the฀ Company's฀internal฀control฀over฀financial฀reporting. Deloitte฀&฀Touche฀LLP฀ Milwaukee,฀Wisconsin฀ February฀20,฀2007 Management฀Report฀on฀Internal฀Control฀Over฀Financial฀Reporting฀ Manpower฀2006฀Annual฀Report ฀ 31

  • Page 36
    ...made฀only฀in฀accordance฀with฀authorizations฀of฀management฀and฀directors฀of฀the฀company;฀and฀(3)฀provide...2006,฀as฀described฀in฀Note฀3). Deloitte฀&฀Touche฀LLP฀ Milwaukee,฀Wisconsin฀ February฀20,฀2007 32 Manpower฀2006฀Annual฀Report Report...

  • Page 37
    ...responsibility฀of฀the฀Company's฀management.฀฀Our฀responsibility฀is฀to...opinion.฀ PricewaterhouseCoopers฀LLP฀ Milwaukee,฀Wisconsin฀ February฀16,฀2005...to฀its฀Annual฀Report฀on฀Form฀10-K.฀In฀2006,฀Jeffrey฀A.฀Joerres,฀Manpower's฀Chief฀ Executive...

  • Page 38
    ...da ta Year฀Ended฀December฀31 2006 2005 2004 Revenues฀from฀Services ฀ Cost฀of฀services Gross฀profit ฀ Selling฀and฀... 0.06 2.87 $฀ 88.1 91.1 2.78 (0.02) 2.76 2.61 (0.02) 2.59 88.9 96.8 34 Manpower฀2006฀Annual฀Report Consolidated฀Statements฀of฀Operations฀

  • Page 39
    ...xc e pt฀sha re ฀a nd฀pe r ฀sha re ฀da ta December฀31 2006 2005 ASSETS Current฀Assets Cash฀and฀cash฀equivalents Accounts฀receivable,฀less฀allowance฀for฀doubtful฀accounts฀of... $฀ Consolidated฀Balance฀Sheets฀ Manpower฀2006฀Annual฀Report ฀ 35

  • Page 40
    ...net฀cash฀provided฀by฀operating฀activities: ฀ Gain฀on฀sale฀of฀businesses ฀ Depreciation฀and฀amortization ฀ Amortization฀of฀...฀an฀integral฀part฀of฀these฀statements. 36 Manpower฀2006฀Annual฀Report Consolidated฀Statements฀of฀Cash฀Flows฀

  • Page 41
    ...based฀compensation฀expense Dividends฀($0.59฀per฀share) Repurchases฀of฀common฀stock Balance,฀December฀31,฀2006 102,606,425 $฀ 0.9 $฀ 1,732.5 $฀ (167.6) 245.7 $฀ 28.... Consolidated฀Statements฀of฀Shareholders'฀Equity฀ Manpower฀2006฀Annual฀Report ฀ 37

  • Page 42
    ...DAT E D฀F I NA NCI A L฀STAT E M E NT S฀ i n฀mi l l i o ns, ฀e xc e pt฀pe r ฀sha re ฀da ta 01. SUM M A RY฀OF ฀SI GNI F I CA NT ฀A CCOUNT I NG฀P OLI CI E S Nature฀of฀Operations Manpower฀Inc.฀is฀a฀world฀leader฀in฀the฀employment฀services฀industry.฀Our...

  • Page 43
    ...sales฀of฀services฀and฀the฀related฀direct฀costs฀in฀accordance฀with฀Emerging฀Issues฀Task฀Force฀("EITF")฀ Issue฀No.฀99-19,฀"Reporting฀Revenue฀Gross฀as฀a฀Principal฀versus฀Net฀as฀an฀Agent...฀Statements฀ Manpower฀2006฀Annual฀Report ฀ 39

  • Page 44
    ...Servicing฀of฀Financial฀Assets฀and฀Extinguishments฀of฀Liabilities."฀Accordingly,฀transfers฀of฀receivables฀are฀evaluated฀for฀sale...฀from฀our฀acquisition฀of฀Right฀Management.฀The฀tradename฀has฀been฀ ฀... 40 Manpower฀2006฀Annual฀Report Notes฀...

  • Page 45
    ...฀31,฀2006฀and฀2005,฀respectively.฀This฀portfolio฀is฀comprised฀of฀a฀wide฀variety฀of฀European฀and฀U.S.฀ debt฀and฀equity฀securities฀as฀well฀as฀various฀professionally-managed฀funds,฀all฀of฀which฀are฀classified฀as฀available-for-sale...

  • Page 46
    NOT E S฀T O฀CONSOLI DAT E D฀F I NA NCI A L฀STAT E M E NT S฀ i n฀mi l l i o ns, ฀e xc e pt฀pe r ฀sha re...to฀have฀a฀material฀impact฀on฀our฀consolidated฀financial฀statements. 42 Manpower฀2006฀Annual฀Report Notes฀to฀Consolidated฀Financial฀Statements฀

  • Page 47
    ...฀of฀services฀that฀we฀offer฀to฀customers฀as฀a฀strategic฀partner฀throughout฀every฀stage฀of฀the฀employment฀ ฀ cycle.฀We฀have฀merged฀our฀Empower฀operations฀into฀Right฀Management,฀and฀the฀results฀of฀the฀combined฀entity฀are฀reported...

  • Page 48
    ...NA NCI A L฀STAT E M E NT S฀ i n฀mi l l i o ns, ฀e xc e pt฀pe r ฀sha re ฀da ta 03. ST OCK฀COM P E NSAT I ON฀P LA NS Effective฀January฀1,฀2006...฀least฀one฀year฀of฀service.฀ The฀employees฀are฀offered...period. 44 Manpower฀2006฀Annual฀Report Notes฀to฀...

  • Page 49
    ...฀Management฀...2006 2005 2004 Average฀risk-free฀interest฀rate Expected฀dividend฀yield Expected฀volatility Expected฀term฀(years) 4.7% 1.1% 30.0% 5.0 3.8% 0.9% 30.0 4.7 3.2% 0.5% 39.8% 6.0 Notes฀to฀Consolidated฀Financial฀Statements฀ Manpower฀2006฀Annual฀Report...

  • Page 50
    ...E S฀T O฀CONSOLI DAT E D฀F I NA NCI A L฀STAT E M E NT...2006,฀non-employee฀directors฀also฀receive฀an฀annual฀grant฀of฀deferred฀stock฀(or฀restricted฀stock,฀if฀they฀so฀ elect)฀as฀additional฀compensation฀for฀board฀service...Manpower฀2006฀Annual฀Report...

  • Page 51
    ...2006. Other฀Stock฀Plans Under฀the฀1990฀Employee฀Stock฀Purchase฀Plan,฀designated฀employees฀meeting฀certain฀service...for฀shares฀purchased฀under฀the฀plan฀in฀2006.฀ Notes฀to฀Consolidated฀Financial฀Statements฀ Manpower฀2006฀Annual฀Report ฀ 47

  • Page 52
    ...NA NCI A L฀STAT E M E NT S฀ i n฀mi l l i o ns, ฀e xc e pt฀pe r ฀sha re ฀da ta 04. E A R NI NGS฀P E R ฀SHA R E The฀calculation฀of฀Net฀Earnings฀Per฀Share฀-฀Basic฀is฀as฀follows: Year฀Ended฀December฀31 2006... 48 Manpower฀2006฀Annual฀Report $฀ ...

  • Page 53
    ...72.0฀has฀been฀recorded฀as฀of฀December฀31,฀2006,฀as฀management฀believes฀that฀realization฀of฀certain฀ loss฀carryforwards฀and...that฀are฀expected฀to฀be฀utilized. Notes฀to฀Consolidated฀Financial฀Statements฀ Manpower฀2006฀Annual฀Report ฀ 49

  • Page 54
    ...not฀qualify฀for฀sale฀accounting,฀and฀accordingly,฀...reportable฀segment฀are฀as฀follows: United฀States EMEA Jefferson฀ Wells฀ Right฀ Management...฀or฀impairments฀during฀2006฀or฀2005. 50 Manpower฀2006฀Annual฀Report Notes฀to฀Consolidated฀Financial...

  • Page 55
    ...฀designated฀borrowings,฀all฀translation฀gains฀or฀losses฀related฀to฀these฀borrowings฀are฀included฀as฀a฀component฀of฀ Accumulated฀Other฀Comprehensive฀Income. Notes฀to฀Consolidated฀Financial฀Statements฀ Manpower฀2006฀Annual฀Report ฀ 51

  • Page 56
    ...2006฀and฀2005,฀ respectively. Interest฀Rate฀Swap฀Agreements We฀have฀entered฀into฀various฀interest฀rate฀swap฀agreements฀to฀manage...2011฀-฀$0.1,฀and฀$657.1฀thereafter. 52 Manpower฀2006฀Annual฀Report Notes฀to฀Consolidated฀Financial฀Statements฀

  • Page 57
    ...status฀of฀plan Unrecognized฀net฀(gain)฀loss Unrecognized฀prior฀service฀cost Unrecognized฀transitional฀asset Contributions฀between฀measurement฀date฀and฀fi...$฀ $฀ $฀ Notes฀to฀Consolidated฀Financial฀Statements฀ Manpower฀2006฀Annual฀Report ฀ 53

  • Page 58
    ...NA NCI A L฀STAT E M E NT S฀ i n฀mi l l i o ns, ฀e xc e pt฀pe r ฀sha re ฀da ta Amounts฀recognized฀in฀Accumulated฀Other฀Comprehensive฀Income,฀net฀of฀tax,฀as฀of฀December฀31,฀2006...net฀loss,฀prior฀service฀cost,฀and฀...Manpower฀2006฀Annual฀Report...

  • Page 59
    ...external฀investment฀manager฀to฀assist...agency฀securities฀and฀guaranteed฀insurance฀contracts.฀None฀of฀our฀plan฀assets฀include฀any฀of฀our฀debt฀or฀ ฀ equity฀securities. Notes฀to฀Consolidated฀Financial฀Statements฀ Manpower฀2006฀Annual฀Report...

  • Page 60
    NOT E S฀T O฀CONSOLI DAT E D฀F I NA NCI A L฀STAT E M E NT S฀ i n฀mi l l i o ns, ฀e xc e pt฀pe r ฀sha re ฀da...฀of฀service฀and฀interest฀cost฀components Effect฀on฀benefit฀obligation $฀ 0.3 $฀ 2.9 (0.2) (2.6) 56 Manpower฀2006฀Annual฀Report Notes฀...

  • Page 61
    ...world...2006,฀ 2005฀and฀2004,฀respectively. We฀have฀the฀Senior฀Management...Manpower฀when฀they฀ reach฀age฀50฀with฀15฀years฀of฀service...2006,฀2005฀ ฀ and฀2004,฀respectively. Notes฀to฀Consolidated฀Financial฀Statements฀ Manpower฀2006฀Annual฀Report...

  • Page 62
    NOT E S฀T O฀CONSOLI DAT E D฀F I NA NCI A L฀STAT E M E NT S฀ i n฀mi l l i o ns, ฀e xc e pt฀pe r ฀sha re ฀da ta 10. A CCUM ULAT E D฀OT ...to฀the฀sale฀of฀our฀equity฀ interest฀in฀a฀European฀internet฀job฀board. 58 Manpower฀2006฀Annual฀Report Notes฀to...

  • Page 63
    ...sheets฀as฀follows: December฀31 2006 2005 Other฀Long-Term฀Liabilities ฀ â,¬100.0฀Interest฀Rate฀Swaps ฀ Forward฀contracts $฀ $฀ (7.8) - (7.8) $฀ $฀ (13.5) (0.4) (13.9) Notes฀to฀Consolidated฀Financial฀Statements฀ Manpower฀2006฀Annual฀Report ฀ 59

  • Page 64
    ...฀Management,฀interest฀and฀other฀income฀and฀expense฀amounts฀or฀income฀taxes.฀Total฀assets฀for฀the฀segments฀are฀ ฀ reported฀after฀the฀elimination฀of฀investments฀in฀subsidiaries฀and฀intercompany฀accounts. 60 Manpower฀2006฀Annual฀Report...

  • Page 65
    Year฀Ended฀December฀31 2006 2005 2004 Revenues฀from฀Services฀(a)฀(b) United฀States฀(c) France EMEA Jefferson฀Wells Right฀Management Other฀Operations Operating฀Unit฀Profit $฀ ...to฀Consolidated฀Financial฀Statements฀ Manpower฀2006฀Annual฀Report ฀ 61

  • Page 66
    ...฀are฀goodwill฀and฀purchased฀intangibles. 2006 Long-Lived฀Assets United฀States France United฀Kingdom Total฀Foreign $฀ 60.2 $฀ 66.9 20.5 186.0 2005 67.6 $฀ 68.4 23.1 172.5 2004 73.6 83.9 27.1 198.8 62 Manpower฀2006฀Annual฀Report Notes฀to฀Consolidated฀Financial...

  • Page 67
    ... 68.82 $฀ 56.30 64.67 $฀ 55.29 Revenues฀from฀Services Gross฀profit Operating฀profit Net฀earnings฀from฀continuing฀operations Income฀from฀... 42.98 $฀ 38.55 48.18 $฀ 40.89 Notes฀to฀Consolidated฀Financial฀Statements฀ Manpower฀2006฀Annual฀Report ฀ 63

  • Page 68
    ... S&P฀Supercomposite฀Human฀Resources฀and฀Employment฀Services฀Index $฀222 $฀181 $฀158 ฀$฀138 $฀152 $฀145 $฀143 $฀133 $฀131 $฀140 $฀111 $฀113 $฀95 $฀75 $฀85 $฀100 $฀100 $฀100 64 Manpower฀2006฀Annual฀Report Selected฀Financial฀Data฀

  • Page 69
    ...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. Principle฀Operating฀Units Manpower฀2006฀Annual฀Report...

  • Page 70
    ...OR S฀ M A NA GE M E NT ฀ Jeffrey฀A.฀Joerres Jeffrey฀A.฀Joerres฀ Chairman,฀CEO฀and฀President฀ Manpower฀Inc.฀ Marc฀J.฀Bolland...Management and฀Jefferson฀Wells David฀Arkless฀ Retired฀Executive฀Vice฀President฀ Manpower... Manpower฀2006฀Annual฀Report ...

  • Page 71
    World฀Headquarters Investor฀Relations฀Website P.O.฀Box฀2053฀ 5301฀N.฀Ironwood฀Rd.฀ Milwaukee,฀WI฀53201฀USA฀ +1.414.961.1000฀ www.manpower.com Transfer฀Agent฀and฀Registrar The฀most฀current฀corporate฀and฀investor฀information฀can฀ ฀ be฀found฀...

  • Page 72
    Manpower฀Inc. World฀Headquarters P.O.฀Box฀2053 5301฀N.฀Ironwood฀Rd. Milwaukee,฀WI฀53201฀USA www.manpower.com CGC-12฀(03/07)฀©2007฀Manpower฀Inc.