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Randstad Holding nv Fourth quarter and annual results 2011

Randstad Holding nv Fourth quarter and annual results 2011

Strong growth in North America, gradual slowdown in Europe revenue up 13% and diluted earnings per share up 8% Randstad Holding nv Diemermere 25, Diemen P.O. Box 12600, NL-1100 AP Amsterdam

 Key points Q4 2011

• Revenue up 13% to &euro 4,377.5 million organic growth1per working day 4% (1.5 working days less)

• Good cost control maintained underlying EBITA 2up 1% to &euro 163.3 million, with an EBITA margin at 3.7%

• Strong cash flow generation: free cash flow up 7% to &euro 216.4 million and leverage ratio down to 1.8

• Negative net result of &euro 16.5 million, caused by a non-cash impairment charge on goodwill of &euro 125 million

Key points FY 2011

• Strong market position in North America established by the acquisition of SFN Group, integration well on track and cost synergies target raised by $10 million to at least $40 million, annual tax synergies remained $10 million

• Revenue up 14% to &euro 16.2 billion and underlying EBITA2 up 18% to &euro 600.6 million

• Adjusted net income attributable to holders of ordinary shares4 up &euro 63.8 million to &euro 399.7 million

• Proposed cash dividend of &euro 1.25 per ordinary share based on a payout ratio of 53%, in line with dividend policy

“The patterns in our markets are clearly diverging from previous recoveries”, says Ben Noteboom, CEO of Randstad. “The North American market is getting more robust, while the European markets are gradually slowing down. In a classic pattern we would now see more growth in Europe and especially across our professionals business, but this is not the case. The Asian markets also experience some uncertainty. Our people have done well and we have increased our market share in important markets like North America and France. Our new colleagues in SFN have done a great job last quarter. In this uncertain environment our clients need to react fast, and so do we. We maintain focused on our field steering model, designed to make us more adaptable and more productive. Our inhouse services and our strategic talent management services (RPO) continue to experience high interest from clients. We will continue to develop our specialty and professionals businesses and accelerate growth in permanent placements. We believe we are well positioned to grasp the opportunities in 2012.”


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