Randstad, Q1 2012: revenue holding up

Alleen voor leden beschikbaar, wordt daarom gratis lid!

Algemeen advies 26/04/2012 07:52
- revenue up 12% and diluted earnings per share up 3%
Key points Q1 2012
. revenue up 12% to € 4,152.4 million; organic growth1 per working day flat at 0% (+1% in March).
continued strong growth in North America, rate of decline eased across Europe
gross margin at 18.0%, 0.1% below last year
operating expenses flat compared to previous quarter at € 637.8 million
EBITA2 up 2% to € 110.4 million, with an EBITA margin at 2.7%
free cash flow of € 57.8 million and leverage ratio down to 1.7
net income for holders ordinary shares4 up 2% to € 67.4 million
diluted EPS up 3% to € 0.39 per ordinary share
Ben Noteboom, CEO Randstad: "In North America, we continue to see excellent performance across the board. Our businesses in Asia-Pacific and Latin America show growth, while in Europe the situation remains rather uncertain. European performance in the first quarter was mixed, although it ended with a slightly upward trend. This could be encouraging, but it is too early to draw any major conclusions. Less restrictive European regulation in Italy and Belgium should benefit job markets progressively, although there is union resistance in several countries. We remain focused on profitable market share gains, relying on the quality and dedication of our people in the field, coupled with our strong concepts and execution."

Amortization of intangibles and impairment goodwill
Amortization of acquisition-related intangible assets amounted to € 55.4 million compared to € 41.1 million in Q1 2011. Following the acquisition of SFN we allocated part of the goodwill paid to intangible assets - such as brand names, customer relationships, and candidate databases - to the balance sheet. This resulted in a quarterly amortization charge of € 19 million, offset by lower amortization charges from previous acquisitions.

Net finance costs
In Q1 2012, net finance costs reached € 7.4 million versus € 10.6 million in Q1 2011. Net finance costs include the interest expenses on our net debt position, as well as currency effects and adjustments in the valuation of certain assets and liabilities.

Interest expenses amounted to € 6.0 million compared to € 7.3 million in Q4 2011 (Q1 2011: € 5.3 million). The year-on-year increase was mainly caused by the higher net debt position following the acquisition of SFN. Foreign currency gains were € 0.8 million compared to a loss of € 5.4 million in Q1 2011. The remaining effect of € 2.2 million was mainly caused by adjustments in the valuation of assets and liabilities. In Q1 2011, the remaining effect was a gain of € 0.1 million, which included a gain of € 2.0 million related to the valuation of deferred considerations for non-controlling interests.

Tax
In Q1 2012, the effective tax rate before amortization and impairment of acquisition-related intangibles and goodwill and integration costs amounted to 33% (2011: 31%). For the full year we still expect a tax rate of between 29% and 32%. The increase compared to last year is mainly caused by a changed geographical mix due to higher profitability in countries with above average tax rates and lower profitability in countries with below average tax rates. For cash tax purposes we expect the repayment of a tax liability, related to the refund of 2008 of € 131 million, in Q4 2012.

see more on
http://www.ir.randstad.com/releasedetail.cfm?ReleaseID=667475



Beperkte weergave !
Leden hebben toegang tot meer informatie! Omdat u nog geen lid bent of niet staat ingelogd, ziet u nu een beperktere pagina. Wordt daarom GRATIS Lid of login met uw wachtwoord


Copyrights © 2000 by XEA.nl all rights reserved
Niets mag zonder toestemming van de redactie worden gekopieerd, linken naar deze pagina is wel toegestaan.


Copyrights © DEBELEGGERSADVISEUR.NL