Q2 2009: organic revenue decline stabilized through quarter (-31%); operating costs 24% lower
Key points second quarter 2009
Revenue amounted to € 2,987 million (organic growth1 per working day -31%, stable through the quarter)

Gross profit reached € 598.1 million (-36%) with the gross margin coming down from 21.0% to 20.0%

Operating expenses decreased by 24% to € 531 million, backed by natural attrition, synergies and restructuring

EBITA2 amounted to € 67 million (-71%), with the EBITA margin reaching 2.2% pro forma (vs. 5.3% in Q2 2008)

Net debt up to € 1.522 million due to seasonal pattern; leverage ratio 2.4; we expect a net debt reduction of at least € 200 million in Q3 2009

Integration of Vedior staffing completed a year ahead of schedule; annualized cost synergies approach € 100 million; tax synergies amount to approx. € 40 million

Adjusted net income3 attributable to ordinary shareholders € 46.0 million; diluted EPS4 € 0.27 (-70%)

"The second quarter has proved stable on average." says Ben Noteboom, CEO Randstad. "The US staffing & inhouse businesses as well as our main European markets clearly show some stabilization. At the same time many segments in our professionals portfolio are still shrinking. Our people are showing their true value, evidenced, for example, by gaining a significant number of new contracts. On balance, it is too early to declare a beginning of recovery. Developments like the new legislation in France to open up the public sector for our services are good news. In the short-term such effects will be small, so we will continue to focus on cost management. We are making good progress on preparing for the future. Our rebranding projects are running well, and 14 countries, representing more than half our revenue, have implemented our new web platforms. Recession or not, we will continue developments that will allow us to play a leading role in shaping the world of work."

Revenue
In Q2 2009, pro forma revenue decreased by 33%. Organic revenue per working day came down by 31%, fairly evenly spread over the quarter, and equal to the rate of decline in March. In markets that started to weaken early, such as Spain and our combined US staffing and inhouse businesses, the revenue trend improved somewhat during the quarter. In main markets such as the Netherlands, France, Germany and Belgium the rate of decline stabilized. In the professionals businesses trends still weakened during the quarter across the board, while this was also the case in areas such as Asia, Australia and Latin America.

Permanent placement fees declined by 56% organically, with a constant rate of decline through the quarter. Perm fees made up 1.7% of revenue and 8.3% of gross profit (12.6% in Q2 2008).

Over the first half of the year revenue declined by 30% organically. Whereas in the first quarter the rate of decline accelerated during the quarter, this rate stabilized in the second.

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