Randstad, Q3 2016: resilient trends.

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Overig advies 25/10/2016 07:56
Highlights Q3 2016
Revenue of € 5,349 million; organic growth +4.2%; gross profit up 3.3%
Topline grew 5% in Europe, 1% In North America and 8% in Rest of the world
Gross margin down 10bp YoY to 18.7%; perm fees up 7%
Underlying EBITA of € 271 million; EBITA margin up 10bp to 5.1%; organic L4Q ICR of 53%
Adjusted net income up 12% to € 193 million; ROIC at 18.0%
Leverage ratio of 0.6 compared to 0.5 last year
L4Q EBITA margin of 4.6% (+20bp YoY)
Volumes in October so far indicate a continuation of the trend
Obiettivo Lavoro (Italy), Careo (Japan) and twago (Germany ) acquisitions consolidated in Q3

"In Q3, growth trends were resilient across all regions, which appears to be continuing into October," says Randstad CEO Jacques van den Broek. "I am happy with the solid performance across our countries, while this year we welcomed more than 1,300 new colleagues in Scandinavia, Italy, Japan and Germany. We look forward to harnessing the full potential of our corporate development. I wish my colleagues all the success in this process."

Core data
in millions of €, unless otherwise indicated - underlying Q3 2016 Q3 2015 YoY change % Org. L4Q 2016 L4Q 2015 YoY change % Org.
Revenue 5,349.3 4,976.9 7% 4% 20,154.0 18,719.8 8% 5%
Gross profit 999.8 933.5 7% 3% 3,771.8 3,491.8 8% 4%
Operating expenses 729.3 684.6 7% 2% 2,848.0 2,675.9 6% 3%
EBITA, underlying1 270.5 248.9 9% 5% 923.8 815.9 13% 11%
Integration costs 1.8 - 3.1 -
One-offs 9.1 7.7 26.1 52.9
EBITA 259.6 241.2 8% 894.6 763.0 17%
Amortization of intangible assets 2 16.3 25.5 95.3 136.8
Operating profit 243.3 215.7 799.3 626.2
Net finance costs (4.4) (5.8) (1.1) (44.6)
Share of profit of associates 0.0 0.1 6.5 0.4
Income before taxes 238.9 210.0 14% 804.7 582.0 38%
Taxes on income (62.1) (57.0) (193.0) (161.5)
Net income 176.8 153.0 16% 611.7 420.5 45%
Adj. net income for holders of ordinary shares3 192.5 172.1 12% 679.3 539.8 26%
Free cash flow 199.7 208.2 (4)% 566.2 431.1 31%
Net debt 561.3 452.7
Leverage ratio (net debt/12-month EBITDA) 0.6 0.5
DSO (Days Sales Outstanding), moving average 51.1 50.8
Margins (in % of revenue)
Gross margin 18.7% 18.8% 18.7% 18.7%
Operating expenses margin 13.6% 13.8% 14.1% 14.3%
EBITA margin, underlying 5.1% 5.0% 4.6% 4.4%
Share data
Basic earnings per ordinary share (in €) 0.95 0.82 16% 3.28 2.23 47%
Diluted earnings per ordinary share, underlying (in €) 4 1.05 0.93 13% 3.70 2.94 26%
1 EBITA adjusted for integration costs and one-offs.
2 Amortization and impairment of acquisition-related intangible assets and goodwill.
3 Before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs.
4 Before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs. See table "Earnings per share" on page 22.

Revenue
Organic revenue per working day grew by 4.2% in Q3 to € 5,349 million (Q2 2016: up 3.1%). Reported revenue was 7.5% above Q3 2015, of which FX made up -0.7%. The M&A impact was +4.5%.
In North America, revenue per working day was up 1% (Q2 2016: flat). Growth in the US remained broadly stable, with Canada growing amidst a challenging market (up 5%). In Europe, revenue per working day grew by 5% (Q2 2016: up 4%). The
Netherlands was up 2%, France increased 5%, and Germany improved by 5%. In the 'Rest of the world' region, revenue per working day was up 8% (Q2 2016: up 4%), with Australia/New Zealand up 8%, and Japan up 5%.
Perm fees grew 7% (Q2 2016: up 11%), with North America flat and Europe up 14% respectively. In Asia, fee growth was 5%, led by Japan (up 44%). Perm fees made up 2.0% of revenue and 10.5% of gross profit (Q3 2015: 10.5%).

read and see more on
https://www.ir.randstad.com/~/media/Files/R/Randstad-IR/documents/press-releases/2016/Q3_2016_results.pdf

tijd 17.50
Randstad EUR 46,915 +1,40 vol. 1.597.294



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